Post Office Time Deposit Scheme: You can invest in Post Office schemes to get good returns. The best thing is that your money is also 100 percent safe in the post office. There are several types of Post Office Small Savings Scheme, where one can invest. Post office time deposit is also a great scheme. In this scheme you also get more interest from the bank. Let’s know how much interest is being received.
SBI Interest Rates
You will get more benefit from the post office time deposit scheme at State Bank of India. 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
In the post office time deposit, you will get interest at the rate of 6.7 percent, so your money will double after 10.74 years. 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.