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When we talk about savings, the first option that comes to our mind is fixed deposit. And when we say fixed deposit, the first thing that comes to our notice is post office. There are two main reasons for this – first, the post office is nearer from our home than the bank. Second, it is much easier to open a fixed deposit account at a post office than a bank. However, the biggest reason behind our preference to Post Office than Bank in case of fixed deposit account is the interest rate. The interest rate of fixed deposit account is much higher than banks.
Hello friends, welcome to our blog Earn Money Bangla. In this post we are going to discuss about Post Office Fixed Deposit Account Scheme in details.
Who can open Fixed Deposit Account at Post Office?
- Any Indian citizen.
- joint account may be opened by maximum of three Indian citizens.
- A guardian on behalf of a mentally unsound person.
- A minor of the age of above 10 years can open a Fixed Deposit account in his own name at the post office.
How many Fixed Deposit Accounts can be opened at Post Office?
- An individual can open as many fixed deposit accounts as He/ She wants. There is no restriction on the number of account openings.
For how many years money can be fixed in Fixed Deposit Account at Post Office?
- Money can be deposited in fixed deposit account at post office for 1 year, 2 years, 3 years and 5 years.
The present interest rate on Fixed Deposit account at the post office | Post Office Fixed Deposit Interest Rate 2023
| Interest Rate for One Year Fixed Deposit in Post Office | 6.8% |
| Interest Rate for Two Year Fixed Deposit in Post Office | 6.9% |
| Interest Rate for Three Year Fixed Deposit in Post Office | 7.0% |
| Interest Rate for Five Year Fixed Deposit in Post Office | 7.5% |
Post Office Fixed Deposit Calculator
- If you fix Rs.1,00,000 at the post office at the above interest rate, then after 5 years your amount will be Rs.1,34,350.
How much money is needed to open a fixed deposit account at a post office?
- A fixed deposit can be opened in Post Office with a minimum sum of Rs.1000.
- You can deposit as much as you want.
Maturity Period of Fixed Deposit Account at Post Office
- The amount deposited in Post Office Fixed Deposit Account matures in 1 year, 2 years, 3 years and 5 years.
Is it possible to extend the time limit of fixed deposit account after maturity?
- Once the fixed deposit account matures, you can extend the term of your fixed deposit account for one more time.
- However, in this case, the time limit can be extended up to the time for which the first fixed deposit account was opened. This means that if you have opened a fixed deposit account for one year, you can extend the term of the fixed deposit account for one year only after maturity.
- At the time of account opening, if you decide to extend the term of your Fixed Deposit Account after maturity, then you can inform the to post office. As a result, your fixed deposit account will automatically be extended.
- Otherwise, you will have to extend the term of your fixed deposit account by submitting the application form within the stipulated time after maturity. In this case, the deadline is –
- 6 months for one year fixed deposit
- 12 months for two years fixed deposit
- 18 months for three year fixed deposit
Can a fixed deposit account be closed before maturity?
- You can close your Fixed Deposit Account anytime after six months of opening the Fixed Deposit Account.
- If you close your fixed deposit account after 6 months of account opening but before completion of one year, the interest rate of the savings scheme will be applicable for your Fixed Deposit account.
- If you close a 2, 3, or 5-year termed fixed deposit account, at any time after one year of opening the account, you will get 2% lesser interest on the fixed deposit account.
Some more information about Fixed Deposit Account at Post Office
- The interest earned on a fixed deposit scheme for a period of less than 5 years is exempt under Section 80 (c) of the Income Tax Act.
How to open a fixed deposit account at Post Office?
- Step 1: – Collect the application form for opening a Fixed Deposit Account from your nearest Post Office.
- Step 2: – Fill in all the information in the application form.
- Step 3: – Collect the documents that will be required while submitting the application form. These documents are –
- Aadhaar card
- PAN card
- Two copies of the passport-size photo.
- Step 4: Then take these and deposit them at the counter, along with the amount of money you want to fix. Then your fixed deposit account will be opened at the post office.
To Calculate Post Office Fixed Deposit Return Click here
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