Post Office Schemes: Many government schemes are unbeatable. This means your investment will be safe and you will receive significant future returns. Since the Reserve Bank of India lowered repo rates, banks across the country have decided to reduce FD interest rates. We’re going to tell you about this Post Office scheme.
The impact of the lower repo rate on Post Office interest rates has not been seen. You can earn significant returns by making a time deposit at the Post Office. Even if you make an FD of Rs 1 lakh in your wife’s name, you’ll receive a substantial sum after 24 months. You can learn the important things about Post Office time deposits below.
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Important Points About Post Office
Post Office FDs are known as time deposits. Post Office TD schemes work just like bank FDs. You’re guaranteed a fixed return after a certain period of time. The Post Office offers its customers the option to open TD accounts for 1 year, 2 years, 3 years, and 5 years.
The Post Office offers bumper interest rates of 6.9% on 1-year TDs, 7.0% on 2-year TDs, 7.1% on 3-year TDs, and 7.5% on 5-year TDs. The minimum deposit amount in a Post Office TD account is ₹1,000. There is no limit. You can deposit as much as you want into this scheme.
How much will you receive on maturity?
The Post Office provides bumper returns to all account holders. Equal interest is paid on all types of accounts, whether male, female, or senior citizens.
If you deposit Rs 100,000 in your wife’s name in a 24-month TD at the Post Office, your wife’s account will receive a total of Rs 114,888 upon maturity. This includes your Rs 100,000 investment plus Rs 14,888 in interest. The Post Office TD scheme also guarantees a fixed interest rate for customers.