If you are looking for an investment scheme with safe and guaranteed returns, then Post Office Time Deposit (FD) is the best option for you. In this scheme, your deposit amount is completely safe, and you get returns at a fixed interest rate. Let’s learn about this scheme in detail.
Key Features:
Guaranteed Returns: You receive returns at a fixed interest rate.
Different tenure options:You can invest for 1, 2, 3 and 5 years.
Attractive Interest Rates:
For 1 year: 6.9% per annum
For 2 years: 7.0% per annum
For 3 years: 7.1% per annum
For 5 years: 7.5% per annum
Minimum Investment: You can start with just ₹ 1,000.
No maximum limit: You can invest as much as you want.
How does this scheme work?
You deposit a lump sum amount.
After the maturity period, you get the principal + interest amount.
Example: If you deposit ₹1,00,000 for 3 years, on maturity you will get ₹1,23,508, which will include ₹23,508 interest.
How to open an account?
Please visit your nearest post office.
Apply to open a time deposit account.
Deposit a minimum amount of ₹1,000.
Submit KYC documents to open an account.
Points to note:
Interest is compounded quarterly and is payable annually.
If the interest amount is not withdrawn, no additional interest will be earned on it.
KYC documents are required to open an account.
People Also Ask (Google Search FAQs):
1. What is the interest rate in Post Office FD?
Currently, 6.9% interest is being given for 1 year, 7.0% for 2 years, 7.1% for 3 years and 7.5% annual interest for 5 years.
2. Is Post Office FD safe?
Yes, it is backed by the government, so it is completely safe.
3. What is the minimum investment?
The minimum investment is ₹ 1,000.
4. Is there any maximum limit of investment in FD?
No, there is no maximum investment limit for it.
5. How is interest paid?
Interest is compounded quarterly and is payable annually.
Disclaimer: This article is written for information purposes only. Consult your financial advisor before investing.