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). Currently, the rate of interest ranges from 6.9% to 7.3%. Customers can either opt for online or offline mode to open a post office account in India. 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. In case you are a new user, click the ‘New User Activation’ option. Currently, the highest interest rate offered by post office fixed deposit is 7.70% for 5 years’ tenure. 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. Most of the larger size banks in the country have dropped interest rates sharply. 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 (POFD), or Post office time deposit (POTD) is a suitable investment scheme, alternative to the bank's fixed deposits, provided by the Indian Post. 200 only. 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. 40,000, investors need to fill Form 15G and 15H (up to Rs. The account can be opened with both cash and cheque. Post Office Time Deposit, also known as Post Office Fixed Deposit, is a fixed deposit scheme similar to bank FD. The time period for these fixed deposits are one year, two years, three years and five years. Home » p » Fixed Deposit » Post Office FD Interest Rates. 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). What is a Post Office Fixed Deposit? The interest on Post Office deposits was revised on 1 July 2019. Investors can also re-invest in the same scheme after the maturity period if they wish to. 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. 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. Step 3: Find the Service request and open the same. Duration Rate Deposit Amount Rules Additional Interest for Seniors; 5 years: 8.60%: Must be between Rs. for a tenure of 5 years. Definitions. Check INDIA POST FD rate of interest and calculate FD final amount via INDIA POST FD Calculator on The Economic Times. Please re-enter your phone number. Investors can invest a certain amount for a fixed period for a fixed rate of interest. Tax Implications: Depositors can claim up the tax to a maximum of Rs. 200. 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. Since then this agency of the government is serving India in its 23 circles with 1, 55, 000 post offices. *The Post Office Fixed Deposit interest rates are subject to change as per the requirements. Interest in post office FD is paid annually whereas these are compounded quarterly under this scheme. Copyright © 2021 BankBazaar.com. for a tenure of 5 years 50,000) for general and senior citizens respectively. 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. The duration of these FD is 1-year, 2-years, 3-years and 5-years. Highlights of Post Office FD Interest Rates. 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. However, deposits can be withdrawn prematurely in case of any emergency. The minimum deposit to be made is as low as Rs. Special Forms to Fill To avail tax waivers on total interest income of up to Rs. The post office also accepts time deposits. FD tenure currently available is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs. However, the deposits made between these limits should be in multiples of Rs. to 6.70% p.a. This scheme of post office is utilized more as compared to bank deposits in rural areas. Post Office FD Rates 20 21 One year TD yields an interest rate of 5.5% per annum. 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. open a fixed deposit with the post office, Highest Post Office TD interest rate: 6.70% p.a. Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). Past performance is not indicative of future returns. Withdrawal of funds before the maturity is referred to as premature withdrawal of post office fixed deposit. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. There is no limit on the number of accounts that can be opened. Please read the scheme information and other related documents carefully before investing. The account gets renewed automatically upon maturity for the same period as it was opened previously. It offers an interest rate of 5.5 percent for one-year time deposit to three years. Fixed Deposit Rates in Post Office Senior Citizens Saving Scheme. 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. Invest in top Bank fixed deposits now! 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. 1000. However, one can nominate even after opening the account. ⓒ 2016-2020 Groww. For instance, while the one-year deposits rate for SBI is 6.5%, post office deposits rate for the same tenor is 6.9%. 1000. This Page is BLOCKED as it is using Iframes. 1) Post Office Fixed Deposits: Post office offers term deposits (fixed deposits) for 1 year, 2 years, 3 years and 5 year period. The fixed deposit rates in post office are decided periodically. 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. 3,256.48 It was the year 1854 when Lord Dalhousie (Governor-General of India then) formed Indian Post. 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. 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. INDIA POST FD calculator online - Calculate INDIA POST FD Interest rate using INDIA POST Fixed Deposit calculator 2021. 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 Post Office FD interest rates are one of the best rates for fixed deposits offered in India. You will receive a call shortly from our customer support. Range of interest rates: 5.50% p.a. A time deposit account with India Post can be opened by: Know more about Post Office RD Interest Rates. 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 Time Deposit Account. You can avail a tax deduction under Section 80C of the Income Tax Act, 1961, for deposits with a tenure of 5 years. 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 deposit can be opened with a minimum of Rs. The trend of Post Office Interest Rates from Oct 2019 to Oct 2020. India Post gives you the choice of investment tenure. 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