State Bank of India (SBI) is getting an interest of 5.40 percent for a maximum tenure of 5 years to 10 years. Whereas on a 5-year FD in the post office, you will get interest at the rate of 6.7 percent. Let us know about this scheme in detail.
Post Office FD: If you are thinking of investing in the coming days, then you can do it in the savings schemes of the post office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back only Rs 5 lakh. But this is not the case in the post office. Apart from this, investment in post office savings schemes can be started with a very small amount.
You can also get FD done at the post office. For this you have to invest in the time deposit account scheme of the post office. In this, you will get more interest on FD than banks. For example, State Bank of India (SBI) is offering an interest rate of 5.40 per cent for a maximum tenure of 5 years to 10 years. Whereas on a 5-year FD in the post office, you will get interest at the rate of 6.7 percent. Let us know about this scheme in detail.
Rate of interest
On one year FD in the post office, you will get interest at the rate of 5.5 per cent per annum. With this, you can invest in it for two years and three years. There is also an interest rate of 5.5 percent per annum on these. At the same time, customers are getting interest at the rate of 6.7 percent annually on opening the account for five years. Interest is paid on an annual basis, but will be calculated on a quarterly basis.
Who can open account?
In this scheme of post office, one adult can open a joint account with up to three adults. Apart from this, a guardian on behalf of a minor, a guardian on behalf of a person of weak mind or a minor above 10 years of age can open an account in the post office FD in his own name. Any number of accounts can be opened in this scheme.
Scheme Features
- This account can be opened for a period of 1 year, 2 years, 3 years and 5 years.
- The account can be opened with a minimum investment of Rs 1000. In this, you have to invest in a multiple of Rs 100. There is no maximum limit for investing in the scheme.
- Interest will be paid on an annual basis. No additional interest will be paid on the amount of interest due for any payment.
- Annual interest will be credited to the savings account. For this, he has to give the application.
- Investment in five-year term deposits will get benefits under section 80C of the Income Tax Act.
