Post Office has several investment schemes. Interest is slightly higher than banks or other financial institutions. As a result returns are also good.
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Two things are important for investing. Big money and long term. The higher the amount, the higher the return. And the longer the money stays in the market, the higher the interest. This is the beginning of investment. But there is one more thing that many people don't think about. That is, the right investment scheme.
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Post Office has several investment schemes. Interest is slightly higher than banks or other financial institutions. As a result returns are also good. Also most of the schemes are of long duration. At least five years. Like Recurring Deposit, National Savings Certificate, Post Office Time Deposit Scheme etc.
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Post Office Recurring Deposit Scheme: Post Office Recurring Deposit Scheme means guaranteed returns. Term is five years. That is, a certain amount of money has to be invested every month for 5 years.
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The scheme is government-backed, hence safe. Recurring deposits are currently earning interest at 5.8 percent. Investment can be started with Rs. 100 per month. There is no investment cap.
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Post Office Time Deposit Scheme: Investors can invest in Post Office Time Deposit Scheme for 1, 2, 3 years. Currently the interest rate of this scheme is 5.5 percent. And if one invests for 5 years then he will get 6.7 percent interest.
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Moreover, investing in this scheme is tax deductible under Section 80C. Investment can be started with just 1000 rupees.
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National Savings Certificate Scheme: One has to invest a lump sum in the National Savings Certificate Scheme. Its term is five years. Full lock in period of tenure.
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The interest rate has been increased from 7 percent to 7.7 percent per annum. Investment can be started with a minimum of 1000 rupees. If someone invests Tk 5 lakh, he will get Tk 7,24517 at maturity. The scheme also comes with tax benefits.
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