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Post Office Saving Schemes: Along with bank FD, post office saving scheme is also very popular for investment. By investing in post office saving scheme, you can get savings as well as higher returns. Although there are many post office saving schemes, but among these, post office time deposit scheme is very popular.
By investing in this scheme, you can also avail the benefit of high interest rate. Actually, the government is giving strong interest in this scheme. We will tell you about this scheme.
About Post Office Time Deposit Scheme
Any person can invest in this scheme of the post office. That is, there is no age limit for investing in this scheme. Along with high interest, one also gets the benefit of tax benefit. The government is currently giving 7.5 percent interest in this scheme. This scheme matures in a maximum of five years. If we talk about returns, then it gives more returns than other schemes of the post office.
Post Office Term Deposit Scheme Interest Rate
The interest rates on Post Office Term Deposit Scheme vary for different tenures.
- 6.9 percent interest is being given for a period of 1 year.
- 7 percent interest is being given on 2 to 3 year deposit scheme.
- An interest rate of 7.5 percent is being given on investment for 5 years.
You will earn lakhs from interest
If we calculate the interest rate of post office time deposit, then you can get interest up to lakhs of rupees. Understand it like this, if you invest Rs 5 lakh for five years, then after maturity you will get a total of Rs 7,24,974. Out of this, Rs 2,24,974 will be interest.