Bank FD vs Post Office Time Deposit account:Before investing, find out where your money will earn more and how much interest is being offered

If you are planning to open an FD with these banks or any other bank these days, you should learn about the Post Office Time Deposit Account. This scheme offers interest of up to 7.5%, which is higher than the interest offered on FDs by the country’s leading banks. We are providing information on the fixed deposit (FD) interest rates offered by the country’s leading banks and the Time Deposit Account, so that you can invest in the right place according to your needs and earn higher returns. National Savings Time Deposit Account offers interest of up to 7.5% National Savings Time Deposit Account: It currently offers a maximum interest rate of 7.5%. So, according to the Rule of 72, if you invest in this scheme, it will take nine years and six months for your money to double. Fixed Deposit: Leading banks in the country are offering interest of up to 7% on fixed deposits. According to the Rule of 72, if you invest in this scheme, it will take 10 years and 3 months for your money to double. Investing for 5 years offers tax exemption benefits By investing in a time deposit scheme or fixed deposit for 5 years, you can claim tax benefits under Section 80C of the Income Tax Act, 1961. Under this provision, you can claim tax benefits on investments of up to ₹1.50 lakh. In simple terms, you can reduce your total taxable income by up to ₹1.5 lakh through Section 80C. What is the Rule of 72? This special finance rule is known as the Rule of 72. Experts consider it the most accurate rule for determining how long it will take for your investment to double. You can understand it this way: suppose you have chosen a particular bank scheme that offers 8% annual interest. Under the Rule of 72, you divide 72 by 8. 72/8 = 9 years, which means your money will double in nine years under this scheme. Who can open a time deposit account? Anyone can open this account at any post office: