2) Interest rates on these Post Office FDs would vary based on the tenure. The post office fixed deposit is also known as a time deposit. On completion of the fixed tenure of five years, RD account with Rs. You can choose the investment plan of 1-year, 2-year, 3-year or 5-year. The order is below: ⓒ 2016-2020 Groww. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. The post office offers several types of deposit schemes, also known as small savings schemes. Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). Post Office Time Deposit, also known as Post Office Fixed Deposit, is a fixed deposit scheme similar to bank FD. However, the deposits made between these limits should be in multiples of Rs. The New interest rate on 5 years Post office FD is 6.7%. A fixed deposit can be opened for a minimum amount of Rs.200. Duration Rate Deposit Amount Rules Additional Interest for Seniors; 5 years: 8.60%: Must be between Rs. 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. 1,50,000 under Section 80C of the IT Act, 1961 if invested in 5-year term deposits. 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. 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. 10,000 invested every month will fetch you Rs. This rule is applicable from 1 April 2007. 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. NRI depositors cannot open a fixed deposit account in Indian Post office, Nomination can be done at the time of opening the account. Investors can invest a certain amount for a fixed period for a fixed rate of interest. 4) Investments made under the 5-year fixed deposit … The trend of Post Office Interest Rates from Oct 2019 to Oct 2020. The interest on Post Office deposits was revised on 1 July 2019. Please re-enter your phone number. Variable: A variable rate of interest can go up or down throughout the lifetime of a savings account. Currently, the rate of interest ranges from 6.9% to 7.3%. This rate is applicable from 1st April 2020 to … 200 whereas there is no maximum limit under this scheme. 200. You will receive a call shortly from our customer support. 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. 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034. What is the highest Post Office fixed deposit interest rate? You can see the below table to find the post office FD interest rates 2021 for different tenures. The minimum balance required for a post office FD account is Rs.1,000. 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). One can check the interest they can earn on their post office FD by using an online post office FD calculator. 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. Follow the next appearing steps to complete the process. This scheme of post office is utilized more as compared to bank deposits in rural areas. There is a default fee of Rs 0.05 for every Rs 5 of deposit. Most of the larger size banks in the country have dropped interest rates sharply. 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 … The rate varies somewhere from about 7.1% to 9% something, depending upon the period you keep your deposit for. Past performance is not indicative of future returns. No, this facility is not available in post offices to date. 1000. The interest rates offered on these schemes are reviewed and fixed quarterly by the government. 40,000, investors need to fill Form 15G and 15H (up to Rs. 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. Since then this agency of the government is serving India in its 23 circles with 1, 55, 000 post offices. Home » p » Fixed Deposit » Post Office FD Interest Rates. However, one can nominate even after opening the account. Definitions. 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. open a fixed deposit with the post office, Highest Post Office TD interest rate: 6.70% p.a. The return from POFD is guaranteed and backed by the government of India. The account can be opened with both cash and cheque. 0.01 lakhs - Rs. You can avail a tax deduction under Section 80C of the Income Tax Act, 1961, for deposits with a tenure of 5 years. 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. 50,000) for general and senior citizens respectively. 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. A time deposit account with India Post can be opened by: Know more about Post Office RD Interest Rates. Post Office Fixed Deposit Rates & Post Office scheme. Latest Post Office interest rates on FD for 1 to 4 years is 5.5%. Fixed Deposit Rates in Post Office Senior Citizens Saving Scheme. 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. There is no maximum limit. 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. FD tenure currently available is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs. Customers can either opt for online or offline mode to open a post office account in India. Fixed: A fixed rate of interest does not fluctuate and remains the same through out the lifetime of a savings account. These rates are in turn determined as per the performance of government securities/bills. 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. The fixed deposit interest rate currently varies from 6.9% to 7.7%. Post Office Fixed Deposit Interest Rates. 1) Post Office Fixed Deposits: Post office offers term deposits (fixed deposits) for 1 year, 2 years, 3 years and 5 year period. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. India Post gives you the choice of investment tenure. 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. 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. to 6.70% p.a. Inflation Protection: Whenever the inflation rate dips below the term deposit interest rate, the depositor earns more. Enter your number below. For instance, while the one-year deposits rate for SBI is 6.5%, post office deposits rate for the same tenor is 6.9%. A silent account is one in which the withdrawals have not been made for more than 3 years. *The Post Office Fixed Deposit interest rates are subject to change as per the requirements. What is the minimum deposit required to open a post office fixed deposit account? Leaving so soon? However, deposits can be withdrawn prematurely in case of any emergency. Post Office Fixed Deposit interest rates are decided by the Government of India (every quarter) under Small Saving Schemes. 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. 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. Post Office FD Interest Rate. Privacy Policy. 3) The minimum amount required to open Post Office FD account is ₹ 200 and in multiples thereof. The latest Post Office FD interest rates vary from 6.9% for 1-year deposit to 7.7% for 5-year 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. Highest Post Office TD interest rate: 6.70% p.a. By investing in this deposit scheme one can get taxation benefits under section 80C. Post Office FD Rates 20 21 One year TD yields an interest rate of 5.5% per annum. Uh-oh! However, the interest rate will be applicable as the day of maturity. Get best interest on your hard earned money with zero risk. for a tenure of 5 years. 