Post Office: Every person wants to invest his savings in such a place. Where he gets good returns and at the same time his money is safe. If your wish is also something like this. Then you should invest money in Post Office Time Deposit operated by the post office.
It is also called Post Office FD in common language. Post Office TD Deposit Scheme has not one but many benefits. You can invest in it even with less money. There are many periods to invest money in it. Also, you get interest ranging from 6.9 percent to 7.5 percent.
In Post Office Time Deposit, the investor is given an opportunity to make short term and long term investments. In this scheme, you can deposit money for 1 year, 2 years, 3 years and 5 years. Any Indian citizen can open his account in Post Office Time Deposit Scheme.
Not only this, 3 adults can also open a joint account in TD Deposit Scheme. Parents can also open a time deposit account in the name of children above 10 years of age. The minimum investment amount is Rs 1,000.
How much interest will be received in TD
If you invest money in post office time deposit for one year, you will get 6.9 percent interest. If you invest for two years, you will get 7 percent interest. On investing for three years, the investor is given 7.10 percent interest and 7.5 percent interest is given on five-year TD deposit scheme.
If you invest money in post office time deposit for five years, you will get ₹ 7,24,974 including interest after five years.
That is, in five years you will get ₹ 2,24,974 as interest. Similarly, if you invest for three years, you will get ₹ 6,17,538 on maturity of time deposit. This amount will be Rs 500000 principal and ₹1,17,538 interest.
Post Office Time Deposit Interest Rates
Under Post Office Time Deposit, 6.9 percent interest is given for a period of 1 year.
7.0% interest is available on time deposit of 2 years duration.
7.1% interest is available on time deposit of 3 years duration.
The post office offers a 5-year time deposit scheme, under which 7.5% interest is available.
Under Post Office Time Deposit, 3 people can open accounts in single and joint. In this scheme, you can invest a minimum of Rs 1000 in multiples of 100. There is no limit on the maximum amount.