Invest in this government scheme
There is absolutely no risk in the post office scheme. You also get excellent returns. You can invest in Post Office Small Savings Scheme. Your Term Deposit – TD is a better option in this. Apart from banks, term deposits are also availed from post office.
Your investment in Post Office is always safe and guaranteed to be returned. Term deposits have every possibility of getting better returns. You can invest in this scheme for different tenures of 1, 2, 3 and 5 years. All these terms have different interest rates.
The interest rate on a 5-year term deposit at a post office is 6.7 percent per annum. That is, if a person opens a term deposit with a deposit of Rs 1 lakh with a maturity of 5 years, after 5 years at an interest rate of 6.7 percent per annum, he will own Rs 139407.
The annual interest rate is 5.5 percent on term deposits of 1 year, 2 years and 3 years. The minimum age to invest in this scheme should be 18 years. However, account for children above 10 years of age can be opened under guardian supervision. This account with a minimum investment of Rs 1,000
Post Office Term Deposit Scheme can be closed anytime after completion of 6 months. Post Office Savings Account interest rate in term deposit scheme is applicable for 6 months to 12 months completion. In this case, interest will not be available on the term deposit.has to be opened. There is no maximum investment limit in this.
Nomination facility is provided at Post Office TD, facility of transfer of account from one post office to another post office. Facility to open multiple TDs in a single post office, facility to convert single account to joint or joint account to single, facility to extend account, facility to open online account through intra-operable netbanking/mobile banking