Post Office Time Deposit Scheme: If you are looking for such an investment option where your money remains safe and you also get better profits, then schemes like FD have always been considered a good option for investment.
Post Office Time Deposit Scheme: If you are looking for an investment option where your money is safe and you get better returns, then schemes like FD have always been considered a good option for investment.
Most all banks offer the option of FD ie Fixed Deposit. Here you are being told about a similar scheme of the post office. If you also want good returns on your investment then you can invest in Post Office Time Deposit Account -TD.
Interest in Post Office Time Deposit
Post Office Time Deposit is a type of Post Office FD. In the post office you get the option of FD for 1, 2, 3 and 5 years. If you deposit money in this for 10 years, your amount can more than double. At present, interest is being given at the rate of 7.5 percent on 5 year FD.
Know how you can earn more than double the interest
At present, interest rate on post office FD is 7.5 percent. Suppose you deposit Rs 5 lakh in the post office, then you will get interest of approximately Rs 2 lakh on it at the rate of 7.5 percent. In this way your amount will become Rs 7 lakh in 5 years. Now if you deposit it again for 5 years, this amount will mature to around Rs 10 lakh.
Interest on FD of one to five years (Post Office Time Deposit Interest Rate)
- Fixed interest for 1 year – 6.9%
- Fixed interest for 2 years – 7.0%
- Fixed interest for 3 years – 7.0%
- Fixed interest for 5 years – 7.5%