If you want to earn tremendous interest while keeping your money safe, then this news is for you. The Post Office has made many big changes in the interest rates of its savings schemes. Now, the interest rates on different tenure schemes of the Time Deposit Scheme, also known as TD, have been revised. TD accounts are opened in the post office for a period of 1 year, 2 years, 3 years, and 5 years. After these changes, you will get more interest on a 5-year TD than before, which will increase your savings rapidly. Let us know how much interest will be available on the TD scheme of the post office now, and how beneficial it can prove to be for you.
What are the new interest rates of Post Office TD
The post office has reduced the interest rates of 2-year and 3-year TD schemes, while the interest rate of 5-year TD has been increased. There is no change in the interest rate of 1 1-year TD.
2-year and 3-year TD:- Now you will get 6.9% interest on these. Earlier, 7.0% interest was being given on 2-year TDs, and 7.1% interest was being given on 3-year TDs.
5-year TD:- Now you will get 7.7% interest on this, which was 7.5% earlier. This is very good news for investors.
1 year TD:- There is no change in the interest rate on this, and it will remain at 6.9% only.
In short, now only 6.9% interest will be given on TD from 1 year to 3 years in the post office, while the highest interest of 7.7% will be given on a 5-year TD.
How much will you get on an investment of 2 lakhs
If you invest in the 5-year TD scheme of the post office, then the return you get can be quite great. Earlier, 7.5% interest was being given on a 5-year TD; now, 7.7% interest will be given.
Example:- If you deposit ₹ 2 lakh in a 5-year TD of the Post Office, then after the new interest rates are implemented, you will get a total of ₹ 2,92,849 on maturity. This will include your principal amount along with interest of ₹ 92,849.
Post Office TD vs Bank FD
The TD scheme of the post office is exactly like the fixed deposit (FD) of banks, in which fixed interest is received on depositing money for a fixed period. However, there are some main differences between the two. All customers get the same interest in the post office TD scheme. In banks, senior citizens usually get 0.50% more interest on FD schemes for select periods, which is not the case in the post office TD.