Post Office’s Attractive Fixed Deposit Scheme: Earn ₹4,12,500 on a 5-Year FD!
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Guaranteed returns and tax-saving benefits on competitive interest rates
The Post Office offers a lucrative fixed deposit (FD) scheme, allowing citizens to invest for tenures of 1, 2, 3, or 5 years. With interest rates that outshine those of traditional bank FDs, this scheme is becoming an attractive option for many investors.
For those considering a 1-year FD, comparing interest rates is crucial to securing the best returns. Post Office FDs provide tax-free interest rates, making them a preferred choice for safety and guaranteed returns. Various institutions offer competitive rates, so it’s essential to research thoroughly to maximize your investment.
Currently, the State Bank of India (SBI) offers a 6.80% interest rate on tax-saving FDs for general customers, while senior citizens can enjoy a higher rate of 7.30%. In comparison, the Post Office scheme offers a 1-year FD at an interest rate of 6.9%.
Here’s a breakdown of potential returns based on different investment periods:
• 1-Year FD: Invest at 6.80%, total return of ₹3,20,400.
• 3-Year FD: Invest at 7.0%, total return of ₹3,63,000, with ₹63,000 in interest.
• 5-Year FD: Invest at 7.5%, total return of ₹4,12,500, with an investment of ₹6,61,294.
Higher investment amounts yield greater returns, making the Post Office FD scheme a promising option for those looking to grow their savings.
Note: Be sure to evaluate the features and benefits of different FDs to ensure your investment aligns with your financial goals and preferences.
