Post Office Time Deposit Scheme: Know about the scheme where you get more interest from SBI (State Bank of India). Post Office Time Deposit Scheme is the best option where you can keep your money safe. Today we are telling you about Post Office Time Deposit Scheme (TD Account), in which you get more interest than SBI.
Time Deposit Scheme: Key Points
Interest rate: SBI has 6.50 per cent annual interest on 5-year fixed deposits, while post office time deposits fetch 7.5 per cent interest on 5-year deposits.
Time to double the amount: If you invest money at 7.5 percent interest rate, it will take approximately 9 years 6 months or 114 months to double your money.
Deposit amount: 5 lakhs.
Amount on maturity: Rs. 7,24,974.
Interest Benefit: Rs. 2,24,974.
Eligibility for account opening: In this scheme any individual can open account alone, and 3 adults can also open joint account. Parents can open the account in the name of children above 10 years of age.
Table of important information:
Key feature Details
Interest rate 7.5 percent
Deposit Tenure 1 year, 2 years, 3 years, 5 years
Amount on maturity Rs. 7,24,974
Interest profit Rs. 2,24,974
