Post Office FD: The Post Office FD scheme is the sole program that allows investors to save for any duration they prefer, ranging from one year to five years. Kindly be aware that various interest rates and distinct returns have been set for each of these time frames.
To conserve funds, this plan necessitates a minimum deposit of ₹1000. In addition to this, individuals with greater income can create their FD based on any deposit sum. They can achieve this return with favorable interest rates at the government level. This plan is the top and tax-exempt option from the post office.
These are the specialties of Post Office FD scheme:
The Post Office FD Scheme offers higher interest rates, resulting in considerable advantages for investors.
Investors have the option to invest for a period of 1 to 5 years according to their preference. In this scheme, a minimum investment of ₹1000 is required, meaning that the applicant does not need to have a high income.
No type of government tax has been levied under the Post Office FD Scheme.
If investors place ₹100000 for a year, they will receive a return of ₹1,07,081 with an interest rate of up to 6.9%.
In addition to this, if the investor puts in ₹ 100000 for 2 years, he will receive the advantage of a 7% interest rate, resulting in an amount of Rs 1,14,888 upon the period’s completion.
By investing 1 lakh for a duration of 3 years, the investor will earn an interest rate of 7.1%, resulting in a total of 1,22,022 upon maturity.
If an investor puts ₹100000 into an investment for 5 years, he will receive a 7.5% interest rate, resulting in a return of Rs 1,44,995 after 5 years.
The FD scheme run by the post office has been implemented mainly with the aim of giving good returns in the form of savings to its customers. For individuals who wish to safely invest their limited income for the future, Post Office FD Scheme is the best option that offers returns based on the interest rate as per the investment period.