Post Office 5 year FD: You can open a joint account with your wife in the post office FD scheme. The highest interest rate is being offered in the 5-year FD of the post office.
Post Office FD Scheme: India Post offers many types of small savings schemes to its customers. These schemes are government-backed. Therefore, there is no risk in these schemes. The Government of India fixes the interest rate on these schemes every three months. If you are married, you can open a joint account with your wife in some post office schemes. Investing together increases the chances of the couple staying disciplined in investing. Also, both can invest a large amount together.
Post Office Time Deposit Account
India Post’s Time Deposit Account i.e. TD is also known as FD in common language. The post office offers 4 types of FDs. These are – 1 year FD, 2 year FD, 3 year FD and 5 year FD. You can open a post office FD account with a minimum of Rs 1000. There is no maximum investment limit.
How much interest is available?
Post office 1 year FD is offering 6.9% interest rate. 2 year FD is offering 7% interest rate. 3 year FD is offering 7.1% interest rate and 5 year FD is offering the highest interest rate of 7.5%. If the customer wishes, interest can be deposited annually in the customer’s post office account or bank account. Investment made in 5 year FD of post office is tax free under section 80C of Income Tax Act.
| FD | Interest rate |
| 1 year FD | 6.9% |
| 2 year FD | 7% |
| 3 year FD | 7.1% |
| 5 year FD | 7.5% |
You will get interest of Rs 2.70 lakh on an investment of Rs 6 lakh
The highest interest rate of 7.5% is being given in 5-year FD of post office. You will also get tax exemption on investment in this FD. If both husband and wife are working, then they can put Rs 6 lakh in this FD by combining their savings of Rs 3 lakh each. If you do this, then after 5 years you will get a total of Rs 8,69,969. In this way, you will get Rs 2,69,969 interest in 5 years.
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