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Post Office Savings Schemes : The Postal Department, part of the Central Government, recently updated the interest rates for its Time Deposit (TD) Scheme. The new rates are now available on the official post office website. For some deposit tenures, the interest rates have been lowered, while for other specific tenures, the rates have been raised.
In this post, we will explain how you can earn a fixed interest of Rs. 14,663 by investing just Rs. 1 lakh in the post office TD scheme.
Changes in Post Office Term Deposit Rates
You can open Term Deposit (TD) accounts at the post office for 1, 2, 3, or 5 years. Recently, the post office has lowered the interest rates for the 2-year and 3-year TD accounts. The 2-year TD rate has dropped from 7.0% to 6.9%, while the 3-year TD rate has changed from 7.1% to 6.9%.
On a positive note, the interest rate for the 5-year TD has gone up from 7.5% to 7.7%. The rate for the 1-year TD remains the same at 6.9%.
If you invest ₹1 lakh in a 2-year Term Deposit (TD) in the post office, you will receive exactly ₹14,663 as fixed interest. At the end of the term, you will get back a total of ₹1,14,663, which includes the ₹1 lakh you put in plus the ₹14,663 earned in interest. This TD plan is similar to a bank fixed deposit (FD) where you choose a tenure and the bank pays you interest at regular intervals. The post office, being a facility set up by the central government, guarantees that your money is absolutely safe.
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