The post office is giving its customers interest ranging from 6.9 percent to 7.5 percent on FD. FD accounts can be opened in the post office for 1 year, 2 years, 3 years and 5 years. Today we will tell you how you can get a fixed interest of Rs 89,989 by depositing Rs 2 lakh in these schemes of the post office.

FD accounts are opened in the name of TD in the post office

In the post office, 6.9 percent interest is being given on 1 year FD, 7.0 percent on 2 year FD, 7.1 percent on 3 year FD and 7.5 percent on 5 year FD. Let us tell you that FD in the post office is known as TD i.e. Time Deposit. The TD scheme of the post office is exactly like the FD scheme of banks, where investors get fixed interest with guarantee. Let us tell you that the post office is controlled by the central government. Therefore, every penny deposited in this scheme is completely safe and you get fixed interest on it with guarantee.

If you deposit Rs 2,00,000 then you will get fixed interest of Rs 89,989

The post office is giving the highest interest of 7.5 percent on 5-year TD. If you deposit Rs 2,00,000 in a 5-year TD in the post office, you will get a total of Rs 2,89,989 on maturity. This includes Rs 89,989 fixed and guaranteed interest in addition to the Rs 2,00,000 deposited by you. Let us tell you that the post office gives the same interest to all its customers on TD account, whether he is a common citizen or a senior citizen.

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The post Post Office’s great Plan: Deposit ₹2,00,000 and get fixed interest of ₹89,989. Check all Details first appeared on Rightsofemployees.com.

Today we are going to tell you about such a scheme of post office, where you will not only get more interest than banks, but your money will also get full protection of the government in this scheme. Here we are talking about the time deposit (TD) of the post office.

TD account can be opened for 1 year to 5 years

The TD scheme of the post office is just like the FD of banks. A lump sum amount is deposited in the TD account, on which you get a huge interest. You can open a TD account in the post office for 1 year, 2 years, 3 years and 5 years. The post office is offering interest of 6.9 percent, 7.0 percent, 7.1 percent and 7.5 percent respectively on these different periods of TD accounts. The post office is offering the highest interest of 7.5 percent on 5-year TD. A TD account can be opened with just Rs 1000, while there is no maximum deposit limit in it. That is, you can deposit as much money as you want in it.

If you deposit Rs 5 lakh, you will get interest of Rs 2.25 lakh on maturity

If you deposit Rs 5 lakh in the Post Office TD scheme, you will get a total of Rs 7,24,974 on maturity. This includes Rs 5,00,000 deposited by you along with a net and fixed interest of Rs 2,24,974. Let us tell you that your money is completely safe in the Post Office TD scheme. The Post Office works under the Ministry of Communications of the Government of India. Therefore, every penny deposited in the post office is completely safe.

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This scheme is completely safe and returns are also guaranteed on it. Market volatility has no effect on this scheme. Senior citizens get a special discount on the interest income of FD. Under Section 80TTB of the Income Tax Act, resident senior citizens get the benefit of deduction up to Rs 50,000 on interest income on FDs in banks, co-operative banks or post offices. Also, there will be no TDS deduction from interest payment up to Rs 50,000 in a financial year.

This way you will get more returns
If you are above 60 years of age, you can go for these FDs and choose the tenure and amount based on your financial goals. Instead of putting your money in one FD, you can open multiple FD accounts of different amounts and terms. You can reinvest your money after maturity if the interest rate increases.

Compare interest rates before investing

FDs are useful if you need money for emergency use. Some banks allow you to break your FD without levying any penalty or additional charges. However, you should compare the rates offered by different banks before investing in FDs. Through this you will be able to invest in the right place. Along with this, you should also read the terms and conditions related to it properly. It is easy to open your FD account.

You can visit any nearest bank branch or apply online also. It is often advised that you open your FD account with the bank where you have an existing relationship as it becomes hassle free for you. You can also avoid more paperwork processes. If you are thinking of investing in FD, then the list given below can prove to be helpful in this. The maximum interest rate and maturity period have been given in this list.

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