Your money is completely safe in post office savings schemes, as these are directly under the control of the Government of India.
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Post Office Saving Schemes: The Post Office has surpassed the country’s largest banks in terms of providing high returns on savings schemes. In addition to a regular savings account, you can also invest in various savings schemes like TD, RD, MIS, SCSS, and PPF. Here, we will learn about the Post Office’s TD scheme, which is similar to a bank FD and guarantees a full refund with fixed interest after a certain period. Many Post Office customers open TD accounts simply by mentioning the term FD. Let’s find out how much interest you will earn if you deposit ₹2 lakh in a 12-month TD scheme at the Post Office.
TD accounts are opened at the Post Office for 1, 2, 3, and 5-year periods.
You can open an FD account at the Post Office for 1 year, 2 years, 3 years, and 5 years. FD accounts are opened under the name TD (Time Deposit). Your money is completely safe in Post Office savings schemes, as they are directly controlled by the Government of India. Post Offices offer 6.9 percent interest on 1-year TDs, 7.0 percent on 2-year TDs, 7.1 percent on 3-year TDs, and 7.5 percent on 5-year TDs.
How much interest will you earn if you deposit ₹200,000?
If you deposit ₹200,000 in a 12-month TD scheme at the Post Office, you will receive a total of ₹214,161 upon maturity, including ₹14,161 in interest. It’s worth noting that 5-year TD accounts at the Post Office offer 7.5 percent interest, a rate no other bank in the country offers. It’s important to note that customers of all age groups receive equal interest under the Post Office TD scheme. However, senior citizens receive 0.50 percent higher interest rates than regular citizens. Many banks offer even higher interest rates to customers over 80 years of age.
