Post Office FD Scheme: Even today, a large section of people in India invest in the name of their wives. People also invest in the name of their wives to save taxes.
Post Office FD Scheme: Post Office is giving tremendous interest to its customers on different savings schemes. Apart from the simple savings account, many types of accounts like TD (FD), MIS, RD, Kisan Vikas Patra can be opened in the post office. Today we will learn about the TD scheme of the post office, which is exactly like the FD scheme of banks. In simple language, the post office has named FD as TD i.e. Time Deposit. Like FD, the TD of the post office also matures after a fixed time and on maturity the customers get the entire money back with fixed interest.
FD can be made in post office for 1 year to 5 years
Even today, a large section of people in India invest in their wife’s name. From buying property to investing in savings schemes, people choose their wife. Just as people buy property in their wife’s name to get exemption in registration fees and stamp duty, similarly, people invest in various schemes in their wife’s name to save tax. FDs can be made in post office for 1 year to 5 years. In post office, 6.9 percent interest is being given on 1 year FD, 7.0 percent on 2 year FD, 7.1 percent on 3 year FD and 7.5 percent on 5 year FD.
How much interest will you get if you deposit Rs 4,00,000 in 2 year FD
You have to keep in mind that the post office gives equal interest on FD accounts to all its customers – general citizens, women, senior citizens. If you deposit Rs 4,00,000 in a 2-year i.e. 24-month FD in the name of your wife in the post office, then on maturity, a total of Rs 4,59,553 will come in your wife’s account. This includes the Rs 1,00,000 deposited by you along with a fixed interest of Rs 59,553. Let us tell you that to get an FD in the name of your wife in the post office, it is necessary for your wife to have a savings account in the post office.
Disclaimer: This article is written for information purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. businessleague will not be responsible for any kind of risk.
