All the banks in the country are offering a variety of savings and investment plans for their customers, with attractive interest rates on different schemes. However, the post office is giving banks a run for their money when it comes to high interest rates. It’s important to note that the post office operates under the Government of India, which means any money you invest in their schemes is completely secure. Today, we want to highlight one particular post office scheme that offers excellent interest rates.
You can open a Post Office Time Deposit (TD) account with just Rs 1,000
The TD scheme at the post office is similar to a bank’s fixed deposit (FD) scheme. You can set up a TD account for a minimum of 1 year and a maximum of 5 years. The interest rates for TD accounts range from 6.9% to 7.5%.
You can choose to invest for 1, 2, 3, or 5 years in the post office TD scheme. The minimum deposit to open a TD account is Rs 1,000, and there’s no upper limit on how much you can deposit.
If you deposit Rs 2,00,000, you’ll earn a guaranteed interest of Rs 29,776
The post office offers a 7.0% interest rate on a 2-year TD. So, if you invest Rs 2 lakh in the 2-year TD scheme, you’ll receive a total of Rs 2,29,776 at maturity, which includes the interest earned. The Post Office TD scheme guarantees fixed interest, making it a risk-free option.
Anyone can open an account in the Post Office TD scheme, whether it’s a single or joint account. A joint account can have up to three names listed.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.