FD interest rates in Post Office
FD interest rates in Post Office
As of my last update in October 2024, the Fixed Deposit (FD) interest rates offered by India Post (Post Office) are competitive and vary based on the tenure of the deposit. Here are the general details:
Post Office FD Interest Rates (as of October 2024):
- 1 Year FD: ~6.9% per annum
- 2 Year FD: ~7.0% per annum
- 3 Year FD: ~7.0% per annum
- 5 Year FD: ~7.5% per annum
Key Features:
- Tax Benefits: 5-year FDs qualify for tax benefits under Section 80C of the Income Tax Act, up to ₹1.5 lakh per financial year.
- Safety: Post Office FDs are government-backed, making them a very safe investment option.
- Minimum Deposit: The minimum deposit amount is ₹1,000, with no maximum limit.
- Interest Payout: Interest can be paid out monthly, quarterly, or annually, depending on your preference.
How to Open a Post Office FD:
- Visit your nearest Post Office branch.
- Fill out the FD application form.
- Submit the required documents (ID proof, address proof, etc.).
- Deposit the amount you wish to invest.
Note:
- Interest rates are subject to change based on government policies and economic conditions.
- Senior citizens may receive slightly higher interest rates (typically 0.5% more) in some cases.
For the most accurate and updated rates, visit the official India Post website or contact your local Post Office.
