FD accounts can be opened at post offices for terms of 1 year, 2 years, 3 years, and 5 years. It’s worth noting that FD accounts at post offices are opened under the name TD (Time Deposit).
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Post Office Saving Schemes: The Post Office is offering excellent interest rates on its savings accounts to its customers. The interest rates on select Post Office savings accounts are even higher than those offered by major banks in the country. Today, we’ll tell you about the Post Office’s TD scheme, which is similar to a bank FD and guarantees a full refund after a certain period of time, along with a fixed interest rate. There’s also a Post Office TD scheme where you can earn a whopping interest rate of ₹44,995 by depositing just ₹1 lakh.
The Post Office is offering high interest rates of up to 7.5%.
FD accounts can be opened at the Post Office for 1-year, 2-year, 3-year, and 5-year periods. It’s worth noting that FD accounts are opened under the name TD (Time Deposit). A Post Office TD account is similar to a bank FD account, where you receive your full refund along with a fixed interest rate upon maturity. The best part about post office savings schemes is that they are directly controlled by the central government, so you not only receive fixed interest rates with a government guarantee, but your money is also completely safe. The post office offers 6.9 percent interest on one-year TDs, 7.0 percent on two-year TDs, 7.1 percent on three-year TDs, and 7.5 percent on five-year TDs.
Depositing ₹1 lakh will earn you a fixed interest of ₹44,995.
If you deposit ₹100,000 in a 5-year TD scheme at the post office, you will receive a total of ₹144,995 at maturity, including a fixed interest of ₹44,995. Currently, no bank in the country offers 7.5% interest on a 5-year FD scheme. However, it’s important to note that the Post Office TD scheme offers equal interest rates to customers of all age groups. In contrast, senior citizens receive 0.50% higher interest rates than regular citizens. Many banks offer even higher interest rates to customers over 80 years of age.
