You will be surprised to know the benefits of fixed deposits in the post office
In today’s time, the post office does not only do the work of sending letters, today it has become a multi-work place. Apart from the post, one of the important tasks that is done inside the post office is banking work. The post office facilitates the withdrawal and withdrawal of funds in its banking functions as well as taking fixed deposits. The FD of the post office is also known as the time deposit scheme. Let’s know how the fixed deposit scheme of post office is different and better than banks:
Return Guarantee
The way many Indian banks have gone bankrupt today, due to this, there is a feeling of unease among the customers about the security and withdrawal of the money deposited in the banks. Because any bank guarantees only a refund of 1 lakh rupees along with all your deposits. At the same time, the post office is the only banking institution where the full refund of your deposited money is guaranteed. It is able to do this because a large amount of the money deposited in the post office is used by the government, which guarantees the refund. At the same time, banks give your deposited money on loan to merchants etc. to earn money. The risk here is high. There is no risk in the post office.
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Interest Calculated Quarterly
Interest is calculated annually on fixed deposits deposited in banks. At the same time, the interest in the post office is calculated every three months, due to which your principal increases by adding interest after every three months and eventually you get more benefits from banks at the time of return. Under a new post office scheme, if you deposit Rs 4.5 lakh in the post office for 5 years, then on completion of the period you will be entitled to get Rs 6.5 lakh. This is the highest return compared to any private or public sector banks.
Income tax exemption facility
Post office FD offers income tax rebate along with attractive interest rate. This means that an investor can get deduction in income tax on saving of Rs 1.50 lakh in the post office during the financial year. So not only good interest but tax exemption can also be obtained.
Interest rate better than banks
According to the official website of the post office, it offers different interest rates for one year, two years, three years and five years, which are as follows:
| Period | Rate of interest |
| 1 year | 6.90% |
| 2 years | 7.00% |
| 3 year | 7.20% |
| 5 years | 7.80% |
The above interest rates are comparatively higher than the interest rates offered by any private or government bank.
Account transfer facility
If you are changing the city or place, then you can transfer the FD made in the post office to the post office where you are going. FD account can be easily transferred from one post office to another post office and there will not be any change in your account. For transferring the account, just submit the request letter and fixed documents to the post office on a plain paper.
Facility to change account type and nominee
The post office allows you to single your account from joint account to joint account. This rule is also applicable in FD. Also, if you want to change the nominee of your FD, you can do this work very easily. Fill the form provided by the post office and submit it along with the documents. This work will be done in a very short time.
So without any hesitation, make a fixed deposit in the post office today and get safe money with more benefits.
