Post office Fantastic Plan Rs 1 lakh to Rs. 39,000 - interest more. How post office savings plans are seen as a secure plan that can provide a reliable permanent income. It is also seen as an income generating scheme suitable for senior citizens above all else. In the project we can see today is about the Post Office's time deposit scheme. Time Deposit Plan
The interest rate is paid once a year on the post office's time deposit scheme. It calculated once a quarter. You can deposit a minimum of Rs.1000 in this scheme. The maximum is no limit. This time deposit has several year plans. Interest rate
Any Indian citizen above the age of 18 can start this scheme. It can also be started as a joint account (up to 3 people). Kids can also start with a guardian companion. One can start with as many people as one wants.
One year Interest rate - 5.5%
Two year Interest rate - 5.5%
Three year Interest rate - 5.5%
Five year interest rate - 6.7%
Tax concession
The tax deduction is only available on the 5th year plan. Not in other projects. Pre-completion is also allowed. Allowed with a fine. The interest rate on your deposits is available once a year. Deposit money will be available only after maturity. Interest will decrease
The interest rate is lower if time deposits are taken earlier. If the two, three, five year account is closed after 1 year the interest rate will be 2% lower. If it is taken less than one year, the interest on the savings account will be paid. How about Rs 1 lakh to Rs 1.39 lakh?
This time deposit can be extended after maturity. You will get a period of 12 months for that. Can be stretched within it. This can be extended up to five years.
For example, if you deposit Rs 1 lakh in this scheme - Rs 1,05,614 after one year.
2nd year plan - Rs.1,11,544
3rd year plan - Rs.1,17,807
5th year plan - Rs.1,39,407
How much will you get if you invest Rs 1 lakh?
The 5th year plan is also considered as a good and profitable plan as it has higher tax concessions and higher interest rates. Post office time deposit schemes, How about interest above Rs 39,000 for Rs 1 lakh?
India Post is a government operated postal system in India, which is under the jurisdiction of Department of Post, Ministry of Communications of the Government of India. Generally called "the Post Office" in India, it is the most widely distributed postal system in the world. Warren Hastings had taken initiative under #Eastindia Company to start the Postal Service in the country in 1766. It was initially established under the name "Company Mail". It was later modified into a service under the Crown in 1854 by Lord #Dalhousie. #Dalhousie introduced uniform postage rates and helped to pass the India Post Office Act 1854 which significantly improved upon #1837 Post Office act which had introduced regular post offices in India. It created the position Director General of Post for the whole country.
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