Post Office FD Scheme: Whenever investment is discussed, FDs often come to mind. Currently, bank FDs are not offering excellent interest rates. The main reason for this is SBI’s reduction in the repo rate this year. Consequently, banks’ fixed deposit interest rates have also decreased. However, in this article, we’re going to tell you about a scheme that offers excellent returns on investment.
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We’re talking about the Post Office FD scheme. The National Savings Time Deposit Scheme is being offered by the Post Office. Investors are offered excellent interest on their investments. Let’s explore this in detail.
This is how much interest is being earned on Post Office FDs
You can invest a minimum of ₹1,000 in a Post Office TD or FD. There is no maximum limit. There are four types of FD schemes in the Post Office. Interest rates range from 6.9% to 7.5%. One-year Post Office FDs offer 6.9% interest, two-year FDs offer 7% interest, three-year FDs offer 7.1% interest, and five-year FDs offer 7.5% interest. Therefore, investing in this Post Office scheme for 5 years will yield excellent returns.
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Who Can Invest in a Post Office FD?
For your information, any citizen of the country can easily invest in the Post Office FD scheme. The special feature of this scheme is that single and joint accounts can be easily opened. Parents can also open an account in the name of their minor children under this scheme.