Post Office Time Deposit Scheme: Post Office Scheme is the best option for safe investment. There are several types of post office small savings scheme, where you get good return on investment. Time deposit of post office is also a great scheme. In this scheme you will also get from SBI (State Bank of India) Higher interest is paid. In this scheme you can invest for one year to 5 years. Your money will also be 100% safe in the post office scheme, so you can invest without risk. .
SBI Interest Rates
In post office time deposits you will get more than SBI. While SBI is getting 5.7% interest annually on 5-year FD, in post office time deposit, 6.7% interest will be given on 5-year deposit. Post office time deposit accounts can be opened for five years.
Benefits of post office time deposit
There are many benefits available in post office time deposits. If you get FD for one to three years, you will get 5.5% interest, while if you invest for 5 years, then you get interest at 6.7%. These are the new rates of interest which came into force in April 2020.
Money will double in 10 years
At the post office time deposit, you will get interest at the rate of 6.7 percent, so after 10.74 years your money will double. Whereas, SBI will double the money in 12.63 years with an interest of 5.7% per annum. In this scheme, any single person can open their account. Apart from this, joint accounts can also be opened. At the same time, parents account can be opened in the name of children above 10 years of age.