We all know that when it comes to risk-free investment options, FD is one of the safest bets. The FD interest rates are way more than that of savings accounts. Hence, Indians love to invest in FDs. You will come across several types of FD schemes. In this regard, it is worth mentioning that the Indian post office also allows its customers to choose from various savings schemes such as Public Provident Fund, RD, NSC, savings account, and more.
Post office FD interest rate depends on the tenure of your FD. If you invest in an FD scheme with a tenure of three years, then the rate of interest that you will be offered is 5.65%, whereas if you opt for a scheme with a tenure of five years, the post office interest rate will be 6.50%. A very significant matter is, companies like Bajaj Finance provide a whopping interest rate of up to 6.75% on the principal amount. However, the merits and demerits of the investment options should be understood before making a crucial investment decision.
In doubt? You can use the FD interest calculator India to check the amount of interest you will receive on the principal amount if you invest in the post office and Bajaj Finance.
In this blog, we will differentiate both investment options for a clear understanding.
• Post office interest rate on its savings schemes is impressive that can go up to 6.50%
• The post office will pay the interest annually consistently. However, the interest is computed every quarter as per the post office interest rate.
• Post office FD scheme is easy to start. With a nominal amount of Rs. 200, you can open your FD account. The interest on your Rs. 200 will be calculated as per the specified post office interest rate. Furthermore, you will have the liberty to pay the amount through cheque or cash.
• You can transfer your FD account to another branch as per your convenience, and in doing so, the post office interest rate will not alter just because you are changing your branch. You will also be at ease to extend the tenure of your post office FD after it matures or transfer the entire matured sum to your post office savings account and reap the benefits of the post office interest rate on the savings account.
• Post office savings schemes bear the assurance of the government. For investors, assurance from the government is a massive sigh of relief because it ensures safety to an extreme level.
• Premature withdrawal of money is possible, but to do so, you have to pay a fine.
Apparently, it might look like the post office interest rate on the various savings schemes is pretty excellent but, take a closer at the company FD schemes to understand the matter in a brighter light.
Company FD schemes such as Bajaj Finance’s FD scheme offers a better interest rate that can go up to 6.75%, and the icing on the cake is you can also take a loan against your FD account to combat financial hardships (terms and conditions apply). Use FD interest calculator India to calculate the amount you will receive on the maturation of the FD scheme. The FD interest calculator India also helps you to sort out your finances before you go forward with the whole idea of investing wisely. While post office interest rate, the safety on investment, and more might entice you to invest in a post office scheme, the best part of investing in a non-cumulative FD scheme from Bajaj Finance is that you will be able to choose the payout timings.
You can choose a monthly interest payout option. It will ensure a fixed monthly income that your investment will generate for you. You can also take the payment quarterly, half-yearly, or annually, depending on your requirements and convenience. You can also calculate your monthly interest using the FD interest calculator India.
We have elucidated all the aspects, now the decision is yours whether you’ll choose the impressive post office interest rate or go with higher cash influx every month by choosing Bajaj Finance FD scheme and calculate the monthly interest rate with FD interest calculator India.
