Want to invest in somewhere that’s safe and reliable? Then welcome Post Office Fixed Deposits to your investment checklist. To avoid any confusion, Post Office FDs are also known as Term Deposits. Now it’s time to learn more about this brilliant insurance plan.
Post Office FD/Term Deposit
Post Office FDs or Term Deposits are among the safest and easiest ways of saving through India Post. Intended for users who are far from having a bank account, this scheme offers the depositors to save their money with the higher interest rate. The Post Office FD scheme is particularly favorite among the rural population because it is one of the top fixed deposit providers in India.
Interest Rates for 2024
Tenure
Regular Customers
Senior Citizens
1 year
6.9%
6.9%
1 year 1 day – 2 years
7%
7%
2 years 1 day – 3 years
7.1%
7%
3 years 1 day – 5 years
7.5%
7.5%
Post Office FD Features and Benefits
Tenure Options: You decide the tenure of the investment which can range from one year to five years.
Multiple Accounts: A person can open as many FD accounts as he wants at any post office.
Minor Accounts: Accounts can be opened by anyone 10 years and above; such accounts can be transferred to the minors ‘name once the are 18 years old.
Deposit Limits: Minimum amount to be deposited is Rs. 200 and there is no upper limit.
Joint Accounts: Have a joint account with another adult; switch between single and joint as necessary.
Tax Benefits: Investments made in 5-year deposits are eligible for deduction under Section 80C of the Tax Act.
Transferability: Accounts can be easily transferred to another Post Office.
Automatic Renewal: All the accounts automatically rebalance at maturity with corresponding interest rates.
Eligibility and Required Documents
Eligibility: This is available to Indian residents whether singly or jointly as well as minors under the care of a duly appointed guardian. While NRIs and organizations are not.
Documents Required: Documentary evidence, including Aadhaar/ PAN card as identification proof, electricity bill/water connection/ passport etc. as address proof, and nominee details with Witness Signature.
At last, everyone needs a safe and secure option when it comes to investing their hard-earned money, and what’s better than a scheme that not only provides security but great returns that will leave you astonished? Start your investing journey today!!
Want to start investing somewhere thats secure, reliable, and give best returns? Here comes Post office fixed deposits as a hero in your life. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
