Savings and investments are the pillars of financial security and prosperity. They play a pivotal role in ensuring a stable future for you and your family. A cornerstone of financial planning, the correct investment can help you to build your wealth, achieve your financial goals, and secure your financial future.
One of the most popular forms of investments is the Fixed Deposit (FD). FDs, or Term Deposits are a safe and reliable financial instrument for your savings. An FD is a financial arrangement where you can invest a sum of money with a bank or financial institution at a predetermined period with a pre-decided rate of interest. This form of investment has stood the test of time and offers a secure avenue to safeguard your funds while you earn a steady income.
What is a Post Office Fixed Deposit?
The Department of Post, with 1,55,618 post offices in the country, is the largest on the globe. And the Post Office Savings Bank is one of the largest and oldest banking institutions in the country. The Department of Post offers various savings schemes such as savings accounts, monthly income scheme, public provident fund, National Savings Certificates, time deposit, recurring deposits, Senior Citizens Savings Scheme, and Kisan Vikas Patras.A Post Office Fixed Deposit, or Post Office Time Deposit is a very popular investment avenue, known for its reliability, safety, and competitive interest rates. Offered by the Department of Posts, Government of India, these fixed deposits are a convenient and secure way for you to grow your savings. The Post Office Fixed Deposit scheme was introduced with the intention of instilling a habit of savings while providing a risk-free investment for citizens. This scheme allows you to invest an amount for a fixed period at a predetermined rate of interest.
The Post Office Fixed Deposit scheme is supported by the government through the Union Ministry of Finance. The scheme is also known as National Savings Time Deposits as it is operated by the National Savings Institute, under the Department of Economic Affairs.
Also read: Difference Between A Regular FD And A Tax-Saving FD
Features of Post Office Fixed Deposit
The Post Office Fixed Deposit comes with the following features:• Post Office Fixed Deposits come with numerous tenure options such as 1,2,3, and 5 years, giving you the flexibility to pick a tenure that best fits your financial goals. You also have the option to extend the tenure if required.
• You can open a Post Office Fixed Deposit with an investment as low as Rs. 1000. There is no upper limit for the amount you can invest. This makes Post Office Fixed Deposits accessible to both small and large investors.
• You can open a Post Office Fixed Deposit account in your name or jointly with another individual.
• The government sets the interest rates for Post Office Fixed Deposits and revises them periodically. The rates are generally quite competitive.
• The interest is calculated quarterly but payable annually.
• Post Office Fixed Deposits are low risk, with high capital protection as they are backed by the government.
• You have the option to borrow against your deposit or withdraw your deposit prematurely.
• You can receive the interest amount as a direct payment in your savings account.
• If you opt for the 5-year tenure, you will be eligible for tax deduction under Section 80C.
Also read: Fixed Deposits (FD) Benefits & Features
Advantages of Post Office Fixed Deposit
• Post Office Fixed Deposits are one of the safest investment options as they are backed by the Government of India.• Post Office Fixed Deposits offer you competitive interest rates, set and periodically revised by the government.
• You have the flexibility to choose a tenure that is in accordance with your financial goals.
• You can open a Post Office Fixed Deposit account with an investment as low as Rs. 1000.
• While a fixed deposit is meant to be held for the entire tenure, you do have an option for premature withdrawal.
• You can nominate a beneficiary who will receive the deposit amount through a simple transfer of funds under certain circumstances.
• Since post offices are widespread and easily found in both rural and urban areas, opening and managing a Post Office Fixed Deposit is simple and convenient.
• You also have the advantage of account portability, which means you can shift your account from one post office to another.
Also read: Tax Saving FD - 10 Interesting Facts about Tax Saving Fixed Deposits
Types of Post Office Fixed Deposit schemes
Let us have a look at the types of Post Office Fixed Deposit schemes:National Savings Time Deposit Account
You can open this account for a tenure of 1,2,3, and 5 years. You need a minimum deposit of Rs. 1000 and additional deposits in multiples of 100. If you make an investment for a tenure of 5 years, you are eligible for tax benefits under Section 80C. While the post office compounds your interest every quarter, you receive your payout annually. Additionally, if you do not withdraw your interest amount on the due date, you will not receive additional interest on the amount. You also have the option to extend the tenure of your account on maturity with the same interest rate as per the conditions given below:• For a 1-year account- within 6 months of maturity
• For a 2-year account- within 12 months of maturity
• For a 3 or 5-year account- within 18 months of maturity.
