Post Office FD: Like banks, post office investment is also considered very safe. In this, the government guarantees the safety of your money. Many schemes are run in the post office, but here we will talk to you about Post Office Time Deposit, which we call Post Office FD in common language. Post Office FD: Like banks, you can get options of FDs of different tenures in the post office. 5-year FDs are getting 7.5 percent interest. Along with this, you can also get tax benefits under Income Tax Act 80C. In such a situation, if you invest in this scheme, you can triple your money. For this, you have to do just one thing.

Know what you have to do

To triple your money in the post office, you have to choose a 5-year FD. You have to invest in this scheme and extend it before it matures. You have to do this extension 2 times in a row, that is, you have to run this FD for 15 years. If you invest Rs 10 lakh in this FD, then according to the interest rate of 7.5 percent, you will get Rs 4,49,948 interest on this amount in 5 years. In this way, the total amount will be Rs 14,49,948.

Also Read- ICICI Bank changed the credit card rules for the second time, took away many of your benefits

But if you extend this scheme for 5 years, then you will get Rs 11,02,349 only as interest and after 10 years your total amount will be Rs 21,02,349. You will have to extend it one more time before it matures. In this case, on the 15th year, you will get Rs 20,48,297 on an investment of Rs 10 lakh only as interest. On maturity, you will get Rs 30,48,297. That is, you will get twice the interest than your principal and triple your amount.

Understand the rules of extension

1 year FD of post office 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 for 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.

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The post Post Office FD: ₹30,00,000 will be available on investment of ₹10,00,000, know details first appeared on Rightsofemployees.com.

Post Office Small Savings Schemes are the best option for guaranteed returns without risk. One of these is the superhit Time Deposit (TD) scheme of the post office. In this scheme, lump sum deposit can be made for maturity of 1, 2, 3 and 5 years. In this, interest rates on depositing money are paid on annual basis.

Know the details of interest rates-

The interest rate on post office time deposit of 1 year is 6.90 percent and on 2 years it is 7 percent. Apart from this, 7 percent interest is being given on 3 year deposits and 7.5 percent annual interest is being given on 5 year deposits. These interest rates are applicable from 1 July-30 September 2023.

₹2.25 lakh interest on ₹5 lakh in 5 years-

According to Post Office TD Calculator, if you deposit Rs 5 lakh for 5 years, the maturity amount will be Rs 7,24,974. That means, Rs 2,24,974 will be earned from interest. The deposit rates of Post Office Small Savings Schemes are reviewed every quarter by the government. This means that interest rates may change every quarter. But, in term deposits, the interest rates fixed at the time of deposit remain for the entire maturity period.

Tax deduction will be available on 5 years TD-

The benefit of tax exemption is available on TD of 5 years in post office. Under Section 80C of Income Tax, tax deduction can be claimed on investments up to Rs 1.5 lakh. Keep in mind here that the amount received on maturity in TD is taxable.

Single account and joint account are also opened under Post Office TD. Maximum 3 adults can be included in the joint account. This account can be opened with a minimum of Rs 1000. After this you can invest in it in multiples of Rs 100. There is no limit on investment in post office time deposit.

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In this scheme you can deposit money for 1 year, 2 years, 3 years and 5 years….Post office is the best option to keep your money safe. Although there are many types of small savings schemes and FDs in the post office, but today we are going to tell you about the Time Deposit Scheme (TD Account) of the post office, where you will get more interest than SBI (State Bank of India). Get. In this scheme you can deposit money for 1 year, 2 years, 3 years and 5 years.

Getting 7.5 percent interest-

Under Post Office Time Deposit (Time deposit interest rate), 7.5 percent annual interest is being given on deposits of 5 years. You can also take advantage of this scheme. If you do TD for 1-3 years then you will get interest at the rate of 6.90 percent. Apart from this, if the deposit is for 5 years, interest is available at the rate of 7.5 percent.

In how many days will the money double?

If you invest money in Time Deposit scheme (Time Deposit scheme benefits) and you get interest at the rate of 7.5 percent, then it will take about 9 years and 6 months i.e. 114 months for your money to double. Deposit: 5 lakhs

– Interest: 7.5 percent

– Maturity period: 5 years

– Amount on maturity: Rs 7,24,974

– Interest benefit: Rs 2,24,974

Who can open an account?

