Post Office FD: Like FD accounts opened in banks, TD accounts (time deposits) are opened in post offices. TD accounts with tenures of 1 year, 2 years, 3 years and 5 years are opened in post offices.
Post Office Saving Schemes: After the Reserve Bank of India (RBI) cut the repo rate, many banks have also cut the interest rates of FDs. However, the post office has not yet cut the interest rates of its savings schemes. In such a situation, the interest rates of post offices have become even more attractive than banks. Today we will tell you about a scheme of post office, in which if you deposit Rs 5 lakh, you will get a fixed interest of Rs 2,24,974 directly.
If you deposit 5 lakh, you will get Rs 7,24,974 on maturity
Like FD accounts opened in banks, TD accounts (time deposits) are opened in post offices. TD accounts with tenures of 1 year, 2 years, 3 years and 5 years are opened in the post office. The post office is giving its customers an interest of 6.9 percent on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD. If you deposit Rs 5 lakh in a 5 year TD in the post office, you will get a total of Rs 7,24,974 on maturity. This amount includes Rs 5,00,000 of your investment and Rs 2,24,974 of interest.
All customers get equal interest in the TD scheme of the post office
In the TD scheme of the post office, customers get absolutely fixed interest with guarantee. Let us tell you that all customers get equal interest on the TD account of the post office, whether he is a common citizen or a senior citizen. A minimum of Rs 1000 can be deposited in a TD account, while there is no maximum deposit limit. Your money deposited in the post office is completely safe. Actually, the post office is a government system, which is operated by the Center. In such a situation, the government is responsible for the safety of every penny deposited in the post office.
(Disclaimer: This news is for information only. Consult your financial advisor before investing.)
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