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Fixed: A fixed rate of interest does not fluctuate and remains the same through out the lifetime of a savings account. To open an FD account with the post office, all you need are your KYC documents, deposit slip (SB 103), and a duly-filled in Account Opening Form (AOF). The interest rates under this scheme currently varies from 6.9% to 7.7%. It offers an interest rate of 5.5 percent for one-year time deposit to three years. On completion of the fixed tenure of five years, RD account with Rs. Duration Rate Deposit Amount Rules Additional Interest for Seniors; 5 years: 8.60%: Must be between Rs. It is convenient and alternative for the fixed deposits provided by the bank.. Certain important points related to post office FD premature withdrawal have been enlisted below: Premature withdrawal is allowed only after 6 months from the date of opening the account. Tax Implications: Depositors can claim up the tax to a maximum of Rs. Indian Post has been providing access to post office net banking services to its customers since 2018, under which funds can be transferred easily within varied post offices. Definitions. Liquidity: Like banks, post offices also have a deposit lock-in period. Post office RD is basically a monthly investment for a fixed period of 5 years with an interest rate of 5.8% per annum (compounded quarterly). 200. Post Office fixed deposit interest rate, in comparison to some banks, is better and gives investors better opportunities to earn. If you open a fixed deposit with the post office for a tenure of 5 years, you will be eligible to claim tax benefits under Section 80C of the Income Tax Act, 1961. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. Like bank FDs, investors earn a guaranteed return through the tenure of the post office term deposit. It needs to be mentioned here that individuals who invest in the five-year term deposit qualify for income tax benefit under Section 80C of the IT Act. The post office offers several types of deposit schemes, also known as small savings schemes. To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS)submit Account Opening Form (AOF) duly filled in with KYC documents and deposit slip(SB 103) in desired Post Office. The return from POFD is guaranteed and backed by the government of India. The interest on Post Office deposits was revised on 1 July 2019. NRI depositors cannot open a fixed deposit account in Indian Post office, Nomination can be done at the time of opening the account. If the withdrawal is made between the period of 6 to 12 months from the date of account opening, a penalty will be charged in the form of simple interest that is for a specified period of time. It will remain same as the rates of the period October to December 2020 for PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. The India Post (Department of Posts), is the major postal system in India and is widely distributed in the world. India Post, which operates a network of more than 1.5 lakh post offices provide customers with four different lock-in periods for fixed deposits. However, if withdrawal is not allowed before 6 months from the date of opening the account. The minimum amount required to open a Post office FD account is Rs. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. for a tenure of 5 years. Howdy Readers. The duration of these FD is 1-year, 2-years, 3-years and 5-years. 1) Post Office Fixed Deposits: Post office offers term deposits (fixed deposits) for 1 year, 2 years, 3 years and 5 year period. Under online mode, the account opening facility is available online via Intra Operable Netbanking/Mobile Banking. The Post Office FD interest rates are one of the best rates for fixed deposits offered in India. For the Senior Citizen Savings Scheme, the interest rate was cut from 8.6 per cent per annum to 7.4 per cent per annum. 2) Interest rates on these Post Office FDs would vary based on the tenure. For Post office fixed deposit and small savings schemes Interest rates from 1st Jan 2021, there is no change for the period of 01.01.2021 to 31.03.2021. The time period for these fixed deposits are one year, two years, three years and five years. Post office fixed deposit (POFD), or Post office time deposit (POTD) is a suitable investment scheme, alternative to the bank's fixed deposits, provided by the Indian Post. 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034. Follow the next appearing steps to complete the process. A fixed deposit can be opened for a minimum amount of Rs.200. Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). India Post gives you the choice of investment tenure. This rate is applicable from 1st April 2020 to … The New interest rate on 5 years Post office FD is 6.7%. 10,000 invested every month will fetch you Rs. The Government of India’s Department of Posts, Ministry of Communications, offers fixed deposit accounts that offer attractive interest rates with tenures that range from 1 year up to 5 years. You can choose the investment plan of 1-year, 2-year, 3-year or 5-year. You can see the below table to find the post office FD interest rates 2021 for different tenures. However, the interest rate will be applicable as the day of maturity. 