Post Office Saving Schemes: This post office scheme will give you a fixed interest of Rs. 1,15,705 with government guarantee, know the scheme name and details
Post Office Saving Schemes: Reserve Bank of India has cut the repo rate twice this year. After this move of RBI, banks have also cut in their FD interest rates. However, India Post Office is still giving high returns to its customers on savings accounts as well as for all Time Deposit schemes.
On depositing ₹ 3,00,000, you will get a fixed interest of ₹ 1,15,705
Just like Bank Fixed Deposits, known as Bank FD, Post Office fixed deposit schemes are known as Time Deposits. The post office is giving upto to 7.5 percent to its customers on TD (Time Deposit) accounts for 5-year deposits.
You need to deposit a fixed amount of Rs. 3,00,000 (Rupees Three lakhs only), which will give a guaranteed return of Rs. 1,15,705 (One Lakh fifteen thousand seven hundred and five rupees only) as interest amount. Your total maturity amount will be Rs. 4,15,705 (Four Lakh fifteen thousand seven hundred and five rupees only).
Also Read- Good News! This government bank is Offering Premium Savings Account With Zero Minimum Balance, unlimited cash deposits and withdrawals at any branch, know details
If you’re looking for a more mid-term deposit scheme, then at present India Post is offering 6.90 percent interest on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD deposits. If you invest Rs 3 lakh in the 2 year TD scheme in the post office, you will get a total of Rs 3,44,664 on maturity. This includes fixed and guaranteed interest of Rs 44,664.
Here is the interest return chart for a Rs 3 lakh TD deposit in the Post Office.
| Duration in years | Interest | Maturity Amount (Principal+Interest) |
|---|---|---|
| 1 | Rs. 21,242 | Rs. 3,21,242 |
| 2 | Rs. 43,116 | Rs. 3,43,116 |
| 3 | Rs. 65,622 | Rs. 3,65,622 |
| 5 | Rs. 1,15,705 | Rs. 4,15,705 |
Your money is completely safe in all the post office savings schemes
Your money is completely safe in all the savings schemes of the post office with a government guarantee. The Post Office Time Deposit (TD) scheme is one of the most trusted and safe ways to invest your lump-sum money. Post Office interest rates are higher than any investment schemes offered by banks. But the post office does not give additional interest to senior citizens. Customers of all age groups have the same interest in their post office account.
Disclaimer: This article is written for informational purposes only. Consult with your financial advisor before making any kind of investment or taking any financial risk. GServants has no liability for any such cases.
