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Post Office FD: Safe Investment with Great Returns
Every person thinks about many schemes to make his future secure and better. In such a situation, if you also want great returns with safe investment, then Post Office schemes can be beneficial. Here you can also take advantage of many schemes in post offices like banks. Fixed Deposit can be done.
Actually, there are many such schemes in the post office, in which you get more interest than banks. Investing in the post office is also easy because you can open a savings account here for just Rs 500. It should be known that the FD plan in the post office is also known as Post Office TD (Time Deposit).
Post Office FD: Interest Up to 7.5 Percent
According to the website of India Post, the time deposit account in the post office is a great scheme. Interest is being given from 6.9% to 7.5%, which is much higher than the bank. Here you can open a time deposit (TD) account in the post office for just Rs 1000. It is very easy to open this account. In this, you can deposit money for 1 to 5 years. For this, you have to go to your nearest post office. There is no limit on the maximum investment in this.
Post Office FD: Interest is Calculated on Quarterly Basis
The interest on time deposit in the post office is calculated on a quarterly basis. However, it is paid annually. Under the time deposit account in the post office:
- 6.9% interest is being given on deposits for 1 year
- 7.0% for 2 years
- 7.1% interest on FD for up to 3 years
- 7.5% interest on investment for 5 years
It is known that parents can also open an account in the name of their children. If the child is more than 10 years old, he can operate the account himself. You can open as many accounts as you want under this scheme. Not only this, there is also a facility to open a joint account in the scheme. You can also convert your joint account into a single account whenever you want.