Any single person can open his account in this scheme. Apart from this, 3 adults can also open a joint account (Time deposit Joint account). At the same time, parents can open an account in the name of children above 10 years of age.

What is the benefit of Time Deposit?

Time deposit scheme provides the benefit of tax exemption under Section 80C of the Income Tax Act 1961. There is also a facility for nomination while opening the account. However, there is a penalty for premature withdrawal.

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SBI FD vs Post Office TD: Despite many options available in the market, investors still prefer to invest money in fixed deposit schemes. In such a situation, if you are thinking of investing in either the FD scheme of Post Office or SBI, then we are telling you about the interest rate available in both the schemes for a period of two years.

SBI is offering 7 percent interest rate to its general customers on fixed deposit scheme for a tenure of 2 to 3 years. During this period, 7.50 percent interest rate is being offered to senior citizens.

Under SBI’s special FD scheme Amrit Kalash Scheme, general customers are getting the benefit of 7.10 percent interest rate on 400 day FD and senior citizens are getting 7.60 percent interest rate.

Under the time deposit scheme of the post office, customers are getting the benefit of 6.90 percent interest rate on the tenure of 1 year.

At the same time, the benefit of 7.00 percent interest rate is available for FD of two years and 7.00 percent for FD of 3 years also.

In such a situation, the same interest rate is available on SBI and Post Office FD for a period of 2 years. Under SBI Amrit Kalash Scheme, you will get the benefit of higher interest rate of 7.10 percent. Along with this, senior citizens are getting the benefit of additional 0.50 percent interest in SBI.

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Post Office Small Savings Schemes are the best option for guaranteed returns without risk. One of these is the superhit Time Deposit (TD) scheme of the post office. In this scheme, lump sum deposit can be made for maturity of 1, 2, 3 and 5 years. In this, interest rates on depositing money are paid on annual basis.

Post Office TD: Know the details of interest rates

The interest rate on post office time deposit of 1 year is 6.90 percent and on 2 years it is 7 percent. Apart from this, 7 percent interest is being given on 3 year deposits and 7.5 percent annual interest is being given on 5 year deposits. These interest rates are applicable from 1 July-30 September 2023.

₹2.25 lakh interest on ₹5 lakh in 5 years

According to Post Office TD Calculator, if you deposit Rs 5 lakh for 5 years, the maturity amount will be Rs 7,24,974. That means, Rs 2,24,974 will be earned from interest. The deposit rates of Post Office Small Savings Schemes are reviewed every quarter by the government. This means that interest rates may change every quarter. But, in term deposits, the interest rates fixed at the time of deposit remain for the entire maturity period.

Tax deduction will be available on 5 years TD

The benefit of tax exemption is available on TD of 5 years in post office. Under Section 80C of Income Tax, tax deduction can be claimed on investments up to Rs 1.5 lakh. Keep in mind here that the amount received on maturity in TD is taxable.

Single account and joint account are also opened under Post Office TD. Maximum 3 adults can be included in the joint account. This account can be opened with a minimum of Rs 1000. After this you can invest in it in multiples of Rs 100. There is no limit on investment in post office time deposit.

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post office time deposit scheme

Post Office Time Deposit is similar to Bank Fixed Deposit. You invest money at a fixed rate of interest for a fixed period and you are given a pre-decided rate of return on that. This is a government scheme and your money is completely safe in this. For the July-September 2023 quarter, you can get an interest rate of 7.5 per cent on a five-year post office fixed deposit. At 7.75 per cent interest rate, only DCB Bank offers 0.25 per cent more than the five-year POTD.

What is the interest rate on FD of banks

Meanwhile, banks like HDFC Bank, ICICI Bank, Axis Bank and IDFC First Bank offer an interest rate of 7 per cent on deposits maturing in five years. IndusInd Bank offers an interest rate of 7.25 per cent on FDs maturing in five years. SBI offers an interest rate of 6.5 percent for FDs maturing in five years.

How is interest rate calculated?

In the 5-year Post Office Time Deposit scheme, the interest is compounded quarterly but accrues annually. Annual interest can be credited to the account holder’s savings account by submitting an application. To open Post Office Time Deposit online, you must have a savings account with India Post. Or you can open an account in any post office. However, through the fast internet banking facility, you can open your account online in any major bank.

