The Reserve Bank of India (RBI) has once again reduced the repo rate by 0.25%. This is the fourth repo rate cut this year, bringing the total reduction to 1.25%.
As a result of these cuts, banks have also lowered their FD (Fixed Deposit) interest rates. However, the post office is still offering high interest rates, just like before.
Today, we will tell you about a post office scheme where you and your spouse can open a joint account, deposit ₹2,00,000, and earn a fixed interest of ₹89,990.
Interest Rates on Post Office Time Deposits (TD)
In the post office, FD accounts are called Time Deposits (TD). You can open TD accounts for 1 year, 2 years, 3 years, or 5 years.
Current interest rates are:
6.9% for 1-year TD
7.0% for 2-year TD
7.1% for 3-year TD
7.5% for 5-year TD
You can open both single and joint accounts under the TD scheme. A joint account can include up to three people.
Earn ₹89,990 Interest on ₹2,00,000 Deposit
The highest interest rate of 7.5% is available on the 5-year TD.
If you deposit ₹2,00,000 in a joint account with your wife under this 5-year scheme, the maturity amount will be ₹2,89,990.
This includes a fixed interest of ₹89,990.
At present, no bank is offering 7.5% interest on a 5-year FD.
Also, in post office TDs, all age groups get the same interest rate, while banks offer 0.50% extra to senior citizens only on select FD periods.
