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The post offices in India are operated by the India Post. You can open an FD for a tenure period that ranges from 1 year to 5 years. The post office interest rate for FDs ranges from 5.50% to 6.70%. The post office FD interest rate for tax-saving FD for the general public is 6.70%. These kinds of FD schemes come with the highest form of capital protection as well as the certainty of income for the depositors since these are backed by the Union Ministry of Finance.
Post office fixed deposits are also called National Savings Time Deposits since these are operated by the National Savings Institute, which functions under the Department of Economic Affairs, Union Ministry of Finance.
Tenure | 1, 2, 3, and 5 years |
Minimum Deposit Amount | INR 1,000 |
Interest Payout | Annual |
Interest Calculation | Compounded quarterly |
Nomination Facility | Available |
Premature Withdrawal | Allowed after 6 months |
Interest Rates | 5.50% p.a. for 1, 2 and 3 year-tenures; 6.70% p.a. for 5 year tenure |
For Senior Citizens | For Regular Citizens | |
Highest Slab Rate | 6.70% p.a. (for 5 years) | 6.70% p.a. (for 5 years) |
For 1 year | 5.50% p.a. | 5.50% p.a. |
For 2 years | 5.50% p.a. | 5.50% p.a. |
For 3 years | 5.50% p.a. | 5.50% p.a. |
For 5 years (including tax-saving FD) | 6.70% p.a. | 6.70% p.a. |
As mentioned above, the interest rates offered by the Post Office to the customers are the same for all age groups. There are no special rates offered to senior citizens.
Post Office FD, being backed up by the sovereign of India is an extremely secure and stable investment. Here are some prominent advantages of investing in the Post Office FD.
The account can be opened through the net banking facility. It is very easy to manage their account online and transfer funds as required. For this option, the depositor must have active savings account with the post office along with valid KYC documents, PAN card, updated email, and mobile number, and a Debit or ATM card issued from DOP. The following steps need to be followed:
Post Office FD is a great saving option for those who wish to securely save some money for the future while also earning interest according to Fixed Deposit rates in a Post Office. Those who are looking for more benefits from their savings may also consider life insurance products that provide comparable returns along with the added benefit of life insurance.
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You make a Rs. 1,000,000 investment with a 5 year maturity. A fixed monthly income of Rs. 550.03 is provided by the annual interest rate of 6.60%.
The five-year plan offers an interest rate of 7.4% (as of 1 April 2023) during that time. Depending on the amount invested, POMIS can help one secure a monthly pension of Rs 10,000.
Public provident fund, or PPF, is one of the best fixed deposit programs that post offices offer. Deposits may be made all at once in a lump sum or over the course of 12 months. Currently, the fixed deposit account offers a 7.1% interest rate. The account cannot be closed prematurely.
A popular investment choice for a secure investment route is a post office FD. The sovereign guarantee of the Indian government supports these post office FDs. Note: All interest rates are current as of February 20, 2023. 6.60-7% p.a.
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