Who can open 5 years Post Office Time Deposit and 5 years Bank FD?

You also need to be a citizen of India to open your account in the post office. Any minor above the age of 10 years can open an account in the post office in his own name. A resident Indian can open a Fixed Deposit in any bank in India.

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After the recent hike in interest rates, now fixed deposits have become an inflation-beating option after a long time. A good way to build a strong FD portfolio is to include short and long term FDs in your portfolio instead of investing all your money in a single scheme. Invest a portion in a 5-year FD, where tax benefits are available under section 80C of the Income Tax Act.

While keeping in mind the liquidity, invest the remaining money in different short term FDs. If you want to do this, then you can go for the time deposit scheme of the post office, where 4 options of different tenures will be merged together.

1 year to 5 years option

The time deposit scheme of the post office is a type of fixed deposit. There is an option to do FD of 1 year, 2 years, 3 years and 5 years. Up to 7.5 percent annual interest is being received in these different tenure schemes. Investors who do not want to take market risk at all and are looking for stable returns while keeping their deposits safe, then the post office time deposit scheme is a better option.

1 year TD: 6.8% interest per annum

Deposit: Rs 10 lakh
Tenure: 1 year
Interest: 6.8% per annum
Maturity Amount: Rs 10,69,754
Interest lost: Rs 69,754

2 year TD: 6.9% interest per annum

Deposit: Rs 10 lakh
Tenure: 2 years
Interest: 6.9% per annum
Maturity Amount: Rs 11,46,625
Interest lost: Rs 1,46,625

3 years TD: 7% interest per annum

Deposit: Rs 10 lakh
Tenure: 3 years
Interest: 7% per annum
Maturity Amount: Rs 12,31,439
Interest lost: Rs 2,31,439

5 year TD: 7.5% interest per annum

Deposit: Rs 10 lakh
Tenure: 5 years
Interest: 7.5% per annum
Maturity Amount: Rs 4,49,948
Interest lost: Rs 3,83,000

Features and benefits of the scheme

• It has the facility to open single and joint accounts. There can be 3 adults in a joint account.
• The special thing about this scheme is that an investor can open multiple accounts.
• On depositing at least Rs 1000, an account can be opened in any post office. There is no limit on the maximum deposit.
• In this scheme, the benefit of tax exemption is available on the investment made for 5 years.
• Keeping the account as security, you can also take a loan instead.
• There is no risk due to being a government deposit.
• Account can be transferred from one post office to another post office.

Safer than bank FD

It is a safer investment than bank FDs, as it provides government guarantee on the investor’s capital and the interest earned. Whereas, in bank FD, you get protection only up to a maximum amount of Rs 5 lakh on capital and interest as per the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC).

Facilities available at Post Office TD

• Nomination facility at Post Office TD
• Facility to transfer account from one post office to another
• Facility to open multiple TDs in same post office
• Facility to convert single account to joint or joint account to single
• Account extension facility
• Online account opening facility through intra operable netbanking / mobile banking

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In these schemes, you get many benefits like government security, better interest and tax deduction on your deposited amount. In such a situation, let us know in which schemes of the post office you get more than 7 percent interest.

Post Office Time Deposit  (Post Office TD)

Any adult Indian person can open his account in this post office scheme. The most important thing about this scheme is that it also provides tax benefits under Section 80-C of the Income Tax Act. On the other hand, if we talk about the annual interest received in this scheme, then if the depositors invest in this scheme for three years, then they will get the benefit of 7% interest rate and if they invest for 5 years, then they will get the benefit of 7.5% interest rate.

Post Office Monthly Income Scheme (Post Office MIS)

Interest is given every month in this post office scheme. That is, in this you will get the benefit of earning every month. Under this scheme, any adult Indian person can open his account. Under the scheme, your account can be opened with a minimum amount of Rs 1000. At the same time, a maximum of Rs 9 lakh can be deposited in this scheme. In this scheme, the account holders get the benefit of interest at the rate of 7.4 per cent per annum.

Post Office PPF

Any Indian can open his account in this post office scheme. At the same time, an account can be opened with a minimum of Rs 500 and a maximum of Rs 1,50,000. In this scheme, the account holders get tax benefit under section 80-C of the Income Tax Act. In this scheme, the benefit of compound interest is available at the rate of 7.1 percent per annum.

