Turn ₹2,00,000 into ₹2,89,990 with Post Office Savings
Invest ₹2,00,000. Earn ₹89,990. 100% Government Guaranteed: The post office is now offering better returns on savings and fixed deposits than many leading banks in the country. After the Reserve Bank of India reduced the repo rate, most banks lowered the interest rates on their fixed deposit schemes. However, the post office has kept its fixed deposit interest rates unchanged.
The Ministry of Finance controls post office savings schemes and reviews their interest rates every three months. Because the central government manages these schemes, investors get fixed returns along with a government guarantee. Today, we are telling you about a post office scheme in which you can deposit ₹2 lakh and earn a fixed interest of ₹89,990.
Post Office FD (Time Deposit) Scheme:
The post office opens fixed deposit accounts under the name Time Deposit (TD). You can open a TD account for 1 year, 2 years, 3 years, or 5 years. This scheme works just like a bank FD. You deposit a lump sum amount and receive the full amount with fixed interest when the deposit matures.
The biggest advantage of the post office TD scheme is safety. The central government directly controls it, so your money remains completely secure and the returns stay fixed.
Current Interest Rates on Post Office TD:
1-year TD: 6.9% interest
2-year TD: 7.0% interest
3-year TD: 7.1% interest
5-year TD: 7.5% interest
Earn ₹89,990 Fixed Interest on ₹2 Lakh:
If you deposit ₹2,00,000 in the 5-year TD scheme, the post office will give you ₹2,89,990 at maturity. This amount includes a fixed interest of ₹89,990.
At present, no bank in the country offers a 7.5% interest rate on a 5-year fixed deposit. However, one important point to remember is that the post office offers the same interest rate to all age groups. Banks usually give an extra 0.50% interest to senior citizens, and some banks offer even higher rates to customers above 80 years of age.
