Post Office Saving Schemes: The Post Office is offering a great scheme for investors. If you’re considering investing, Post Office savings schemes could be a great fit for you. The Post Office’s Time Deposit (TD) scheme, or Post Office FD, currently offers higher interest rates than bank FDs. Today, we’re telling you about this scheme, where you can earn up to ₹44,995 in fixed interest by depositing just ₹1 lakh.
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How much interest is earned on Post Office FDs?
The Post Office offers FDs for 1-year, 2-year, 3-year, and 5-year tenures. The interest rates are also higher than other banks. One-year FDs offer 6.9% interest. Two-year FDs offer 7.0% interest, three-year FDs offer 7.1% interest, and five-year FDs offer a maximum of 7.5% interest. The minimum deposit amount in a Post Office FD is ₹1,000, with no maximum limit. Both single and joint accounts can be opened, and a maximum of three people can be included in a joint account.
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How much interest will you earn on a ₹1 lakh deposit?
The Post Office’s five-year FD scheme currently offers the highest interest rate of 7.5%. If you deposit ₹1 lakh in this scheme, you will receive a total of ₹1,44,995 upon maturity after five years. This includes a fixed interest of ₹44,995. Since the Post Office operates directly under the Central Government, it is fully guaranteed by the government. All customers are offered the same interest rate, while banks offer additional interest to senior citizens on certain schemes.