Interest rates range from 6.9% to 7.5%, which is higher than other banks. Tax benefits are also available in this scheme. This scheme is available for all age groups…

National Desk: If you are looking for better returns along with keeping your money safe, then the Post Office Time Deposit Scheme can be a great option for you. This scheme is not only safe, but the interest received in it is also attractive, which makes it special compared to other investment options.

What is Post Office Time Deposit Scheme?

Post Office Time Deposit Scheme is a savings scheme, which is run by the Indian Postal Department. This scheme is for those who want to keep their money safe and want better returns in a fixed time period. There is no age limit for investment in this scheme, that is, anyone from children to the elderly can take advantage of this scheme.

Scheme Features

1. Investment period: In this scheme, you can invest for a period of 1, 2, 3 or 5 years. This flexibility helps you choose the right option according to your financial plans.

2. Interest Rate: The interest rate in this scheme is fixed according to different tenures:

– 1 year tenure: 6.9% interest

– 2 to 3 years tenure: 7% interest

– For 5 years: 7.5% interest

These rates are better than other bank’s fixed deposit schemes, making this scheme more profitable.

3. Security: This scheme comes under government security, so your money is completely safe.

4. Tax Benefit: By investing in this scheme, you can also get the benefit of tax exemption under income tax, which further increases your total savings.

How to invest?

Investing in this scheme is very easy. All you have to do is go to your nearest post office and fill an application form. Along with the application form, you also have to submit documents of your identity and proof of address. The minimum investment amount is Rs 1,000, and you can deposit the amount as per your convenience. You can also invest multiple times in this scheme.

Interest calculation and returns

Now let’s see what benefits you can get by investing in this scheme. Suppose you invest Rs 5 lakh for 5 years. In this case, you will get around Rs 7,24,974 after maturity. Out of this, Rs 2,24,974 will be in the form of interest only. Similarly, if you invest Rs 2 lakh, you will get around Rs 2,89,990 on maturity. The interest you earn on this will be around Rs 89,990.

Long-term benefits

If you are thinking of investing your money for a long period, then this scheme may be better for you. In a period of 5 years, you will not only get good interest, but your investment will also be safe. This will give you financial stability and you will be prepared for unexpected expenses in the future. If you are looking for better returns along with keeping your money safe, then the Post Office Time Deposit Scheme is an excellent option for you. Investing in this scheme will not only give you higher interest rates but it will also help in your long term savings.

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Also, banks have now started giving good interest on FD. On the other hand, banks offer higher interest on FD to senior citizens (people aged 60 years or more) than to common people. Many banks are offering up to 8.75 percent interest to senior citizens on FDs with a tenure of 5 years. However, these interest rates are for deposits up to Rs 3 crore.

These banks are giving good interest to senior citizens

1. Suryoday Small Finance Bank

This bank is offering 7.35 percent interest rate to senior citizens on FDs up to one year. At the same time, it is offering 9.10 percent interest rate on two-year FDs and 8.75 percent interest rate on 5-year FDs. If you invest one lakh rupees in it for 5 years, then you will get Rs 1,54,154 after 5 years.

2. Unity Small Finance Bank

This bank is also giving good returns on FDs to senior citizens. This bank is offering 8.35 percent interest rate on one year FD. At the same time, it is offering 8.40 percent interest rate on two year FD and 8.65 percent interest rate on FD of 5 years or more. If you invest one lakh rupees in 5 year FD of this bank, then after 5 years you will get Rs 1,53,402.

3. Utkarsh Small Finance Bank

Utkarsh Bank is also offering good interest on FD to senior citizens. This bank is giving 8.60 percent interest to senior citizens on one year FD. At the same time, it is giving 9.10 percent interest on two year FD and 8.35 percent interest rate on 5 year FD. If you invest one lakh rupees in 5 year FD of this bank, then after 5 years you will get Rs 1,51,165.

Also Read: FD rate Change: ICICI Bank’s new rates have come into effect from today, 2…

4. AU Small Finance Bank

AU Small Finance Bank is also giving good returns on FD to senior citizens. This bank is offering 8.25 percent interest rate on one year FD. If we talk about two year FD, then it is offering 7.75 percent interest rate on it. However, this bank is also offering 7.75 percent interest rate on 5 year FD. If you invest one lakh rupees in 5 year FD of this bank, then after 5 years you will get Rs 1,46,784.

5. Ujjivan Small Finance Bank

Ujjivan Bank is also ahead in terms of giving returns on FD to senior citizens. This bank is giving 8.75 percent interest rate on one year FD. At the same time, it is offering 8.25 percent interest rate on two year FD. Apart from this, this bank is giving 7.70 percent interest rate on 5 year FD. If you make an FD of Rs 1 lakh in this bank for 5 years, then you will get Rs 1,46,425 after 5 years.

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