Post Office Schemes: The meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) has started from today, the results of which will be announced on Friday. Experts say that due to inflation being under control, RBI may once again cut the repo rate. If there is a cut in the repo rate, banks across the country will once again reduce the interest rates on FD. However, you will continue to get the same hefty interest on Post Office FD scheme as before. Today we will know here that if Rs 2 lakh is deposited in a 60 month FD scheme in the post office, then how much total money will be received on maturity.
7.5 percent interest is available on 5 year FD
Reduction in repo rate by RBI will not have any impact on the interest rates available on post office FD scheme. In fact, on September 30 itself, the Finance Ministry had fixed the interest rates for post office savings schemes till December 31. FD account can be opened in post office for 1 year, 2 years, 3 years and 5 years. In the post office, bumper interest is available at 6.9 percent on 1 year FD, 7.0 percent on 2 year FD, 7.1 percent on 3 year FD and 7.5 percent on 5 year FD. Let us tell you that in post office FD is known as TD i.e. Time Deposit.
If you deposit Rs 2 lakh in 60 month FD, how much money will you get on maturity?
The post office is offering the highest interest of 7.5 percent on FD scheme with a tenure of 5 years. If you deposit Rs 2 lakh in a post office FD scheme for 5 years i.e. 60 months, then on maturity you will get a total of Rs 2,89,990, which includes Rs 89,990 as fixed interest. Let us tell you that at present no bank in the country is giving 7.5 percent interest on 5 year FD scheme. Keep in mind that in the post office FD scheme, all customers get the same interest, whereas in banks, senior citizens get 0.50 percent more interest on FD schemes with select tenures.
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