How much interest on FD in post office?

The post office’s interest rates are subject to change so it’s better to be aware of them if you want best returns. Quite recently, the interest rate was revised and I learned how much interest in post office FD. The interest rate varies for 1 year, 2 years, or more for FD, so let me share the list to help you understand the rates.

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How Many Interest In Post Office FD?

Here is the list of interest rates for different kinds of savings accounts and deposit schemes in the post office. It is usually between 6.90% - 7.50% p.a. for a period of 1 year to 5 years. I am sharing the table below for your reference with complete breakdown:

You can know how much interest rate on fixed deposit in post office more precisely on their official website:

A practical substitute for the fixed deposits offered by banks is the post office fixed deposit (POFD). My father invested some amount in post office FD. He is getting a guaranteed return on the money placed through his fixed deposit arrangement for a set amount of time. So I have something to say about the postal fixed deposit interest rates.

What are PO FD Interest rates?

At the start of each quarter in the last year, the government changes the rate of interest for POFD. Based on the return on government bonds, it is determined. The following guide will help you with how much interest on FD in post office.

How do I purchase Post Office Fixed Deposits?

You can register a Post Office Term Deposit or FD using either the online procedure or the offline way.

A) Investing via mobile device

1) You need to get the Google Play Store app for your phone and download the India Post Mobile Banking app.

2) Enter your login information to access the app.

3) On the main screen, select the "Requests" tab to create a POFD account.

4) Enter the necessary information to open the account, including the deposit amount, duration, the account from which you wish to make the deposit, the nominee, and other details.

B) Offline Investing Process

1) You need to complete the application form with the necessary information. Additionally, you can get the form on the Post Office website.

2) Include all relevant paperwork with your application.

3) Go to the post office location where you previously had your savings account in step three.

4) Go to the local branch if you don't have one yet.

5) You must present the necessary paperwork to the branch's appropriate staff member in order to open the account.

Who can invest in POFDs?

Anyone can open a fixed deposit account at the post office with cash or a check. The date the check is realised will be used in government records as the account opening date. A fixed deposit account at the post office cannot be opened by NRIs. POFD is best suited for people who are extremely cautious about their financial decisions. It is ideal for low-risk individuals seeking both financial protection and a predictable income. It includes retirees or those who are about to retire.

Now you are aware of the postal fixed deposit interest rates.