Post office TD account is exactly like the FD account of banks, in which you get the entire money back along with fixed interest on maturity.
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Post Office Saving Schemes: The Indian Postal Department, along with postal services, also provides various banking services to its customers. You can invest in various types of savings accounts at the Post Office. Some of the Post Office schemes are giving higher interest rates than even the leading banks of the country. Today, we will tell you about the Post Office TD scheme, which is exactly like a bank FD and after a fixed period, the entire money is returned with guaranteed fixed interest. There is also a TD scheme of the Post Office, in which you can earn a fixed and bumper interest of Rs 89,990 by depositing just Rs 2 lakh.
Post Offices offer high interest rates of up to 7.5%.
You can open FD accounts at the Post Office for 1-year, 2-year, 3-year, and 5-year terms. FD accounts are designated as TDs (Time Deposits). A Post Office TD account is similar to a bank FD account, offering a full refund along with fixed interest upon maturity. Your money is completely safe in Post Office savings schemes, as they are directly controlled by the Government of India. The Post Office offers 6.9% interest on 1-year TDs, 7.0% on 2-year TDs, 7.1% on 3-year TDs, and 7.5% on 5-year TDs.
Depositing Rs 2 lakh will earn you a fixed interest of Rs 89,990.
If you deposit Rs 200,000 in a 5-year TD scheme at the post office, you will receive a total of Rs 289,990 at maturity, including a fixed interest of Rs 89,990. 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.
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