Post office time deposit Scheme: Recently the Finance Ministry has changed the interest rates for small saving schemes. The change in interest rates has also affected all schemes of the post office.
No change has been made in the interest rates only regarding the Public Provident Fund. According to the information available on the website of India Post, now the interest rate on Time Deposits of 5 years has increased to 7.5 percent. The new interest rate is applicable from 1 April. Earlier only 7 percent interest was being received on this scheme.
Interest paid annually
Interest is paid on an annual basis in the post office time deposit account, while the interest is calculated on a quarterly basis. At least 1000 rupees can be invested in this. There is no maximum investment limit. If an investor deposits 5 lakh rupees for 5 years, then know how much interest he will get.
Will get interest of Rs 2.25 lakh in 5 years
According to the post office time deposit calculator, a total of Rs 2 lakh 24 thousand 974 will be received as interest at the current rate (7.5 percent) in 5 years on a lump sum investment of Rs 5 lakh. On maturity, the principal amount of 5 lakh will also be returned.
18 thousand rupees more interest than before
For the first 5 years time deposit was getting 7% interest. At this rate, the total amount of interest in five years was 2 lakh 7 thousand rupees. After the increase in the interest rate, now about 18 thousand rupees more will be available.
Features of Post office time deposit accounts
Talking about the features of Post office time deposit accounts, it can be opened for 1 year, 2 years, 3 years and 5 years. The interest rate on these has increased to 6.8 per cent, 6.9 per cent, 7 per cent and 7.5 per cent. Interest will be paid on annual basis. After the maturity of the account, it can be extended for the same time period.
