If you are going to invest in a scheme or are thinking of investing, investing in post office fixed deposits and term schemes can be a better option for you here. Your money will be safe in this scheme. Under this scheme, you will get a guaranteed return. At the same time, the benefits under this scheme are also good. The scheme also benefits from several schemes. Let us know about this special post office scheme.

You can easily open an account in any post office in Term Deposit in a scheme under the Small Savings Scheme (Small Savings Scheme) of the Post Office. There is no change in interest rates in the small savings schemes of post offices till March, 2022 quarter. That is, the return that was received in the October-December 2021 quarter will be the same. The scheme can open an account for 1 to 5 years.

Who can avail the benefits of this scheme

Under this scheme, any Indian citizen can open a single or joint account. Another advantage of this scheme is that any person of 10 years or mentally challenged person can open an account under it. You can apply any amount starting from Rs. 1000 to open an account. In addition, in a 5-year post office TD, investment is exempted from tax under section 80C of the Income Tax Act.

If your account closes before maturity, there are several provisions. The account can be closed after completion of 6 months. However, interest rate is not paid. On the other hand, if someone closes the account between 6 and 12 months, he will get the interest rate of the post office.

If one invests in the term deposit scheme of the post office, he is given an interest of 6.7 per cent. In addition, the interest rate on one year, 2 years and 3 year term deposits is 5.5 per cent per annum. Your account is opened for a maturity period of 5 years. If a person opens an account by depositing Rs 1 lakh in a Term Deposit with a maturity period of 5 years, he will get Rs 139407 in return at 6.7 per cent interest of TD after 5 years.