Post Office savings scheme is quite popular among small to big investors. The reason for this is that there is no risk of investment in post office savings schemes because the government guarantees it. At the same time, the interest is also higher than banks. Today we are talking about a great savings scheme for post office, Time Deposit (TD). This is an investment scheme just like bank FD. In this, investors can invest their money for 1 to 5 years. This savings scheme is giving interest at the rate of 6.9% for 1 year, 7.0% for 2 years, 7.1% for 3 years and 7.5% for 5 years. Let us know that if you invest Rs 1 lakh in this scheme, how much money will you get on maturity?
Here’s a breakdown of the returns on a ₹1 lakh and ₹2 lakh investment across different tenures:
For a ₹1 Lakh Deposit:
- 1-Year Deposit: Interest of ₹7,080; Maturity amount: ₹1,07,080
- 2-Year Deposit: Interest of ₹14,888; Maturity amount: ₹1,14,888
- 3-Year Deposit: Interest of ₹23,508; Maturity amount: ₹1,23,508
- 5-Year Deposit: Interest of ₹44,995; Maturity amount: ₹1,44,995
For a ₹2 Lakh Deposit:
- 1-Year Deposit: Interest of ₹14,161; Maturity amount: ₹2,14,161
- 2-Year Deposit: Interest of ₹29,776; Maturity amount: ₹2,29,776
- 3-Year Deposit: Interest of ₹47,015; Maturity amount: ₹2,47,015
- 5-Year Deposit: Interest of ₹89,989; Maturity amount: ₹2,89,989
How to Apply for Post Office Savings Scheme: Quick Guide
- Visit the Post Office: Go to your nearest post office and collect the application form for your desired scheme.
- Complete the Form: Fill out the form, and attach ID, address proof, photos, and other required documents.
- Submit and Deposit: Submit the form with documents and deposit the minimum required amount.
- Verification: After verification, your account will be activated, and you’ll receive confirmation.
Applying Online (If Available)
For post offices that support online applications:
- Step 1: Register on the India Post website or app using your mobile number and email.
- Step 2: Fill out the online application form, upload scanned documents, and complete your payment through net banking.
- Step 3: Confirm your account opening, and track your investments through the online portal.
By following these steps, you can easily open a Post Office Savings Scheme account and enjoy secure returns on your investment
Disclaimer: For any financial investment anywhere on your responsibility, Times Bull will not be responsible for it.