Post Office Time Deposit: You will get FD options in banks as well, but if you want to make an FD for 5 years, then you will get good interest in the post office. Know how much money you will earn from interest on making FDs of ₹ 1,00,000, ₹ 2,00,000 and ₹ 3,00,000.
Post Office FD Scheme: If you do not want to take any kind of risk regarding your investment and want to earn huge profits in a short time, then there are many such schemes in the post office, which can be helpful for you. Post Office Time Deposit is also one of them. People usually call it Post Office FD.
Although you will get FD options in banks as well, but if you want to make FD for 5 years, then you will get good interest in the post office. Currently, 7.5% interest is being given on 5-year FD of post office. Apart from this, you also get tax benefit under Income Tax Act 80C in 5-year FD. Let us tell you how much money will be earned from interest on making FDs of ₹ 1,00,000, ₹ 2,00,000 and ₹ 3,00,000 in post office FD.
On making FD of ₹ 3,00,000
If you invest ₹3,00,000 in the post office time deposit scheme, then at the rate of 7.5 percent interest, you will get ₹1,34,984 only from interest. In this case, you will get a total of ₹4,34,984 on maturity.
On making an FD of ₹2,00,000
On the other hand, if you invest ₹2,00,000 in the post office time deposit scheme, then you will get ₹89,990 as interest at the rate of 7.5 percent. In such a situation, you will get a total of ₹2,89,990 on maturity.
On making an FD of ₹1,00,000
₹1,00,000 is such an amount that people often invest in FD. If you also invest the same amount, then according to the interest rate of 7.5 percent, you will get ₹44,995 as interest. In such a situation, you will get a total of ₹1,44,995 on maturity.
Option of extension also
If you want, you can increase your benefits further by getting the post office FD extended. Post Office 1 year FD can be extended within 6 months from the date of maturity, 2 year FD within 12 months of maturity period and for extension of 3 and 5 year FD, the post office has to be informed within 18 months of maturity period. Apart from this, you can also request account extension after maturity at the time of opening the account. The interest rate applicable to the respective TD account on the day of maturity will be applicable for the extended period.
