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Post Office savings schemes are often preferred by risk-averse investors as these investments are backed by the government.
The Post Office fixed deposit scheme is one of the investment instruments aimed at offering investors secured returns.
Post Office fixed deposits (FDs) have varied tenures, with pre-defined interest rates for each investment period. They also offer tax benefits upon maturity. This makes them more attractive compared to similar other investment options.
Post Office FD interest rates range between 6.9% and 7.5% at present. Longer tenures attract more interest, and they compound quarterly, meaning that the interest is added every three months.
The minimum amount that one requires to invest in a Post Office FD is Rs 1,000 and in multiples of Rs 100 thereafter.
HDFC Bank vs SBI vs Axis Bank: Check Latest FD Interest Rates
Post Office FD Interest Rates
The current Post Office FD rates are as follows:
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For 1 year tenure, you will get 6.9% interest
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For 2 years, you will get 7% interest
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For 3 years, you will get 7.1% interest
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For 5 years, you will get 7.5% interest
How Much Interest Will You Earn For Rs 1 Lakh Deposit?
If you invest Rs 1 lakh at the post office now, here is how much interest you will earn:
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For a 1-year deposit: You will earn Rs 7,080 as interest; the total maturity amount will be Rs 1,07,080
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For a 2-year deposit: You will earn Rs 14,888 as interest; the total maturity amount will be Rs 1,14,888.
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For a 3-year deposit: You will earn Rs 23,508 as interest; the total maturity amount will be Rs 1,23,508.
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For a 5-year deposit: You will earn Rs 44,995 as interest; the total maturity amount will be Rs 1,44,995.
How Much Interest Will You Earn For Rs 1.5 Lakh Deposit?
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For a 1-year deposit: You will earn Rs 10,621 as interest; the total maturity amount will be Rs 1,60,621.
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For a 2-year deposit: You will earn Rs 22,332 as interest; the total maturity amount will be Rs 1,72,332.
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For a 3-year deposit: You will earn Rs 35,261 as interest; the total maturity amount will be Rs 1,85,261.
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For a 5-year deposit: You will earn Rs 67,492 as interest; the total maturity amount will be Rs 2,17,492.
How Much Interest Will You Earn For Rs 2 Lakh Deposit?
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For a 1-year deposit: You will earn Rs 14,161 as interest; the total maturity amount will be Rs 2,14,161.
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For a 2-year deposit: You will earn Rs 29,776 as interest; the total maturity amount will be Rs 2,29,776.
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For 3-year deposit: You will earn Rs 47,015 as interest; the total maturity amount will be Rs 2,47,015.
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For a 5-year deposit: You will earn Rs 89,989 as interest; the total maturity amount will be Rs 2,89,989.
Common Myths About Fixed Deposits Debunked. Read more on Personal Finance by NDTV Profit.