Post office Time Deposit Scheme: In Post Office Time Deposit Scheme, you get more interest than SBI FD. Let us know the special things of this scheme.
Post office Time Deposit Scheme: Even today when it comes to investment, most people recommend FD i.e. Fixed Deposit. FD is considered a better option for investing. Many small and big banks in the country provide the facility of FD. Apart from this, the post office also provides the facility of time deposit scheme. The fixed deposit scheme of the post office is called the time deposit scheme.
This post office scheme is offering customers more interest than the country’s largest government bank SBI FD. SBI is offering 6.50 per cent interest per annum on 5-year FD, whereas, the Post Office Time Deposit Scheme offers 7.5 per cent interest on 5-year deposits.
Time Deposit offered for tenures of 1 year, 2 years, 3 years and 5 years
Post offices offer time deposits for tenures of 1 year, 2 years, 3 years and 5 years. Like bank FDs, investors can get guaranteed returns from the post office time deposit scheme.
1 year – 6.90 percent
2 years – 7.00%
3 years – 7.00%
5 years – 7.50 percent
Who can open Post Office Time Deposit Account
- You can open this account as a single account.
- You can open this account as a joint account with two or three people.
- You can open this account for a minor child (above 10 years) under parental supervision.
Features of Post Office Time Deposit Scheme
Interest rate – 7.5 percent
Investment amount – 5 lakhs
Amount received on maturity – Rs 7,24,974 (5 years)
Interest benefit – Rs 2,24,974
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