Post Office Time Deposit Account: Fixed deposit is generally considered a safe investment. Explain that in the post office it is known as Post Office Time Deposit Account (TD). If you make FD in the post office, then it becomes even safer in terms of safety. Here the interest on the deposit amount as FD is given on a yearly basis, but the interest is calculated on a quarterly basis. It is very easy to get FD in post office. According to India Post’s website, in the post office you can get FD for 1, 2, 3, 5 years.
This is how you can open an FD account
In the post office, a person can open his account by giving check or cash for FD i.e. post office time deposit account. If this FD account is being opened by check, then keep in mind that the date on which the money will be deposited in the government account will be considered as the date of opening of the FD account. It takes a minimum of 1000 rupees to open an account. There is no limit to the maximum amount to be deposited in this account.
How much interest is received on FD
If you make FD (Current interest rate on post office FD) in post office, then at present you get returns ranging from 5.5 percent to 6.7 percent interest for FD of one to five years. On getting a five-year FD, you get 6.7 percent interest.
FD account can be transferred
If you are changing the city or place, you can also transfer the FD made in the post office to the post office where you are going. FD account can be transferred from one post office to another post office.
These changes can be done in the account.
According to India Post’s website, if you have a personal FD account, then you can convert it into a joint account. Similarly, if you have a joint account, you can change it to a single account again.
Nominees can change anytime
Post office FD also has the facility to add or change the nominee. You can add or change the nominee even after opening the account. Apart from this, a minor can also open an FD account. Yes, when he attains majority, he will have to apply for account transfer in his name.
