Post Office Term Deposit: You can start investing in this post office scheme with Rs 100. In post office term deposits, you get 6.7% per annum for 5 years. This means that if a person opens an account by depositing Rs 1 lakh in a term deposit with maturity of 5 years, then after 5 years he will get Rs 1,39,407 at the rate of TD.
If you are planning to invest with less money, then here a good option is being talked about for you. You can opt for Post Office Fixed Deposit/Fixed Deposit Scheme for future planning.
You will never suffer any loss by investing money in this scheme, because your money is safe here. Also, investing in it is a very easy option. Let us tell you, the facility of FD / TD is not only in the bank. You can enjoy it by starting it at the post office. Your money invested in the post office is always safe and also gives guaranteed returns.
Fixed deposits of 1 to 5 years can be opened in the post office. This is a small savings scheme. The bank has not changed its interest rates from January to March 2022 quarter. This means that the interest which was available in the October-December 2021 quarter, will continue to be available now
Investment of Rs 1 lakh, you will get Rs 1, 39, 407
In post office term deposits, you get 6.7% per annum for 5 years. This means that if a person opens an account by depositing Rs 1 lakh in a term deposit with maturity of 5 years, then after 5 years he will get Rs 1,39,407 at the rate of TD. At the same time, the interest rate on one year, 2 year and 3 year term deposits is 5.5% per annum.
Who can open account?
In this scheme, any Indian can open a single or joint account. Those whose age is more than 10 years or they are mentally weak, they can also open an account in this. To open an account, you can put any amount in it starting from Rs 1000. Apart from this, investment in post office TD for 5 years is tax exempt under section 80C of the Income Tax Act.
premature termination rules
You can also discontinue this plan after the completion of 6 months. On the other hand, if you close the TD 6 months after the completion of 12 months of the account, then the interest rate of the Post Office Savings Scheme will be applicable and not the fixed deposit.
What facilities are available at Post Office TD?
- On this you will get nomination service
- Facility to transfer account from post office to another
- Post Office One, TD Account Multiple
- Facility to convert Single Account to Joint or Joint Account to Single
Account Extension Facility - Online account opening facility through intra-operable netbanking/mobile banking
