Up to 7.5% interest in Post Office Time Deposit:You can invest for 1 to 5 years, know the key details of the scheme

If you are planning to open a fixed deposit these days, the Post Office National Savings Time Deposit Account could be the right option for you. It is also a type of FD. By investing for a fixed period, you can earn guaranteed returns. Here, we are telling you about the Post Office National Savings Time Deposit Scheme: Minimum investment of ₹1,000 in the National Savings Time Deposit Account How Long Will It Take to Double the Money? The National Savings Time Deposit Account offers a maximum interest rate of 7.5%. According to the Rule of 72, if you invest money in this scheme, it will take approximately 9 years and 6 months for it to double. What Is the Rule of 72? This special finance rule is the Rule of 72. It is used to determine how long it will take for your investment to double. If you receive 8% annual interest on a scheme, then under the Rule of 72, you divide 72 by 8. 72/8 = 9 years, which means that your money will double in 9 years under this scheme. Tax exemption benefits are also available By investing in a Time Deposit Scheme for 5 years, you can avail of tax exemption benefits under Section 80C of the Income Tax Act, 1961. Under this provision, you can claim an income tax exemption on investments of up to ₹1.50 lakh. This means that this amount is deducted from your total annual income. However, this benefit is available only if you file your ITR under the old income tax regime. Who can open an account? Anyone can open this account at any post office: