Post Office Scheme | TD accounts have fixed interest rates. Therefore, you can know how much interest you will get on the amount you deposit in advance.
Post Office Savings Schemes are preferred by most of the people in the country. Because it provides safe and good guaranteed income. Also, it is government backed. Therefore, people prefer to invest or save their money in Post Office Savings Schemes. In that regard, Post Office also has various savings schemes.
There are many of them which are popular among the people. One of them is the TD (Time Deposit) scheme. It is similar to the FD account of banks. That is, it has features like fixed tenure, fixed interest rate and safe investment. By opening an account in this time deposit scheme of the Post Office, you can get a slightly higher interest rate than the banks.
Post Office TD accounts are available in different options like 1 year, 2 years, 3 years and 5 years. The post office, which operates under the central government, offers interest rates ranging from 6.9% to 7.5% on these accounts. For example, the 2-year TD has an interest rate of 7%. TD accounts are very convenient to use. Any citizen of the country can open an account in this. The minimum deposit for this is only Rs. 1,000. The customer can increase the deposit amount as per the requirement. Therefore, it is a plan that suits everyone.
For example, if you deposit Rs. 2 lakh in a 2-year TD, you will get a total of Rs. 2,29,776 at maturity. Out of this, Rs. 29,776 is the amount with fixed interest and principal. To open a TD account, you must first have a post office savings account. After opening the account, the customer can easily choose the amount he needs and invest.
TD accounts have fixed interest rates. Therefore, you can know how much interest you will get on the amount you deposit in advance. The minimum deposit amount is only Rs. 1,000. There is no maximum limit. So, you can start with a small amount and increase it as per your requirement. This is a suitable plan for investing in small, medium or large amounts.
Add informalnewz.com as a Preferred Source
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
