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The government has not changed the interest rates of small savings schemes for the October-December quarter (Q3Fy26). That is, you will continue to get the same interest as before. If you are planning to get a fixed deposit these days, then before that you should also know about the National Savings Time Deposit account of the post office.
Here we are telling you about the National Savings Time Deposit Scheme of the post office …
Minimum Investment in National Savings Time Deposit Account Investment
- It is a kind of FD. You can get fixed returns by investing for a fixed period.
- The time deposit account offered an interest rate from 6.9% to 7.5% for a period of 1 to 5 years.
- It has to invest a minimum of 1000 rupees. There is no limit for maximum investment.
Where will money be double? The maximum interest in the National Savings Time Deposit Account is getting 7.5%, so according to Rule 72, if you invest money in this scheme, then the money will take about 9 years 6 months to double.
What is Rule of 72? This special rule of finance is Rule of 72. Experts consider it to be the most accurate rule, which is decided how long your investment will double. You can understand this that if you have selected a special scheme of the bank, where you get 8% interest annually. In such a situation, you have to give a share of 8 in 72 under Rule of 72. 72/8 = 9 years, that is, under this scheme, your money will double in 9 years.
Tax exemption benefits by investing for 5 years On investing for 5 years in the time deposit scheme, you can take advantage of tax exemption under Section 80C of Income Tax Act 1961. Under this, you can take advantage of income tax exemption on investment of up to Rs 1.50 lakh. That is, this earnings are reduced by your total annual income. However, this benefit will be found only when you file ITR under the old income tax regime.
Who can open the account?
This account can be opened in any post office:
- Single account: Any adult.
- Joint account: 2 or 3 people together (like you and your wife).
- For minor: Children older than 10 years can operate themselves, or parents can open to them.
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