Post Office Savings Scheme: All the banks of the country have once again reduced the interest rates offered on FD schemes. After the recent reduction in repo rate by the Reserve Bank of India, banks have reduced the interest rates on FD. The Reserve Bank has reduced the repo rate by a total of 1.25 percent this year, due to which the interest rates on FD have also reduced significantly this year. However, the post office savings scheme is getting bumper interest as before. Today here we are going to tell you about such a scheme of the post office, in which by depositing Rs 2 lakh, you will get fixed and guaranteed interest of Rs 89,990 on maturity.
Finance Ministry decides the interest rates of post office scheme.
The interest rates available on Post Office Savings Scheme do not depend on the repo rate of RBI. The interest rates of post office schemes are decided by the Finance Ministry, which are revised every 3 months if necessary. The Government of India itself controls all the functioning of the post office. In such a situation, the post office savings scheme is not only completely safe, but you also get fixed interest on it with government guarantee. The post office is offering interest ranging from 6.9 percent to 7.5 percent to its customers on TD (Time Deposit) scheme.
Post office is giving interest up to 7.5 percent on TD accounts
TD account can be opened in the post office for a period of 1 year, 2 years, 3 years and 5 years. In the post office, bumper interest is available at 6.9 percent on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD. Let us tell you that the TD scheme of the post office is exactly like the FD scheme of the bank. You can also call it FD scheme of post office because it works exactly like FD, where you get all the money back with fixed interest after a fixed time.
You will get Rs 89,990 on depositing Rs 2 lakh
If you deposit Rs 2,00,000 in the 5-year TD scheme in the post office, you will get a total of Rs 2,89,990 on maturity, which includes fixed interest of Rs 89,990. Let us tell you that at present no bank in the country is offering 7.5 percent interest on 5 year FD scheme. However, you have to keep in mind that in the post office’s TD scheme, customers of all age groups 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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