Post Office Scheme: Here's HOW to get more than Rs 10 lakh in just 3 years

New Delhi: Every investor wants their investment completely safe and with maximum return. There are many schemes available in the market which is best for investment. Here is one of the post office schemes which is perfect for investment. Let's have a look at the scheme and whether it meets the parameter of investors or not.

What is the scheme?

This scheme is named a post office time deposit account scheme. An investor will get Rs 10 lakh rupees in just 3 years. (Also Read: Invest Rs 2,000 per month in THIS LIC policy, get a return of more than Rs 48 lakh; check details here)

Benefits of the scheme

You have to open a time deposit account in the post office. In this account, you will have to invest 8 lakh 50 thousand rupees in a lump sum. Under the scheme, the post office offers interest at the rate of 5.5 percent per annum. Accordingly, only after 3 years, you will get a return of more than Rs 10 lakh on maturity. You will get one lakh  51 thousand rupees in just 3 years.

How to open an account?

You have to open a time deposit account or fixed deposit account in the nearest post office first. Your investment amount ranges from Rs 1000 to whatever amount you want to invest. The minimum age limit is of 10 years. If you are below the minimum age limit, that doesn't mean that the options are closed for you. The account of a minor child is opened under the supervision of his parents.

The maturity period of  the scheme

The maturity period of the scheme is 1 year, 2 years, 3 years, and 5 years.  It means that you can invest in it for  1, 2, 3, or 5 years.

Pre-mature withdrawal option

This scheme allows investors to withdraw money before the maturity period with certain restrictions. You do not get permission to withdraw within 6 months of investment. At the same time, on withdrawal of the amount between 6 to 12 months, you will get an interest equal to the savings account.

On the other hand, if you withdraw money from the account before 2, 3, or 5 years, a 2 percent amount is deducted from your total interest.