Post office is one the popular investment plans in India as it also helps the investors to save their taxes. As the new financial year has already started, one can invest in various post-fixed deposit schemes from the start of the year to save taxes and also get better returns.
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Post office has various Fixed deposit schemes with different durations like one-year, two-year, three-year and five-year. As backed by the government, it provides guaranteed returns, not all of the sheemes give you income tax relaxation up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961. Kindly note that only Five-year FD done through Post Office FD provides tax relaxation up to Rs 1.50 lakh on deposits and no other FDs provide tax benefits.
What Is the Post Office Fixed Deposit Scheme?
Post office Fixed deposit offers guaranteed rate of returns on your investment after the specified tenure is completed. When the FD matures, you can withdraw money which includes the principal amount you had given at the time of investment and also the interest.
Post office runs FDs of various durations like one-year, two-year, three-year and five-year.
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Check Post Office FDs Calculations Over Here (For 5 Years)
For five years post office FD it gives 7.5 percent interest rate, interest rate is payable annually but calculated quarterly. The minimum deposit in the FD one can do is Rs 1,000 and in multiples of Rs 100. There is no maximum limit. One can have a single as well as a joint account.
A guardian on behalf of a minor can also open an account. The five-year FD can also be extended for another tenure of 18 months of the maturity of the scheme.
Post Office FD Returns Calculation On 3 Lakh, 5 Lakh, 10 lakh Investment
For Rs 3 lakh investment in post office FD scheme, you can get Rs 1,34,984 in interest and the maturity amount will be Rs 4,34,984.
For Rs 5 lakh investment in post office FD scheme, you can get Rs 2,24,974 in interest and the maturity amount will be Rs 7,24,974.
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For Rs 10 lakh investment in post office FD scheme, you can get Rs 4,49,948 in interest and the maturity amount is Rs 14,49,948.
