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Post Office Fixed Deposit Scheme: On the New Year, we all think that we should invest our hard-earned money somewhere where it will grow and also be 100% safe. Many people immediately run towards the bank, but do you know that your own post office is giving you more trust than the bank and in many cases better returns?
If you are also an investor with ‘zero risk’ and ‘guaranteed returns’, then the Post Office Fixed Deposit (FD) scheme, also known as Time Deposit (TD), is made just for you.
Come, let us understand the complete calculation in very simple language that if you make an FD of ₹ 2 lakh in the post office on New Year for 5 years, then how much money will come in your pocket after 5 years.
What is this post office FD?
This is the most straightforward and simple savings scheme of the post office. In this, you simply deposit a lump sum of money (say ₹ 2 lakh) and ‘lock’ it for a fixed period of time (say 5 years). At the end of the term, all your deposited money is returned to you along with the guaranteed interest on it.
Since this is a government scheme, there is no chance of losing every single penny of yours in it.
FD of ₹2 lakh, how much money will you get after 5 years?
Let us now understand the complete mathematics:
1. How much did you deposit?
- Your Deposit Amount: ₹2,00,000
2. How much interest will you get?
- At present, the 5-year FD of the post office is getting an excellent interest of 7.5% per annum, which is more than the FD of many big banks.
- At this interest rate, your deposited ₹2 lakh will generate interest of approximately ₹85,000 to ₹90,000 in 5 years.
- This is your ‘free’ income, which you got only because of your right decision!
3. So how much money will be in hand after 5 years?
- Your Deposit: ₹2,00,000
- Interest received on it (approximately): ₹90,000
- Total amount to be received after 5 years (Maturity Amount): Approximately ₹ 2,85,000 to ₹ 2,90,000!
| your deposit | for how long | Interest Rate (Annual) | Earning from interest only (approx.) | See you after 5 years (approximately) |
| ₹2,00,000 | 5 years | 7.5% | ₹90,000 | ₹2,90,000 |
You saw! Without any tension and without any risk, your ₹ 2 lakh turned into almost three and a quarter lakh rupees in 5 years.
For whom is this FD scheme best?
- For our senior citizens who want to keep their retirement money safe.
- For employed people who need to keep their bonus or extra money somewhere safe.
- For farmers or small traders who have lump sum amount.
- For anyone who wants guaranteed profits without being exposed to market fluctuations.
How to open this account?
It’s child’s play! Just go to your nearest post office, fill a short form, provide your identity card (like Aadhaar card) and deposit the money. That’s it, your FD is started!
This scheme is the biggest proof that money can be made from money even while being safe.
