Post Office FD Scheme: If you want to invest your money with safe and guaranteed returns, then Post Office Fixed Deposit (FD) Scheme can be a great option. This is a government scheme, so there is no risk in it and your money is completely safe. The interest rates available in this are higher than banks, which benefits you more.
By doing FD in the post office, after a certain period you get the entire money back including interest. This is the reason why this scheme is considered very beneficial for the elderly, working people and those investors who want to grow their money without any risk.
What is the scheme
If you deposit Rs 4 lakh as a fixed deposit in the post office, then in a period of 5 years you can get an interest rate of about 7.5 percent. This means that on maturity you can get up to Rs 5,79,979. That is, your total benefit will be around Rs 1,79,979.
If you do FD for a short period, then the interest rate may be slightly lower. However, there is a possibility of getting higher returns in long term FD. So if you want to invest your money without risk and want a fixed return, then this scheme can be a good option for you.
How To Invest In Post Office FD
Opening an FD account in the post office is very easy. You have to go to the nearest post office and submit some important documents. This includes your Aadhar card, PAN card and passport size photo. You can also apply online on the official website of India Post.
Investment can be started in this scheme with a minimum of Rs 1000 and there is no maximum limit of investment. You can do FD for 1 year, 2 years, 3 years or 5 years and can also extend it if needed.
Is This The Right Investment For you?
If you want your money to be absolutely safe and keep growing with interest, then Post Office FD can be a good option. This scheme is most beneficial for those who want to make a government guaranteed investment without any risk. If you are thinking of investing for a long time and also want tax exemption, then Post Office FD can prove to be an excellent scheme. It not only gives more interest than the bank, but also keeps your investment completely safe.