Post Office Time Deposit Scheme, Monthly Income Scheme or SBI's FD Which of these three schemes will be beneficial to invest in?
SBI is offering 5.4% interest on deposits of 5 to 10 years
The time deposit scheme is earning a maximum of 6.7% interest
The monthly income scheme is earning 6.6% interest
Investing money anywhere without thinking can get you in trouble. It can also ruin your hard earned money. In this case, if you want to keep your money in a safe place and get a good return, you can invest in Post Office Time Deposit Scheme, Monthly Income Scheme or SBI's FD. Here you will find out how much you will benefit if you invest in these 3 places.
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Post Office Time Deposit Scheme
This is a type of fixed deposit (FD). You can take advantage of fixed returns and interest payments by investing a certain amount for a fixed period. The Post Office Time Deposit Account offers interest at a rate of 5.5 to 6.7% for a period of 1 to 5 years. According to the official website of India Post, anyone investing under a 5-year fixed deposit can avail the exemption under Section 80C of the Income Tax Act, 1961. You have to invest at least Rs 1,000 in it. There is no maximum investment limit.
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How much return will you get?
Under this scheme, if you invest Rs 1 lakh for 5 years, you will get Rs 1,39,406 after 5 years. You will get Rs 39,406 as interest at 6.9%.
In how much time will the money double?
It is getting maximum interest of 6.7%. In such a situation, according to Rule 72, if you invest money in this scheme, it will take 10 years and 7 months for the money to double.
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Monthly Income Scheme
This is a type of pension scheme in which you can manage your monthly income by investing money together. The special thing about this scheme is that you will get all your money back after maturity.
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How much can be invested?
An account can be opened with a minimum of Rs 1,000 under this scheme. On the other hand, if you have a single account, you can deposit up to Rs 4.5 lakh and if you have a joint account, you can deposit up to Rs 9 lakh. The maturity period in this scheme is 5 years. The scheme can be carried forward every 5 years through the same account as long as desired.
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What is the return on investment for 5 years?
Under this scheme, if you invest Rs 1 lakh for 5 years, you will get Rs 1,37,653 after 5 years. You will get Rs 37,653 at an interest rate of 6.6%.
How long will it take for the money to double?
The maximum interest is 6.9%. Therefore, according to Rule 72, if you invest money in this plan, it will take 10 years and 9 months for the money to double.
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What is the interest rate on FD in SBI?
Period interest rate
7 to 45 days 2.90%
46 to 179 days 3.90%
180 to 210 days 4.40%
211 days to less than 1 year 4.40%
More than 1 year and less than 2 years 4.90%
More than 2 years and less than 3 years 5.10%
More than 3 years and less than 5 years 5.30%
More than 5 years and less than 10 years 5.40%
What is the return on investment for 5 years?
Under this scheme, if you invest Rs 1 lakh for 5 years, you will get Rs 1,30,077 after 5 years. You will get Rs 30,077 at 6.9% interest.
How long will it take for the money to double?
The maximum interest is 5.4%. According to Rule 72૨, if you invest money in this scheme, it will take 13 years and 3 months for the money to double.
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