Post Office Saving Schemes: Following the reduction of the repo rate in April last month, nearly all banks lowered the interest rates of FD. However, the post office still offers generous returns on FD to its clients. The post office offers interest on FD accounts to its customers between 6.9 percent and 7.5 percent. Customers can open FD accounts at the post office for 1 year, 2 years, 3 years, and 5 years. Today we will explain how the customers can get a fixed 89,989 rupees by simply depositing 2 lakh rupees in these post office schemes.
The interest rates offered by the post office are as follows: 6.9 percent for 1 year FD, 7.0 percent for 2 years, 7.1 percent for 3 years, and 7.5 percent for 5 years. As you know, FD is referred to as TD or Time Deposit in post offices. The post office TD scheme is similar to the bank FD scheme, where a fixed interest is paid to investors. Also note that the post office is under the Central Government. Thus, each and every rupee deposited in this scheme is absolutely secure and guaranteed to earn fixed interest.
The post office gives the highest TD interest of 7.5 percent on 5-year TD. If Rs 2,00,000 is deposited in a 5-year TD in the post office the maturity amount will be Rs 2,89,989, which comprises the deposit of Rs 2,00,000 and guaranteed interest of Rs 89,989. We would like to remind you that the post office pays the same interest to all its customers on TD account regardless if they are a common citizen or a senior citizen.
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