You will be surprised to know the benefits of Fixed Deposit in Post Office
In today’s time, the post office not only does the work of delivering letters, today it has become a multi work place. Apart from the post, one of the important work that is done inside the post office is banking work. The post office also accepts fixed deposits along with providing the facility of deposit and withdrawal of money in its banking operations. Post office FD is also known as time deposit scheme. Let us know how the post office fixed deposit scheme is different and better than banks:
return guarantee
The way many Indian banks have gone bankrupt today, there is an atmosphere of confusion among the customers regarding the safety and return of the money deposited in the banks. Because any bank guarantees a return of only Rs 1 lakh including all your deposits. At the same time the post office is the only banking institution where full refund of your deposits is guaranteed. It is able to do this because the money deposited in the post office is used extensively by the government, which guarantees the refund. At the same time, banks give your deposited money on loan to traders etc. to make money profit. The risk is high here. There is no risk in the post office.
Interest Calculation Quarterly
Interest is calculated annually on your fixed deposits with banks. Whereas in the post office, the interest is calculated every three months, due to which your principal increases by adding interest after every three months and ultimately you get more profit from the banks at the time of return. Under a new scheme of the post office, 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 as compared to any private or public sector banks.
Income tax exemption facility
Post office FDs offer attractive interest rate as well as income tax exemption facility. This means that an investor can get deduction in income tax on the savings of Rs 1.50 lakh in the post office during the financial year. So not only good interest but also tax exemption can be obtained.
better interest rate 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 rate is comparatively higher than the interest rate offered by any private or government bank.
Account transfer facility
If you are changing the city or place, then you can also get the FD done at the post office transferred to the post office where you are going. FD account can be transferred from one post office to another very easily and there will be no change in your account. To transfer the account, just have to submit the request form on a plain paper and the prescribed documents to the post office.
Facility to change account type and nominee
The post office gives you the flexibility to convert your account from single to joint account and from joint account to single. This rule is applicable in FD also. Also, if you want to change the nominee of your FD, then you can do this 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 profit.
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