post office fixed deposit scheme: 6.70% interest on 3 to 5 year FD accounts.
The Post Office Fixed Deposit (FD) is a safe investment and a good return. The Post Office offers excellent savings plans, including higher interest rates on fixed deposits. Starting an FD account at the Post Office is very easy. At the post office a user can avail the fixed deposit facility with maturity of 1,2,3 and 5 years. This will be a very useful plan for the payroll.
Key Benefits of Post Office FD Account
- Anyone can start this type of account individually (Individual Account) or Joint (Joint Account). The separate account can be converted into a linked account or the linked account can be converted into a separate account.
- The account can be started by cash or check. You can also start online.
- A minimum of Rs.1000 is sufficient to open an account. There is no limit to the maximum amount.
- 5.50% interest is paid on 1 to 3 year FD accounts. 6.70% interest is offered on 3 to 5 year FD accounts.
The nominee may be appointed for the deposit amount. - One can start as many accounts as one wants. You can pay or withdraw money through any post office. Mainly has ATM facility.
- These Term Deposits can be transferred to any Post Office in India
- Only the amount invested in a five-year fixed deposit is tax deductible under Income Tax Act 80C.