National Savings Certificate

Investment in this scheme of post office can be started from at least 1000 rupees. In this scheme also, the benefit of tax deduction is available under Section 80-C of the Income Tax Act. This scheme offers interest at the rate of 7.7% per annum.

Kisan Vikas Patra

This post office scheme has been started especially keeping the farmers in mind. However, anyone can open their account in this. The most special thing about this scheme is that after a while your amount will be doubled. In this scheme, the account holders are being given the benefit of interest rate of 7.5 per cent per annum.

Mahila Samman Savings 

The scheme was announced by Finance Minister Nirmala Sitharaman in her Budget 2023 speech. However, this scheme is valid only for 2 years i.e. till the year 2025. It has been specially started for women. In this scheme, interest is being given to the account holders at the rate of 7.5 percent per annum.

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From April 1, 2023, 7.5 percent interest is being received annually on the Post Office Time Deposit Account of 5 years. In this scheme, interest rates are paid on an annual basis. However, the interest is compounded on a quarterly basis. In the 5-year term deposit scheme of the post office, the account holder also gets the benefit of tax deduction up to 1.5 lakhs under section 80C of income tax.

Apart from 5 years, you can invest in post office term deposits with maturity of 1, 2 and 3 years. In this scheme, after maturity, the deposit option is available again for the same period.

Post Office: Guaranteed 10 lakhs on lump sum deposit of 5 lakhs

The customer is getting 7.5 percent interest from April 1, 2023, on 5-year FD in the post office. According to the Post Office FD Calculator 2023, if a deposit of Rs 5 lakh is made, then the regular customer will get Rs 7,24,974 on maturity. In this, Rs 2,24,974 will be earned from interest. After maturity, this scheme can be extended for five more years. In this way, a lump sum deposit of Rs 5 lakh will grow to Rs 10,51,175 in 10 years. In this, there will be an income of Rs 5,51,175 from interest. That is, in 10 years, your investment here is guaranteed to double.

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Post Office TD: Review of interest rates every quarter

Single account and joint account are also opened under post office time deposit. A maximum of 3 adults can be included in a joint account. This account can be opened with a minimum of Rs 1000. After this you can invest in it in multiples of Rs.100. There is no investment limit in Post Office TD. The Finance Ministry reviews the interest rates on small savings every quarter.

Post Office TD: Benefit of tax deduction

The benefit of tax exemption is available on 5 years FD in the post office. Tax deduction can be claimed on investment up to Rs 1.5 lakh under section 80C of income tax. Keep in mind here that the amount received on maturity in FD is taxable. Post Office TD is getting 6.8 percent interest for 1 year, 6.9 percent for 2 years and 7.0 percent for 3 years. In this scheme, the interest rates are calculated on a quarterly basis, but the payment is done on an annual basis.

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This change has been made on 2 year and 3 year time deposit scheme. Amidst the repo rate hike, investors get better returns on their deposits, due to which the government has taken this step. However, the rates on 5 years and 1 year time deposits remain the same as before. At present, investors who do not want to take market risk at all and are looking for stable returns while keeping their deposits safe, then the time deposit scheme of the post office is a better option.

1 year to c

1-year FD: 5.5% p.a. Interest
2-year FD: 5.7% p.a.
3-year FD: 5.58% p.a.
5-year FD: 6Post Office TD: How much profit in 5 years

.7% p.a. Interest

Deposit: Rs 10 lakh
Tenure: 5 years
Interest: 6.7%
Maturity Amount: Rs 13,83,000
Interest lost: Rs 3,83,000

Features and benefits of the scheme

It has the facility to open single and joint accounts. There can be 3 adults in a joint account.
The special thing about this scheme is that an investor can open multiple accounts.
On depositing at least Rs 1000, an account can be opened in any post office. There is no limit on the maximum deposit.
In this scheme, the benefit of tax exemption is available on the investment made for 5 years.
Keeping the account as security, you can also take a loan instead.
There is no risk due to being a government deposit.
Account can be transferred from one post office to another post office.

Safer than bank FD

It is a safer investment than bank FDs, as it provides government guarantee on the investor’s capital and the interest earned. Whereas, in bank FD, you get protection only up to a maximum amount of Rs 5 lakh on capital and interest as per the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC).

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