A submit workplace fastened deposit account can be known as a submit workplace fastened deposit account.
Today, all banks provide greater rates of interest on time period deposits than earlier than. I’ve to say that submit workplace fastened deposits are the most secure choice right here.
Put up workplace fastened deposit rate of interest
On the Put up Workplace, curiosity on time period deposits is paid yearly however calculated quarterly. You may open a time period deposit with a minimal quantity on the submit workplace. 1000/- then deposit in multiples of Rs. 100. There is no such thing as a higher restrict.
The rates of interest are as follows.
| interval | rate of interest |
|---|---|
| 1 12 months or extra however lower than 1 12 months 1 day | 6.90% |
| Greater than 1 12 months and 1 day however lower than 2 years | 7.00% |
| Greater than 2 years and 1 day however lower than 3 years | 7.10% |
| 3 years 1 day to five years | 7.50% |
Be aware: Rates of interest are topic to alter by the Authorities of India. Please go to the submit workplace's official web site for the most recent rates of interest.
Who can open a submit workplace fastened deposit account?
People over 10 years outdated
This contains adults and minors. In case you are a minor, your guardian can open an account in your behalf. As soon as a minor reaches the age of majority, they have to apply to have the account transferred to their identify.
joint account
As much as 3 folks can have a joint fastened deposit account
Guardian performing on behalf of a minor
A guardian performing on behalf of an individual of unsound thoughts
Minors 10 years of age or older in their very own identify.
resident indian
Relevant to Indian nationals residing within the nation.
You may open a number of TD accounts with out restrict.Simply switch your account from one submit workplace to a different
Kinds of submit workplace fastened deposit accounts
- 1 12 months, 2 12 months, 3 12 months, and 5 12 months account sorts.
- You may open an account with a minimal quantity of 1 million yen. It’s a a number of of 1000 rupees. 100. There is no such thing as a higher restrict on funding.
- Curiosity shall be paid yearly. No further curiosity shall be paid on any curiosity quantity due however not debited by the account holder.
- Upon software, annual curiosity could also be credited to the account holder's financial savings account.
- Investments beneath 5-year Mounted Deposits are eligible for the advantages of Part 80C of the Revenue Tax Act, 1961.
Put up workplace fastened deposit 5 years
Right here's what you might want to know in regards to the Put up Workplace's 5-year time period deposit (time deposit).
| Return assure | Put up Workplace FD is backed by the Authorities of India and presents a secure and safe funding with assured returns. |
| aggressive rates of interest | The Put up Workplace 5-year FD presently presents the best rate of interest amongst government-backed financial savings schemes in India at 7.5% p.a. (as on March 9, 2024).
This rate of interest is compounded quarterly, so that you earn curiosity on high of the curiosity you beforehand earned, growing your general maturity quantity. |
| Tax incentives | Investments of as much as Rs 1.5 million in Put up Workplace TD over a interval of 5 years are eligible for tax deduction beneath Part 80C of the Revenue Tax Act, 1961. This reduces your taxable revenue and probably saves you cash in taxes. |
| versatile funding choices | You may make investments a minimal of ₹1,000 and a most of ₹900,000 in a single account (as much as ₹15 million in a joint account) for a five-year holding interval. |
as an entire, Post office 5 year fixed deposit It’s a good funding choice for these on the lookout for secure and assured returns over the long run. Nonetheless, you will need to contemplate your private monetary objectives and danger tolerance earlier than making any funding selections.