15 lakhs-Post Office Senior Citizens Saving Scheme Fixed Deposits Details The post office fixed deposit is also known as a time deposit. What is the minimum deposit required to open a post office fixed deposit account? In India, there is a number of fixed deposit schemes offered by various public and private sector banks but still, a majority of people prefer to go with Post office fixed deposits over them owing to these reasons: Higher rate of interest: Post office FD interest rates are comparatively higher than the what market has to offer. The interest is payable annually with the minimum deposit being Rs.1,000 and no maximum limit. Investors can also re-invest in the same scheme after the maturity period if they wish to. This is because post office FD is designed to benefit the low-income group and they are exempted from any tax liability by the government. You can transfer your account from one post office branch to another by submitting a transfer application either in the post office you are transferring from or transferring to. In case you are a new user, click the ‘New User Activation’ option. However, one can nominate even after opening the account. You should have the following documents to open a post office fixed deposit account: Can we take a loan against Post Office FD? Copyright © 2021   BankBazaar.com. A silent account is one in which the withdrawals have not been made for more than 3 years. The interest rate offered on the fixed deposits is in the tune of 7 -7.80% per annum. 200, There is no cap on the maximum deposit amount, Joint account can also be opened by individuals, given that the account holders are two adults, Depositors can convert these accounts from single to joint and vice versa as per the need, Deposits made for a tenure of 5 years are eligible for tax benefits under, Post Office fixed deposits can be easily transferred from one post office to another. The minimum balance required for a post office FD account is Rs.1,000. Interest rate for a period of 3 years: 5.50% p.a. All rights reserved, Built with ♥ in India, Stock Market ⓒ 2016-2020 Groww. You would have to apply with your KYC documents, passbook, and application form number 1224SB 10(B)/NC-32. Indian Postal Department is also known as India Post which provides its customers with Fixed Deposit options to park their surplus money and earn interest on it. Post Office FD Interest Rate. Let’s look at both the modes separately”. The interest rates offered on these schemes are reviewed and fixed quarterly by the government. Past performance is not indicative of future returns. open a fixed deposit with the post office, Highest Post Office TD interest rate: 6.70% p.a. There is a default fee of Rs 0.05 for every Rs 5 of deposit. Leaving so soon? However, there is no maximum limit. Also, while filing income Tax Return (ITR), one can add their FD investments in the post office to claim deduction under section 80C of the Income Tax Act, 1961. On April 1 2020, the interest on Post Office deposits was revised. to 6.70% p.a. The highest Post Office FD interest rate is 6.70% for deposits maturing in 5 years. How to open an account in post office and its requirements? However, deposits can be withdrawn prematurely in case of any emergency. INDIA POST FD calculator online - Calculate INDIA POST FD Interest rate using INDIA POST Fixed Deposit calculator 2021. The fixed deposit interest rate currently varies from 6.9% to 7.7%. The frequency of people opting for post office fixed deposits is more in rural areas as compared to bank deposit schemes. Range of interest rates: 5.50% p.a. However, the deposits made between these limits should be in multiples of Rs. Mutual fund investments are subject to market risks. Post Office Time Deposit, also known as Post Office Fixed Deposit, is a fixed deposit scheme similar to bank FD. Account can be transferred from one post office to another anywhere in the country, Any number of accounts can be opened in any post office anywhere in the country, A single account can be converted into a joint account and vice versa, Nomination facility is available at the time of opening the account and afterwards too, A minor’s account has to be converted after attaining majority, The tenure can be extended by making an application, Interest is credited into the holder’s savings account, Maximum of three adults (in the case of a joint account), A guardian on behalf of an individual who is a minor or a person of unsound mind, To know exactly how much you will earn with interest on a Post Office Fixed Deposit account even before you open it, use an, All you have to do is enter the amount you wish to invest, the current rate of interest for the tenure you wish to invest in, and the type of interest compounding frequency, The exact amount you will earn with interest will be instantly displayed on the page. 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