When we talk about getting out money invested in some scheme, we think that are investment is completely safe and get maximum return. There are many schemes available in the market and here is one of the post office schemes which is completely perfect for investment.
This scheme is named a post office time deposit account scheme. An investor will get Rs 10 lakh rupees in just 3 years.
What Are The Benefits Of the Scheme
Firstly, you have to open a time deposit account in the post office. In the account, you will have to invest 8 lakh 50 thousand rupees in a lump sum. Under the scheme, the post office offers interest at the rate of 5.5 percent per annum. After 3 years, you will get a return of more than Rs 10 lakh on maturity. You will get one lakh 51 thousand rupees in just 3 years.
You have to open a time deposit account or fixed deposit account in the nearest post office. Your investment amount will start from Rs 1000 to whatever amount you want to invest. The minimum age limit is of 10 years. If you are below the minimum age limit, that doesn’t mean that the options are closed for you. The account of a minor child is opened under the supervision of his parents.
Maturity of the scheme
The maturity period of the scheme is 1 year, 2 years, 3 years, and 5 years. It means that you can invest in it for 1, 2, 3, or 5 years.
This scheme allows the investors to withdraw money before the maturity period with certain restrictions. You cannot withdraw money within 6 months of investment. At the same time, on withdrawal of the amount between 6 to 12 months, you will get an interest equal to the savings account.
On the other hand, if you withdraw money from the account before 2, 3, or 5 years, around 2 percent amount will be deducted from your total interest.
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