New Delhi: The post office can be a great way to earn money, but you’ll need to take a little risk over time. Investing in a savings account at the post office offers bumper returns, without any stress. You’ve likely heard of the post office’s time deposit (TD) scheme, which is already winning hearts.
People are earning bumper interest through the TD scheme. This scheme works like a bank fixed deposit. After a certain period, the entire amount is easily returned with a guaranteed fixed interest. Investing ₹1 lakh in a post office TD scheme will yield excellent interest. Read the article carefully to understand the key aspects of the scheme.
How much interest is being earned under the post office scheme?
An account can be opened under the Post Office Time Deposit Scheme, similar to an FD, for a period of 1 to 5 years. FD accounts are opened at the post office under the name “time deposit.” A TD account at the post office is similar to a bank FD account. In this, you are returned your entire money on maturity along with a fixed interest.
The good thing about post office savings schemes is that they are directly controlled by the central government. However, you not only receive fixed interest with a government guarantee, but your money is also completely safe. The post office offers an interest rate of 6.9 per cent on a 1-year TD, 7.0 per cent on a 2-year TD, 7 per cent on a 3-year TD, and 7 per cent on a 5-year TD.
How much interest will you earn on an investment of 1 lakh?
Investing ₹1 lakh in a Post Office Time Deposit Scheme can earn you a bumper interest rate. For example, if you deposit ₹100,000 in a 5-year TD scheme at the Post Office, you will receive a total of ₹144,995 on maturity, with a fixed interest rate of ₹44,995.
Currently, no bank in the country offers 7.5% interest on a 5-year FD scheme. It’s important to note that post office TD schemes offer equal interest rates for customers of all age groups. However, senior citizens receive 0.50% higher interest rates than regular citizens. Many banks offer even higher interest rates to customers over 80 years of age.
