Post Office Saving Schemes: Following last month’s repo rate cut in April, nearly all banks responded by lowering fixed deposit interest rates. However, the post office continues to offer attractive returns, with rates now between 6.9 and 7.5 percent on fixed deposits. You can open a deposit account with the post office for terms of 1, 2, 3, or 5 years. Today, we’ll show you how to lock in a guaranteed interest payout of Rs 89,989 by investing Rs 2 lakh in these post office schemes.In the post office, the fixed deposit account is known as the TD, short for Time Deposit. For these accounts, the current interest rates are 6.9 percent for one year, 7.0 percent for two years, 7.1 percent for three years, and 7.5 percent for five years. The TD plan functions similarly to the fixed deposit plans offered by banks, meaning that depositors receive a predetermined interest rate over the entire term. Because the post office is managed by the central government, the money you place in these accounts is fully protected, and you are assured of the promised interest for the duration of the investment.If you invest Rs 2,00,000, you will earn a fixed interest of Rs 89,989. The post office now offers 7.5 percent on 5-year term deposits, the highest available rate. By placing Rs 2,00,000 into such a scheme, you will receive a total of Rs 2,89,989 at the end of the term. This sum consists of the Rs 2,00,000 principal plus the Rs 89,989 guaranteed interest. Importantly, the post office applies the same interest rate to every TD account, treating every depositor—whether a senior citizen or a regular citizen—equally.
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