Post Office savings schemes have long been the most trusted savings scheme for the common man. Even today, in the age of the stock market and mutual funds, millions of people across the country deposit their hard-earned money in the post office so they can get it back on time with a fixed, guaranteed return. The Post Office operates directly under the Central Government, and therefore, every penny you deposit in the post office is not only completely safe, but you also get a fixed and guaranteed return on it. Here we will learn how you can earn a fixed interest of Rs 90,000 and how much you need to deposit in the Post Office.
Same interest rate for customers of all ages
Like banks, post offices also open FD accounts for their customers. FD accounts can be opened at post offices for 1 year, 2 years, 3 years, and 5 years. FD accounts are opened under the name TD (Time Deposit). Post office customers earn 6.9 per cent interest on 1-year FDs, 7.0 per cent on 2-year FDs, 7.1 per cent on 3-year FDs, and 7.5 per cent on 5-year FDs. It should be noted that customers of all age groups earn equal interest on their FD accounts at post offices. Whereas, in banks, senior citizens and very senior citizens earn higher interest.
How to get a fixed interest of Rs 90,000
If you deposit Rs 2,00,022 in a 5-year (60-month) FD scheme in the Post Office, you will receive a total of Rs 2,90,022 upon maturity, which includes a fixed interest of Rs 90,000. It should be noted that no bank in the country currently offers 7.5 per cent interest to ordinary citizens on a 5-year FD scheme. The minimum deposit allowed in a Post Office FD scheme is Rs 1,000. However, there is no maximum deposit limit. You can deposit as much money as you want in a Post Office FD scheme.