There has been a change in the interest rates available on post office FDs. 6.9 percent interest is being received on investment for 1 year.
Post Office Scheme: Fixed Deposit is considered a safe and best option for investment. Like banks, post offices also offer FD schemes, which are known as time deposits. Recently, the government has increased the interest rates on time deposits. Due to which investors are getting more interest on investment than before.
Investors can deposit money for a fixed period under the Post Office Time Deposit Scheme. Returns are guaranteed on the deposited amount. Compound interest is available on lump sum deposits. The interest rate depends on the type of time deposit chosen by the depositors. The interest rates are also different for different tenures. Investors can choose the option of monthly or quarterly payment of interest or reinvestment. Explain that under Section 80C of the Income Tax Act 1961, a tax rebate of up to Rs 1.5 is available on time deposits ranging from 7 days to 5 years.
At present, the post office is providing 6.9 percent interest on one year FD. 2 years investment and getting 7% interest. At the same time, 7% interest is being received on 3-year FD and 7.5% on 5-year time deposit. For more information related to the scheme, you can visit the official website of the post office.
(Disclaimer: The purpose of this article is only for information sharing. discountwalas.com does not recommend investment in any plan or scheme.)
