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Post Office Time Deposit: Generally, people making fixed deposits often make FD in the bank, but if you want to make a long term FD then invest once in the post office. Post Office FD is also known as Post Office Time Deposit (Post Office TD). Here you will get FD options of 1, 2, 3 and 5 years. Different interest rates are given on all.
But the post office gives good interest on 5 year tax free FD. If you invest money in this scheme, it can more than double in a few years. Let us tell you what are the interest rates of Post Office FD and how you can get more than double the amount through it.
Or post office td interest rates are
Interest on one year account – 6.9% per annum
On two year account – 7.0% per annum interest
On three year account – 7.1% annual interest
Interest on five year account – 7.5% per annum
In this way the money will more than double
Post Office Time Deposit can more than double your invested amount, but for this you have to do one thing. First of all you have to make an FD of Rs 5 lakh for 5 years. But after 5 years, you will have to get this FD fixed again for the next 5 years. In this way the tenure of your FD will be 10 years.
In this way you will get Rs 10,51,175 on an investment of Rs 5 lakh.
When you deposit an amount of Rs 5 lakh in Post Office FD for 5 years, then according to the Post Office Time Deposit Calculator, you will get Rs 2,24,974 as interest at the rate of 7.5 percent. That means after 5 years you will get this amount of Rs 7,24,974. But when you re-fix this amount for the next 5 years, you will get Rs 3,26,201 as interest at the rate of 7.5 percent interest. Adding Rs 7,24,974 + Rs 3,26,201, the total will be Rs 10,51,175. In this way you will get Rs 10,51,175 on maturity.