Suitable for Anyone … How to Get Started… What are the Offers…!
Although it is easy to earn in today’s world, saving it is a very difficult thing.
Many people are tempted to invest all their money and then lose the investment in the hope of making more profit on share markets, affiliate marketing, etc.
Even more, senior citizens should still be 100/100 a safe plan. For those who think so, postal plans are always a boon.
Very safe
And with bank interest rates so low in the current era, if there is one more lucrative plan than that, it is the postal time deposit. It is also an investment feature under the control of the Central Government. So very safe. After all there is no market risk.
Investment limit?
The interest rate on this Government Time Deposit Scheme is paid once a year. However, it is calculated once a quarter. You can deposit a minimum of Rs.1000 in this scheme. The maximum is no limit.
What is the interest rate?
The interest rate for this 1-time term plan in this time deposit scheme of the post office is – 5.5%.
For 2 year plan – 5.5%
For 3 year plan – 5.5%
The interest rate for 5-year plan – 6.7%
Who can start?
Any Indian citizen over the age of 18 can start.
It can also be started as a joint account. (Up to 3 people can start together)
The same children can start with the support of a parent or guardian.
One can start as many accounts as one wants.
Bank Deposit vs Post Office Time Deposit
India’s leading public sector banks have higher interest rates at the post office compared to private banks.
Although there are different types of accounts in banks, the post office has only 1 year, 2 year, 3 year and 5 year plans.
Residence concession is available under Section 80C for a 5 year deposit scheme.
After maturity
You will get an interest rate on your deposit in this plan. However, your deposit will be given after the maturity period. it can be extended beyond the maturity period also
Advance termination is allowed with conditions. But it also carries a fine.
This is the true situation
The earlier you make your time deposits, the lower the interest rate. For example, if the 2/3/5 year account is closed after 1 year, the interest rate will be 2% lower. If it is taken less than 1 year, the interest on the savings account will be paid.
How to apply?
The time deposit can be completed in advance when submitting the recommended application along with the passbook at the concerned post office.
As well as the facility to safely transfer to other branches is also available.
Credit to keep networked
This time deposit account can be networked and borrowed. It is also seen as a scheme suitable for senior citizens as the interest rate is higher compared to banks as a whole.
