Best Investment Plans: The Employee Provident Fund Organization (EPFO) has reduced the interest rate on PF. The interest on PF has now come down from 8.5 percent to 8.1 percent. Everyone knows that the interest rates on government deposits are decreasing continuously. Keeping money in the bank has also not been a profitable deal. Far from getting returns, now banks charge a hefty charge for all the services. Knowing all this, one cannot invest all the money in the market or keep it at home. Because the condition of the market is also not hidden from anyone. Not only India, but the markets of the whole world are horrified by the Ukraine-Roop war.
In such a situation, banks or post offices are the only medium where money remains safe. Even if a little, but there is some return. Most people like to make fixed deposits in the bank or post office so that the money becomes safe for a certain time and interest is also available on it. Fixed Deposit FD is the best investment option for those people who want to invest without any risk. Money can be invested in Fixed Deposit (FD) from 7 days to 10 years.
Also read- Tax Saving Scheme: Tax will also be saved and returns will also be available, know this special scheme of IDBI Bank
Now the question comes whether to deposit the money in the bank or in the post office. In many cases, post offices are giving more returns than banks. Here we are discussing in detail the different FD schemes of banks and post offices-
You cannot withdraw money in fixed deposits before maturity. If you withdraw money before maturity then you have to bear the loss. The interest rate of FD completely depends on the maturity period. The interest rate is different in different banks and institutions, which ranges from 4 percent to 7.5 percent.
Post Office Term Deposit
Post Office Time Deposit or Post Office Term Deposit is similar to bank FD. Post office term deposits are for one, two, three and five years. The interest rate in this scheme changes from time to time. Presently the post office interest rate are as follows-
On one year deposit – 5.50 percent interest
On deposits of two years – 5.50 percent interest
On deposits of three years – 5.50 percent interest
On deposits of five years – 6.70 percent interest
If you deposit Rs 5 lakh in Time Deposit Scheme benefits and you get interest at the rate of 6.7 percent, then it will take about 10.74 years i.e. 129 months to double your money. In 5 years this amount will be Rs 6,91,500.
Tags: investment scheme, Investment tips, Post Office, SBI Bank
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