Post Office FD: Nowadays everyone thinks of investing their hard earned money in the right place, right? Everyone wants that the money should not be lost and also get good profits. In such a situation, government schemes seem to be the most reliable. Post office has always been the most popular place for savings. Many great schemes run here and one of them is Post Office Fixed Deposit, which is also called FD.
This Post Office FD scheme has become the first choice of people these days. The best thing is that you can deposit money in it for 1 year to 5 years as per your wish. The interest you will get varies according to the time for which you do FD.
If you also invest money in Post Office FD, then you can get more interest than bank FD. Let’s see, if you do FD of Rs 7 lakh for 2 years, then how much benefit will you get and what are the benefits of this scheme.
How much interest will you get on Post Office FD?
The Post Office FD scheme has different interest rates for different periods. If you invest for a longer period, you will get more interest. As of now, the interest rates are as follows:
For 1 year: 6.9% per annum
For 2 years: 7.0% per annum
For 3 years: 7.10% per annum
For 5 years: 7.5% per annum
Benefits of Post Office FD
There are many benefits of investing in Post Office FD:
Government guarantee: The biggest benefit is that your money is deposited with the government, so there is no risk of sinking. There is a guarantee of getting the entire amount back including interest.
Minimum investment: You can start an FD with just Rs 1000. And there is no limit on the maximum amount you can invest.
Tax exemption: If you make an FD for 5 years, then there will be no tax under Section 80C of Income Tax. This is even more beneficial for you!
Nominee facility: You can make anyone a nominee in a post office FD. This makes it easy for your nominee to withdraw money after you.
How much will you get in 2 years on an FD of Rs 7 lakh?
Suppose, you deposited Rs 7 lakh in a post office FD for 2 years. As per the interest rate of 7.0%, in 2 years you will get Rs 1,04,217 only as interest. And when your FD is completed, you will get a total of Rs 8,04,217! Isn’t it great?
How to open a post office FD account?
Opening a post office FD account is very easy:
Go to your nearest post office.
Fill the FD account opening form there.
Submit your identity card (ID proof) and address proof.
Deposit the amount you want to deposit by cash or cheque.
You will get the FD certificate, keep it safely.
So you see, Post Office FD is a very good investment option. Safe and profitable too. If you also want to get good returns without taking any risk, then Post Office FD can be a good option for you.