The post office is offering its customers an interest rate of 6.9 percent on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD. Let us tell you that one can start investing in this post office savings scheme with a minimum of Rs. 1000.
Post office, which works under the central government, runs many types of savings schemes. Just like commercial banks offer savings schemes like FD to customers, similarly the post office offers savings scheme to its customers called TD i.e. Time Deposit. Time Deposit also works like bank FD and matures at a fixed time. India Post i.e. Post Office is currently offering TD scheme for 4 different periods.
7.5 percent interest is being given on 5 year TD
The post office is offering its customers 6.9 percent interest on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD. Let us tell you that investment can be started in this savings scheme of post office with a minimum of Rs 1000. There is no maximum investment limit in this scheme. Investments made in post office TD for 5 years also get benefits under Section 80C of Income Tax.
If you deposit Rs 10 lakh in a 5-year TD, how much will you get on maturity?
The 7.5 percent interest given by the post office on 5-year TD is more than the interest given by many banks on 5-year FD. If you deposit Rs 10,00,000 in a 5-year TD or time deposit of the post office, then on maturity after 5 years from the date of investment, you will get a total of Rs 14,49,949. In this amount, Rs 4,49,949 is only for interest.
Cannot withdraw money for 6 months
Post Office TD can be extended before the maturity date. If you want to extend your TD for 1 year, then you have to extend it 6 months before maturity. Similarly, to extend TD for 2 years, you have to extend it 12 months before. Keep in mind that you cannot withdraw money from Post Office TD before 6 months.
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