Post Office Scheme : If you are planning to invest in a bank fixed deposit or a post office scheme for guaranteed returns, this news can be very useful for you. People generally invest in fixed deposits for safety and assured returns. However, many banks have recently reduced their FD interest rates, which has become a concern for customers. In such a situation, you can invest your money in this scheme instead of a bank FD to earn better returns. Let’s know more in detail below.

Post Office Scheme : Invest in Post Office Time Deposit Scheme

The Post Office Time Deposit Scheme works quite like a bank fixed deposit. You can invest in it for 1 year, 2 years, 3 years, or 5 years. The interest rate for this scheme currently ranges between 6.9% and 7.5%. At present, the 3-year Post Office Time Deposit offers a 7.10% annual return. Let’s see more details below.

Post Office Scheme : Banks Offering the Highest 3-Year Fixed Deposit Interest Rates

Currently, some private banks are offering slightly higher interest rates on FDs than the post office. DCB Bank, RBL Bank, and Yes Bank are providing 7.50% annual interest on 3-year fixed deposits. After them, Bandhan Bank and IndusInd Bank offer 7.25%, and Canara Bank offers 7.20% per annum.

Post Office Scheme : Interest Rates of Kotak Mahindra and Other Banks

Bank of Baroda is offering 7.15% annual interest, while Axis Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank offer around 6.90% per annum on 3-year fixed deposits for regular citizens.

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Post Office Offers Better Interest

The Post Office Fixed Deposit rates are about 0.20% higher than many of these banks. Meanwhile, several government banks such as SBI, Union Bank, PNB, and Indian Bank are offering between 6.25% and 6.75% annual interest on 3-year fixed deposits for regular customers.

Returns on a 3-Year Time Deposit

• Investment Amount: ₹5,00,000

• Interest Rate: 7.10% per annum

  

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• Estimated Interest Earned: ₹1,17,538

• Maturity Value: ₹6,17,538

Returns on a 3-Year Bank Fixed Deposit

• Investment Amount: ₹5,00,000

  

  Post Office Scheme : Post Office’s Special Scheme will Provide a Fixed Interest of ₹9250 Per Month, Check Details.

• Interest Rate: Around 6.90% per annum

• Estimated Interest Earned: ₹1,14,598

• Maturity Value: ₹6,14,598

Conclusion:

If you are looking for a safe investment with guaranteed returns, the Post Office Time Deposit Scheme currently offers slightly better returns than most bank fixed deposits.