Post Office Scheme: Investment of Rs 5 lakh in this scheme will turn into Rs 10,51,175, you just have to do this work

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Post Office Big Benefit Scheme: Post workplace is one of the favored funding schemes in India because it additionally helps buyers save their taxes. The new monetary yr has began and in such a scenario, one can make investments in numerous post-fixed deposit schemes from the start of the yr to save tax and get higher returns.

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The publish workplace has numerous mounted deposit schemes with completely different tenures like one yr, two years, three years and 5 years. As it’s all backed by the federal government, it will present assured returns, however not all schemes give you revenue tax exemption up to Rs 1.50 lakh underneath Section 80C of the Income Tax Act, 1961.

Please notice that solely five-year FD deposits made by way of publish workplace FDs supply tax exemption up to Rs 1.50 lakh and no different FDs supply tax advantages.

What is Post Office Fixed Deposit Scheme? (Post Office Fixed Deposit Scheme
Post Office Fixed Deposit affords assured returns in your funding after the completion of the desired tenure. When the FD matures, you can withdraw the cash which will embrace the principal quantity and curiosity paid on the time of funding. The publish workplace affords FDs of completely different tenures like one yr, two years, three years and 5 years.

Post Office FDs Calculations

For a five-year publish workplace FD, it affords 7.5 p.c rate of interest, the rate of interest is payable yearly however is calculated on a quarterly foundation. The minimal deposit in FD may be made in multiples of Rs 1,000 and Rs 100. There isn’t any most restrict. One also can keep single and joint accounts.

A guardian also can open an account on behalf of a minor. The five-year FD may also be prolonged for a second tenure of 18 months after the maturity of the scheme.

How a lot revenue on how a lot funding? (Post Office FD Returns Calculation)

On funding of Rs 3 lakh in Post Office FD Scheme, you will get curiosity of Rs 1,34,984 and in this case you will get the maturity quantity of Rs 4,34,984.

On investing Rs 5 lakh in Post Office FD Scheme, you can get curiosity of Rs 2,24,974 and the maturity quantity will be Rs 7,24,974.

On investing Rs 10 lakh in Post Office FD Scheme, you will get curiosity of Rs 4,49,948 and in this case the maturity quantity will turn into Rs 14,49,948.

Talking about how Rs 5 lakh will be Rs 10,51,175, i.e. greater than Rs 10 lakh, then allow us to inform you that after 5 years you will get Rs 7,24,974. So if you reinvest this quantity for the following 5 years, you will get Rs 3,26,201 as curiosity on the charge of 7.5 p.c curiosity. Adding Rs 7,24,974 + Rs 3,26,201, the overall will be Rs 10,51,175. In this means you will get Rs 10,51,175 on maturity.

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