Deposit ₹5 Lakh in Post Office and Receive Fixed Interest of ₹2,24,974
A lump sum amount deposited in a Time Deposit (TD) account at the post office earns attractive interest. TD accounts can be opened for 1 year, 2 years, 3 years, and 5 years, with interest rates of 6.9%, 7.0%, 7.1%, and 7.5% respectively.
Post office savings schemes such as savings accounts, fixed deposits (FD), and recurring deposits (RD) offer higher interest rates than banks. The post office provides the added advantage of government-backed security, ensuring complete safety of the invested funds.
The Post Office Time Deposit (TD) scheme functions similarly to bank fixed deposits. Investors can deposit a lump sum amount and earn interest over a chosen tenure. The post office offers the following interest rates:
1-Year TD - 6.9% interest
2-Year TD - 7.0% interest
3-Year TD - 7.1% interest
5-Year TD - 7.5% interest
The 5-year TD account offers the highest interest rate of 7.5%. The minimum deposit required to open an account is ₹1,000, with no maximum deposit limit.
If you invest ₹5 lakh in a 5-year TD scheme at the post office, you will receive a total amount of ₹7,24,974 upon maturity. This includes the principal amount (₹5 lakh) and accrued interest of ₹2,24,974.
The Post Office TD scheme is entirely safe as it operates under the Ministry of Communications, Government of India. This ensures that every rupee invested is secure and backed by the government.
For investors looking for secure and high-return savings options, the Post Office Time Deposit scheme is an excellent choice.
