fixed deposit rates in post office

Post Office Time Deposit, also known as Post Office Fixed Deposit, is a fixed deposit scheme similar to bank FD. You can see the below table to find the post office FD interest rates 2021 for different tenures. All rights reserved, Built with ♥ in India, Stock Market Past performance is not indicative of future returns. Home » p » Fixed Deposit » Post Office FD Interest Rates. The interest rates under this scheme currently varies from 6.9% to 7.7%. 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 … 0.01 lakhs - Rs. Please read the scheme information and other related documents carefully before investing. Post Office FD Interest Rate. 200 whereas there is no maximum limit under this scheme. One can check the interest they can earn on their post office FD by using an online post office FD calculator. Premature withdrawal of a Post Office FD or Term Deposit can be made between 6 months to 1 year of the date of opening the account. Definitions. This rate is applicable from 1st April 2020 to … To open a post office account online, one must have the following: Step 1: Visit the official website of Indian post and log in to post office e-banking using registered email id and password. For instance, while the one-year deposits rate for SBI is 6.5%, post office deposits rate for the same tenor is 6.9%. However, the deposits made between these limits should be in multiples of Rs. The fixed deposit interest rate currently varies from 6.9% to 7.7%. How to open an account in post office and its requirements? Interest rate for a period of 3 years: 5.50% p.a. This rule is applicable from 1 April 2007. Post Office Fixed Deposit interest rates are decided by the Government of India (every quarter) under Small Saving Schemes. The duration of these FD is 1-year, 2-years, 3-years and 5-years. 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. 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. Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). Special Forms to Fill To avail tax waivers on total interest income of up to Rs. 3,256.48 However, one can nominate even after opening the account. You will receive a call shortly from our customer support. The post gives the details about the same. 1000. What are the documents needed to open a fixed deposit account in a post office? Interest rate for a tenure of 1 year: 5.50% p.a. Howdy Readers. 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). 1) Post Office Fixed Deposits: Post office offers term deposits (fixed deposits) for 1 year, 2 years, 3 years and 5 year period. 3) The minimum amount required to open Post Office FD account is ₹ 200 and in multiples thereof. Uh-oh! The difference in interest rates widens with increase n in tenor. 50,000) for general and senior citizens respectively. Address Proof that includes Electricity Bill, Water Bill, Ration Card, Aadhar Card, etc. Enter your number below. 2) Interest rates on these Post Office FDs would vary based on the tenure. 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. A time deposit account with India Post can be opened by: Know more about Post Office RD Interest Rates. 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. The post office fixed deposit is also known as a time deposit. The account gets renewed automatically upon maturity for the same period as it was opened previously. The New interest rate on 5 years Post office FD is 6.7%. ... # Post Office Fixed Deposits (FDs) Minimum of Rs.1,000 and in multiples of Rs.100. You would have to apply with your KYC documents, passbook, and application form number 1224SB 10(B)/NC-32. On completion of the fixed tenure of five years, RD account with Rs. A fixed deposit is an investment scheme that allows one to deposit in fixed deposits in order to earn interest on the investment. Like bank FDs, investors earn a guaranteed return through the tenure of the post office term deposit. 1,50,000 under Section 80C of the IT Act, 1961 if invested in 5-year term deposits. 10,000 invested every month will fetch you Rs. This number appears incorrect / invalid. The post office deposit can be opened with a minimum of Rs. A fixed deposit can be opened for a minimum amount of Rs.200. However, the interest rate will be applicable as the day of maturity. What is the minimum deposit required to open a post office fixed deposit account? The frequency of people opting for post office fixed deposits is more in rural areas as compared to bank deposit schemes. 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. 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. 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. 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. India Post gives you the choice of investment tenure. However, deposits can be withdrawn prematurely in case of any emergency. 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. Post Office FD Rates 20 21 One year TD yields an interest rate of 5.5% per annum. Photo ID Proof that includes Aadhaar Card, Voter ID Card, etc. To invest small fixed amounts of money at regular intervals, one can open a 5-year RD account with the post office. 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. Privacy Policy. There is a default fee of Rs 0.05 for every Rs 5 of deposit. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. 200 only. 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. AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. You can choose the investment plan of 1-year, 2-year, 3-year or 5-year. For Post Office fixed deposit schemes with tenures of 2 years and above, a 1% reduction in the proposed interest is made before disbursing the funds to individuals. Currently, the rate of interest ranges from 6.9% to 7.3%. Assured Returns: Post office deposits are backed by the government of India and are thus completely safe to invest and ensures guaranteed returns on the investment. 5-year lock-in: Comes with a mandatory lock-in period of 5 years. 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. Post Office Fixed Deposit Interest Rates. No, this facility is not available in post offices to date. The post office offers several types of deposit schemes, also known as small savings schemes. It was the year 1854 when Lord Dalhousie (Governor-General of India then) formed Indian Post. 15 lakhs-Post Office Senior Citizens Saving Scheme Fixed Deposits Details Yes, you can open a post office fixed deposit account online through the mobile banking or intra-operable net banking facility. Liquidity: Like banks, post offices also have a deposit lock-in period. These interest rates are effective from 1 April 2020. 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. 200. The highest Post Office FD interest rate is 6.70% for deposits maturing in 5 years. Investors can invest a certain amount for a fixed period for a fixed rate of interest. Invest in top Bank fixed deposits now! On April 1 2020, the interest on Post Office deposits was revised. The interest on Post Office deposits was revised on 1 July 2019. 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