New Delhi. By investing at the right place at the right time, you can raise more capital in less time. In such a situation, a time deposit scheme operated by the post office can prove beneficial. In this, you will get higher returns than FD. Through this, you can become a millionaire in 5 years. It is also safe for investment. So what is this scheme and how to invest in it. Learn the process.
You can open an account with 1000 rupees
In this scheme of post office, you can invest for 1 to 5 years. If you invest 5 lakh rupees for a period of 5 years in a time deposit, then you can get a profit of around 2.25 lakh rupees. Since compound interest is added to it, it gives higher returns. In this, investors can open accounts with a minimum amount of 1000 rupees.
Advantages of the scheme
1. In this scheme 100% investment guarantees security. It can be opened both single and joint. To open an account in the name of the child, the guardian will have to remain as a guardian.
2. In this emergency, there is a facility to withdraw money before maturity. However for this the account must be completed for 6 months.
3. It also has an exemption under Section 80 of the Income Tax Act 1961 on investments made for 5 years.