Fixed Deposits (FDs) are considered as one of the safest and best investments to get the best returns on your deposited money. The postal department offers many saving schemes including good interest rates on Fixed Deposits. The deposited money remains safe as the government provides security.
Availing the FD facility in post office banks is very easy. According to the postal department, a user can avail the FD facility with 1,2, 3 and 5 years of maturity.
Here are the benefits of availing FD facility in Post Offices.
Government of India guarantee is given on FD in the post office.
The terms and conditions of availing FD is in accordance with the government scheme and investors’ money remains completely safe
You can make FD offline (cash, cheque) at the Post Office or online (net banking/ mobile banking
You can avail more than one FD in the post office.
If you avail FD with 5 years of maturity, then you will get tax exemption at the time of filing an Income Tax Return.
Your FD can be easily transferred from one post office to another post office.
The facility of the nominee is also available on FD.
You must have a bank account in the Post Office to avail FD facility. You can open an account in the post office by paying via cheque or cash. Minimum Rs 1000 is required to open an account. There is no limit on the maximum amount to be deposited in this account.
The post office banks give 5.50 per cent interest on FD with a maturity period between 7 days and one year. The same interest rate is applicable on FDs with a maturity period between 1 year, 2 years and 3 years. The post office bank provides 6.70 per cent interest on FDs from 3 years to 5 years.
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