Post Office Time Deposit Scheme: If you have cash with you but you are not earning anything from it, then that cash is useless. In such a situation, investing the money kept at home can prove to be very important. Whenever people think about investing, the thought of an FD comes to their mind. The reason for this is that people get great returns on FD. There is also zero risk with this, but before making a decision about investment, it often becomes very important to know about the post office scheme. Like banks, there are many investment schemes in the post office, by taking advantage of which you can get more interest on your money.
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Actually, we are talking about the monthly scheme of the post office, which is a time deposit scheme. It is also called the FD account of the post office in simple language. By investing in this scheme, you can get a profit of more than 2 lakhs only from interest.
Know how much interest is available
Interest is given on an annual basis in the Post Office TD scheme. Talking about the calculation of interest, its interest is transferred to the account in 3 months. In this scheme, you can invest money for 1 year to 5 years. The interest rate in the scheme for investment for a period of 1 year is 6.9 percent. The interest rates for investment for a period of 2 and 3 years are 7 percent.
Guaranteed return is available
On the other hand, a guaranteed return is provided in this special scheme of the post office. Talking about long-term investment, you can choose the option of FD, i.e., TD. A 5-year FD can increase your investment up to 3 times.
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For how many years can you invest
On the other hand, talking about the great scheme of the post office, the TD option is available in it for a period of 1 year to 5 years. According to this, the interest rate is different. In this, double the amount you invest, and you get it only from interest. Talking about extension, you can extend the duration of the scheme before maturity. It can be extended only twice. In this, you will have to invest in an FD for 15 years.