2) Interest rates on these Post Office FDs would vary based on the tenure. You should have the following documents to open a post office fixed deposit account: Can we take a loan against Post Office FD? 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. 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. This rate is applicable from 1st April 2020 to … By investing in this deposit scheme one can get taxation benefits under section 80C. 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. Through this fixed deposit scheme that is offered by the Indian Postal Services, an individual can earn a guaranteed return on the money deposited for a fixed … My friend is working at a post office and yesterday I had gone with him to meet his client…this is how I came to know about it. The duration of these FD is 1-year, 2-years, 3-years and 5-years. Following points must be taken into consideration while opening a fixed deposit account offline: What is the highest interest rate Post office fixed deposit offers? open a fixed deposit with the post office, Highest Post Office TD interest rate: 6.70% p.a. One can check the interest they can earn on their post office FD by using an online post office FD calculator. Post Office FD Interest Rate. In case you are a new user, click the ‘New User Activation’ option. Active DOP (Department of Post) ATM or debit card, Visit any nearby post office branch of India Post with all the required documents, Enquire with an official about opening the FD in a post office, Get details about the current post office FD rates, After getting a post office FD account, make sure to take the receipt for future references. The fixed deposit rates in post office are decided periodically. What is the minimum deposit required to open a post office fixed deposit account? 1,50,000 under Section 80C of the IT Act, 1961 if invested in 5-year term deposits. Duration Rate Deposit Amount Rules Additional Interest for Seniors; 5 years: 8.60%: Must be between Rs. Post Office FD Rates 20 21 One year TD yields an interest rate of 5.5% per annum. Special Forms to Fill To avail tax waivers on total interest income of up to Rs. This number appears incorrect / invalid. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. Yes, you can open a post office fixed deposit account online through the mobile banking or intra-operable net banking facility. Like bank FDs, investors earn a guaranteed return through the tenure of the post office term deposit. 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. One of the major advantages of opening an FD account in the post office is that TDS (Tax Deducted at Source) is not deducted on the interest earned. What is the minimum deposit required to open a post office fixed deposit account? Latest Post Office interest rates on FD for 1 to 4 years is 5.5%. The interest on Post Office deposits was revised on 1 July 2019. The interest is payable annually with the minimum deposit being Rs.1,000 and no maximum limit. However, deposits can be withdrawn prematurely in case of any emergency. Investors can also re-invest in the same scheme after the maturity period if they wish to. The latest Post Office FD interest rates vary from 6.9% for 1-year deposit to 7.7% for 5-year deposit. Key features of the Post office FD are given below: 1) Post Office Fixed deposits are available for 1 year, 2 years, 3 years and 5 year tenure. Customers can either opt for online or offline mode to open a post office account in India. These interest rates are effective from 1 April 2020. The interest rates under this scheme currently varies from 6.9% to 7.7%. You can choose the investment plan of 1-year, 2-year, 3-year or 5-year. Inflation Protection: Whenever the inflation rate dips below the term deposit interest rate, the depositor earns more. The highest Post Office FD interest rate is 6.70% for deposits maturing in 5 years. Since then this agency of the government is serving India in its 23 circles with 1, 55, 000 post offices. Timings, Benefits of Opening a Post Office Fixed Deposit Account, The post office fixed deposits’ tenure range from 1 year to 5 years, Depositors can open multiple FD accounts in any of the post offices, Minors of 10 years of age or more can also open and manage these accounts as well, Minors, however, will have to apply to convert the account in their name once they hit 18 years, The minimum deposit amount needed to open a post office FD is Rs. Post Office fixed deposit interest rate, in comparison to some banks, is better and gives investors better opportunities to earn. It was the year 1854 when Lord Dalhousie (Governor-General of India then) formed Indian Post. 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. 1000. 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). Highlights of Post Office FD Interest Rates. Post Office Fixed Deposit Interest Rate The tenure of POFD can range between 1 to 5 years with the Post Office FD interest rates ranging from 6.6% to 7.4% per annum. Range of interest rates: 5.50% p.a. 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 return from POFD is guaranteed and backed by the government of India. The minimum balance required for a post office FD account is Rs.1,000. A time deposit account with India Post can be opened by: Know more about Post Office RD Interest Rates. The one-year, two-year, and three-year term deposit have no upper limit when it comes to investment, while the five-year fixed deposit allows a maximum amount of Rs.1.5 lakh per year. However, the interest rate will be applicable as the day of maturity. for a tenure of 5 years. *The Post Office Fixed Deposit interest rates are subject to change as per the requirements. 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034. Past performance is not indicative of future returns. 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. ⓒ 2016-2020 Groww. Post Office Fixed Deposit interest rates are decided by the Government of India (every quarter) under Small Saving Schemes. 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. Fixed Deposit Rates in Post Office Senior Citizens Saving Scheme. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. The minimum amount required to open a Post office FD account is Rs. Interest rate for a tenure of 1 year: 5.50% p.a. What is the highest Post Office fixed deposit interest rate? Interest rate for a tenure of 2 years: 5.50% p.a. The Post Office FD interest rates are one of the best rates for fixed deposits offered in India. The Post Office Time Deposit (TD) Account, also known as the Post Office Fixed Deposit (FD) account, can be opened with a minimum of Rs.1,000 in multiples of Rs.100, with no maximum limit. Recurring Deposit Interest Rate For the July-September period, interest at the rate of 5.8 per cent is paid on recurring deposits at the post office. 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. Currently, the rate of interest ranges from 6.9% to 7.3%. The frequency of people opting for post office fixed deposits is more in rural areas as compared to bank deposit schemes. to 6.70% p.a. FD tenure currently available is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs. The scheme is offered by the Indian postal services, an individual can earn a guaranteed return on the money deposited to a fixed period of time. 200 only. Howdy Readers. It offers an interest rate of 5.5 percent for one-year time deposit to three years. Interest rate for a period of 3 years: 5.50% p.a. Post Office Time Deposit Account. Interest in post office FD is paid annually whereas these are compounded quarterly under this scheme. The exact maturity value of an FD can be calculated by providing the basic details pertaining to your FD such as amount invested, interest rate, tenure and type of interest compounding. On April 1 2020, the interest on Post Office deposits was revised. 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