You can choose the investment plan of 1-year, 2-year, 3-year or 5-year. Check INDIA POST FD rate of interest and calculate FD final amount via INDIA POST FD Calculator on The Economic Times. You can avail a tax deduction under Section 80C of the Income Tax Act, 1961, for deposits with a tenure of 5 years. 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). The Post Office FD interest rates are one of the best rates for fixed deposits offered in India. 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. Let’s look at both the modes separately”. Post Office Time Deposit Account. FD tenure currently available is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs. 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. Follow the next appearing steps to complete the process. The minimum balance required for a post office FD account is Rs.1,000. 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 … Howdy Readers. 50,000) for general and senior citizens respectively. Photo ID Proof that includes Aadhaar Card, Voter ID Card, etc. However, the deposits made between these limits should be in multiples of Rs. 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. The interest rates offered on these schemes are reviewed and fixed quarterly by the government. 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. A silent account is one in which the withdrawals have not been made for more than 3 years. Leaving so soon? Special Forms to Fill To avail tax waivers on total interest income of up to Rs. 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. Interest rates are ranging between 5.5% to 6.7%, … 200 only. Interest in post office FD is paid annually whereas these are compounded quarterly under this scheme. 1) Post Office Fixed Deposits: Post office offers term deposits (fixed deposits) for 1 year, 2 years, 3 years and 5 year period. Invest in top Bank fixed deposits now! 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. ⓒ 2016-2020 Groww. 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. Definitions. The post gives the details about the same. What are the documents needed to open a fixed deposit account in a post office? These interest rates are effective from 1 April 2020. Post Office Fixed Deposit Rates & Post Office scheme. 0.01 lakhs - Rs. Investors can also re-invest in the same scheme after the maturity period if they wish to. Address Proof that includes Electricity Bill, Water Bill, Ration Card, Aadhar Card, etc. Duration Rate Deposit Amount Rules Additional Interest for Seniors; 5 years: 8.60%: Must be between Rs. Past performance is not indicative of future returns. Currently, the rate of interest ranges from 6.9% to 7.3%. Privacy Policy. 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? 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. Mutual fund investments are subject to market risks. 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. 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. There is no maximum limit. 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. *The Post Office Fixed Deposit interest rates are subject to change as per the requirements. Withdrawal of funds before the maturity is referred to as premature withdrawal of post office fixed deposit. 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034. However, if withdrawal is not allowed before 6 months from the date of opening the account. 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. 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 Fixed Deposit Interest Rates. This scheme of post office is utilized more as compared to bank deposits in rural areas. 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. Home » p » Fixed Deposit » Post Office FD Interest Rates. It offers an interest rate of 5.5 percent for one-year time deposit to three years. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. Fixed Deposit Rates in Post Office. The time period for these fixed deposits are one year, two years, three years and five years. 2) Interest rates on these Post Office FDs would vary based on the tenure. Highlights of Post Office FD Interest Rates. 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. 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. Post Offices like banks offer FD (Fixed Deposits) and offer very competitive interest rates. Post Office FD Rates 20 21 One year TD yields an interest rate of 5.5% per annum.
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