5-year lock-in: Comes with a mandatory lock-in period of 5 years. Interest in post office FD is paid annually whereas these are compounded quarterly under this scheme. Check INDIA POST FD rate of interest and calculate FD final amount via INDIA POST FD Calculator on The Economic Times. The time period for these fixed deposits are one year, two years, three years and five years. The post office deposit can be opened with a minimum of Rs. Step 3: Find the Service request and open the same. It is convenient and alternative for the fixed deposits provided by the bank.. Copyright © 2021   BankBazaar.com. The frequency of people opting for post office fixed deposits is more in rural areas as compared to bank deposit schemes. The account gets renewed automatically upon maturity for the same period as it was opened previously. 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. Highlights of Post Office FD Interest Rates. On April 1 2020, the interest on Post Office deposits was revised. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. 15 lakhs-Post Office Senior Citizens Saving Scheme Fixed Deposits Details 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. 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 minimum amount required to open a Post office FD account is Rs. What is the minimum deposit required to open a post office fixed deposit account? Step 4: Make the time deposit (TD) opening request using ‘New Request’ option. 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. It was the year 1854 when Lord Dalhousie (Governor-General of India then) formed Indian Post. The post gives the details about the same. However, if withdrawal is not allowed before 6 months from the date of opening the account. Please read the scheme information and other related documents carefully before investing. Interest rates are ranging between 5.5% to 6.7%, … 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. The fixed deposit rates in post office are decided periodically. Please consider your specific investment requirements, risk tolerance, investment goal, time frame, risk and reward balance and the cost associated with the investment before choosing a fund, or designing a portfolio that suits your needs. The interest rates under this scheme currently varies from 6.9% to 7.7%. How to open an account in post office and its requirements? 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. It offers an interest rate of 5.5 percent for one-year time deposit to three 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. You would have to apply with your KYC documents, passbook, and application form number 1224SB 10(B)/NC-32. This Page is BLOCKED as it is using Iframes. Interest rate for a period of 3 years: 5.50% p.a. Investors can also re-invest in the same scheme after the maturity period if they wish to. Under online mode, the account opening facility is available online via Intra Operable Netbanking/Mobile Banking. for a tenure of 5 years Liquidity: Like banks, post offices also have a deposit lock-in period. 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. 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. Post Offices like banks offer FD (Fixed Deposits) and offer very competitive interest rates. 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. 1000. 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 Post Office FD interest rates are one of the best rates for fixed deposits offered in India. AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The duration of these FD is 1-year, 2-years, 3-years and 5-years. What are the documents needed to open a fixed deposit account in a post office? However, there is no maximum limit. 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. Risk-free: Post office fixed deposit is totally risk-free investment as no matter what the market condition is, you will get complete returns on maturity. 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? Tax Implications: Depositors can claim up the tax to a maximum of Rs. Let’s look at both the modes separately”. Mutual fund investments are subject to market risks. Fixed Deposit Rates in Post Office. A fixed deposit is an investment scheme that allows one to deposit in fixed deposits in order to earn interest on the investment. You should have the following documents to open a post office fixed deposit account: Can we take a loan against Post Office FD? Address Proof that includes Electricity Bill, Water Bill, Ration Card, Aadhar Card, etc. 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. Post office interest rates comparison with banks. To invest small fixed amounts of money at regular intervals, one can open a 5-year RD account with the post office. Post Office Time Deposit Account. What is a Post Office Fixed Deposit? Interest rate for a tenure of 2 years: 5.50% p.a. The interest is payable annually with the minimum deposit being Rs.1,000 and no maximum limit. ... # Post Office Fixed Deposits (FDs) Minimum of Rs.1,000 and in multiples of Rs.100. 3,256.48 Photo ID Proof that includes Aadhaar Card, Voter ID Card, etc. Post Office fixed deposit interest rate, in comparison to some banks, is better and gives investors better opportunities to earn. Yes, you can open a post office fixed deposit account online through the mobile banking or intra-operable net banking facility. The interest rate offered on the fixed deposits is in the tune of 7 -7.80% per annum. 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. Invest in top Bank fixed deposits now! If a depositor opts for a cheque deposit, the date of payment of the cheque in the account of the government should be the date of opening the FD account. The minimum amount required to open a Post office FD account is Rs. Withdrawal of funds before the maturity is referred to as premature withdrawal of post office fixed deposit. Range of interest rates: 5.50% p.a. The post office fixed deposit (POFD), also known as ‘post office time deposit’ is a convenient alternative to the fixed deposits provided by banks. The post office also accepts time deposits. Howdy Readers. 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. 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. Special Forms to Fill To avail tax waivers on total interest income of up to Rs. There is no limit on the number of accounts that can be opened. In case you are a new user, click the ‘New User Activation’ option. Like bank FDs, investors earn a guaranteed return through the tenure of the post office term deposit. The minimum deposit to be made is as low as Rs. These interest rates are effective from 1 April 2020. INDIA POST FD calculator online - Calculate INDIA POST FD Interest rate using INDIA POST Fixed Deposit calculator 2021. 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. The India Post (Department of Posts), is the major postal system in India and is widely distributed in the world. The highest Post Office FD interest rate is 6.70% for deposits maturing in 5 years. The difference in interest rates widens with increase n in tenor. The rate increases with the number of years one chooses to apply. Interest rate for a tenure of 1 year: 5.50% p.a. 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. All rights reserved, Built with ♥ in India, Stock Market 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. This number appears incorrect / invalid. 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