The Post Office's incredible scheme: Deposit ₹ 10 lakh and earn ₹ 4.5 lakh just in interest over a 5-year period. View the full details here

The Post Office's incredible scheme: Deposit ₹ 10 lakh and earn ₹ 4.5 lakh just in interest over a 5-year period. View the full details here

The Post Office's incredible scheme: Deposit ₹ 10 lakh and earn ₹ 4.5 lakh just in interest over a 5-year period. View the full details here

Superhit Scheme of the Post Office: NSC PostThe office has a program whereby if money is deposited for five years, greater interest is earned. Interest is being paid on this Post Office plan at a rate of 7.7 percent.

Post offices conduct a variety of schemes, much as banks do. The National Savings Certificate (NSC) is one of these programs. This plan has been specifically created for those who want a high interest rate guarantee together with secure investing options. NSC is similar to a deposit system in which making a five-year deposit would provide a higher rate of return. Interest is being paid on this Post Office plan at a rate of 7.7 percent. Learn about the advantages of NSC and how interest is calculated on a Rs. 10 lakh deposit.

You may begin investing with only Rs. 1000.

There is no upper limit on the amount that may be invested in NSC; the minimum investment is Rs 1000. This implies you may put as much money as you want into it. Anyone may register for an account here. It also offers the shared account feature. A joint account may be opened by two or three persons. While minors up to the age of ten may purchase NSC in their own names, parents or guardians may invest in the minor's name. Additionally, you are able to open many NSC accounts at once.

The plan develops in five years.

The fact that NSC does not need a lengthy money deposit is one of its benefits. This plan develops in a just five years. The interest yields assured returns and is compounded annually. The interest rate that applies for five years is determined using the interest rate that was in effect when you made your investment. In the meantime, your account is unaffected by changes in the interest rate. Section 80C allows for tax exemption on deposits, meaning that up to Rs 1.50 lakh in deposits may be made annually.

Absence of a mechanism for partial withdrawal

This system does not allow for partial withdrawals, unlike others. In other words, you won't get the whole sum at once until five years from now. However, early closure is only permitted under certain conditions, such as:

of the event that one or more account holders of a single or joint account pass away

upon seizure by the mortgagee, an officer with a gazette.

according to the court's directives.

After making a Rs. 10 lakh investment, how much will you get?

With an interest rate of 7.7, if you put Rs 10 lakh in a National Savings Certificate, you would only get Rs 4,49,034 in interest—roughly Rs 4.5 lakh. In this case, you would get a total of Rs 14,49,034 after five years. You may take advantage of this initiative at any post office around the nation if you would want to invest as well.