Indian Post Office has left big banks behind in giving higher returns on savings accounts. After the Reserve Bank of India reduced the repo rate, while all the banks reduced their FD interest rates, the post office FD scheme is still offering higher interest rates. Today we are going to tell you about a scheme of the post office where you can get a fixed interest rate of ₹ 44,995 by depositing just ₹ 1 lakh.
Bumper interest rates up to 7.5% are available in the post office.
FD accounts can be opened in post offices for 1-year, 2-year, 3-year and 5-year. The thing to note is that FD accounts are opened with the name TD (Time Deposit). Post office TD account is similar to bank FD account, in which you get your entire deposit back on maturity with fixed interest rate. The advantage of Post Office Savings Scheme is that it is directly controlled by the Central Government, hence you not only get fixed interest with government guarantee, but your money also remains completely safe. Post Office offers 6.9% interest on 1 year fixed deposit, 7.0% interest on 2 year fixed deposit, 7.1% interest on 3 year fixed deposit and 7.5% interest on 5 year fixed deposit.
You will get fixed interest of ₹44,995 on a deposit of ₹1 lakh
If you deposit ₹100,000 in a 5-year fixed deposit scheme at the post office, you will get a total of ₹144,995 on maturity, which includes fixed interest of ₹44,995. Currently, no other bank in the country offers 7.5 percent interest on 5-year fixed deposit scheme. However, you should keep in mind that under the Post Office TD Scheme, customers of all ages get equal interest. However, senior citizens get 0.50 percent higher interest rate than regular citizens. Many banks offer even higher interest rates to customers above 80 years of age.
