Post Office Time Deposit Scheme.
Post Office Time Deposit Scheme.
Post Office Time Deposit Scheme: The government has changed the interest rates for all small savings schemes with effect from 1 April 2023. Except Public Provident Fund ie PPF, the interest rates of all savings schemes have increased by 70bps basis points. In such a situation, there is a good chance that you invest in small savings schemes. 5 Year Post Office Time Deposit Account is one of the normal return policies, which offers safe and guaranteed returns. This scheme is especially preferred by small investors.
Post Office Time Deposit:
For those who are looking for a guaranteed return and do not want to take any kind of risk, the Post Office Time Deposit Program is one of the best options. The interest rate on post office TD loan has been increased from 7 to 7.5 percent per annum by the government with a tenure of five years from 1 April 2023. Investors can choose to invest in the Post Office Time Deposit Account for 1, 2, 3 or 5 years. The time deposit can be continued for an additional year after maturity. Account can be opened in maximum three ways under Time Deposit Account Scheme. First of all single account, joint account of maximum three people and one guardian can open account on behalf of minor or minor above 10 years of age.
Post Office Time Deposit Calculator:
A minimum deposit of Rs 1000 is required to open a time deposit account and additional deposits can be made in multiples of Rs 100. There is no investment limit in Post Office TD. If someone invests Rs 6 lakh for 5 years at an interest rate of 7.5 per cent, they will earn Rs 269969 in interest and a total of Rs 869969 when the investment matures.
