In today’s uncertain economic situation, when every investor wants safe and stable returns, the schemes of the post office are giving relief to the people. Especially the Post Office Time Deposit (TD), i.e., Fixed Deposit, which works like the FD of banks but is much more attractive in interest rates.
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Interest rates that are higher than banks
The interest rates of the post office FD are proving to be very beneficial for investors at present. Here, 6.9% interest is available on 1-year FD, 7.0% on 2-year FD, 7.1% on 3-year FD, and 7.5% on 5-year FD. These rates are higher than most banks, which are attracting investors towards the post office.
Starting from just Rs 1000
The biggest feature of Post Office FD is that it can be started with just Rs 1000. There is no upper limit on investment; that is, lakhs and crores of rupees can be invested here. Both single and joint accounts can be opened in it. Up to three people can be added to a joint account.
Guaranteed benefit on investment
If a person invests Rs 1 lakh in a 3-year FD, then on maturity, he gets Rs 1,23,508. In this, Rs 23,508 is only interest. This is the reason why people are leaving bank FD and choosing post office FD.
Same benefit for every age
While banks usually give an additional 0.50% interest to senior citizens, in the post office, the interest rates are the same for all investors. Its benefit is equal to youth, middle-class families, and retired people.
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Reliable option with government guarantee
Post office FD comes with a full government guarantee. Therefore, investing in it is not only safe but also reliable. This is the reason why this scheme is becoming a better option for everyone, from small investors to middle-class and retired people.