Save income tax and receive Rs 2.25 lakh as interest upon investing Rs 5 lakh in this scheme in Post Office Time Deposit Calculator 2023
Post Office Time Deposit Accounts can be held for a duration of 1 year, 2 years, 3 years, or 5 years. The deposit period can be extended for a year upon maturity
Post Office TD, Post Office Time Deposit Calculator 2023, Interest Rate, Tenure, Maturity, Tax Saving: The interest rates of all small saving schemes have been changed by the government with effect from April 1, 2023. Interest rates of all savings schemes, barring Public Provident Fund (PPF), have been increased by 10-70 basis points. One of the popular return schemes that is secure, guaranteed and preferred by small investors is a 5-year Post Office Time Deposit Account. The post office time deposit scheme is one of the best options for those who want guaranteed income and have low appetite for taking risks. The government has increased the Post Office TD interest rate on 5 year tenure from from 7 to 7.5 percent annually, from April 1, 2023.
In Post Office Time Deposits Accounts, investors can invest for a tenure of 1, 2, 3 or 5 years. Upon maturity, the time deposit can be extended further for a year. Both single and joint accounts with a maximum of 3 adults can be included in the joint account under time deposit account scheme. The account can be opened with a minimum investment of Rs 1000, and beyond that one can invest in multiples of Rs 100. There is no investment limit in post office TD.
Source: https://www.zeebiz.com/personal-finance/news-post-office-time-deposit-calculator-2023-td-rules-1981-account-tax-benefit-scheme-80c-premature-withdrawal-td-calculator-income-tax-saving-230432
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