Post Office FD Scheme: The Time Deposit (TD) scheme of the Indian Postal Department has emerged as a safe and profitable option for investors. This scheme works like the Fixed Deposit (FD) of banks, but the interest rates in it are more attractive.
Post Office FD Scheme: In the Post Office TD scheme, investors get interest ranging from 6.9 percent to 7.5 percent, which makes it better than the FD of banks. The money invested in this scheme is completely safe, as it works under the Government of India.
Special features of Post Office FD Scheme
Investors can deposit their money in the Post Office TD scheme for a period of 1 year to 5 years. An account can be opened in this scheme with a minimum of 1,000, while there is no limit on the maximum deposit amount. The interest received on the TD account depends on the period of investment. For example, 7.0 percent interest is available on a 2-year TD.
How much interest will you get on depositing 2 lakhs?
If you deposit 2 lakhs in the 2-year TD scheme of the post office, then on maturity you will get a total of 2,29,776. This will include interest of 29,776. This interest is guaranteed and fixed, in which there is no risk.
Who can open a FD account?
Any person can open an account in the TD scheme of the post office. In this, a single account as well as a joint account can be opened. Names of a maximum of 3 people can be added in a joint account. This scheme is suitable for both small and big investors.
Benefits of Post Office TD Scheme
- Safe investment: The post office is a government institution, so the money invested in it is completely safe.
- Attractive interest rates: Interest rates on post office TD are higher than banks.
- Flexibility: Facility to choose a period from 1 year to 5 years.
- Low investment: You can open an account with just 1,000.
How to open a TD account?
To open a Post Office TD account, you have to go to the nearest post office. There you have to fill the application form and submit the required documents. Identity proof, address proof and passport size photo are required.
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