If you wish to close your account or make a premature withdrawal of your deposit, you can do so only after 6 months from the deposit date. If your account had a tenure of 1-year, the applicable interest will be the same as your post office savings account. In case of an account with tenures of 2,3,5 years, if you close your account after 1 year, the applicable interest rate will be 2% less for the completed year.
You also have the option to transfer or pledge your account as security to parties such as housing finance companies, the local authority, cooperative banks or societies, scheduled banks, Reserve Bank of India, the Governor of a State, or the President of India.
To pledge an account, you need to fulfil certain criteria:
• If you wish to pledge an account on behalf of a person of unsound mind, you need to certify that the concerned person is alive and you are transferring the account for his/her benefit. The same applies to a minor. You need to certify that the transfer benefits the minor.
• If you transfer the account as security, the authorising officer will have to make an endorsement on record stating the same.
• The transferee will be considered the depositor till the account is not transferred back to you.
• A person with an infirmity can pledge the deposit through a literate person through the process of authorization.
Adults, guardians on behalf of minors, guardians on behalf of a person of unsound mind, joint account holders, or minors above the age of 10 years are eligible to open an account.
National Savings Monthly Income Account
This account provides you with the facility of a monthly interest income to manage your expenses. You can open this account for a tenure of 5 years. You can open an account with a minimum deposit of Rs. 1000 and a maximum of Rs 4.5 lakh. In case of a joint account, the maximum amount can go up to Rs. 9 lakhs. You will receive the interest at the end of one month after the date you opened the account- a process that will continue till maturity of your account. If you do not claim your interest by the end of a month, you will not earn additional interest on your interest amount.If you wish to withdraw your deposit, you can do so only after 1 year from the date of deposit. If you close the account after 1 year but before 3 years, the post office will deduct 2% of the amount you had deposited. Similarly, if you close the account between the tenure of 3 and 5 years, the post office will deduct 1% of your deposit amount. In case of death of an account holder, a nominee or legal heir can close the account and claim for a refund of the deposit.
Adults, guardians on behalf of minors, guardians on behalf of a person of unsound mind, joint account holders, or minors above the age of 10 years are eligible to open an account.
Also read: Tax Calculation on Fixed Deposits - Rules
Opening a Post Office Fixed Deposit
To open a Post Office Fixed Deposit account, you need to be a resident of India. A minor can open an account, which will then be managed by a parent or guardian. Persons of unsound mind can open accounts which will be managed by a guardian.To open a Post Office Fixed Deposit, you will need to submit the following documents:
• Identity Proof such as PAN card, Passport, Voter ID, Aadhaar card.
• Address Proof such as Passport, Aadhaar card, Utility bills (electricity bills).
• Passport size photographs
• Job card provided by NREGA.
You can open a Post Office Fixed Deposit account by cash or cheque. In case of a cheque, the opening date of the account will be the day of cheque realisation. You can opt for the nomination facility when you are opening your account. In this case, you will also need to provide nominee details. You can transfer your account from one post office to another.
If you wish to open an account offline, you can visit your nearest post office branch. You will need to fill relevant forms and submit the documents that have been mentioned above.
If you wish to open an account online, you can visit the post office e-banking portal. Log in with your registered ID and password. Under the ‘General Services’ tab, select the ‘Service Request’ option. Click on ‘New Request’ and follow the instructions to initiate your request.
Also read: How Do Fixed Deposits Work?
What Are the New Interest Rates Offered By the Post Office?
The Government of India sets the interest rates for Post Office Fixed Deposit accounts and revises the rates periodically. Given below are the current interest rates for Post Office Fixed Deposits. These rates are applicable up to 31st December 2023.| Tenure (Years) | Rate of Interest (Per Annum) |
| 1 | 6.90% |
| 2 | 7.00% |
| 3 | 7.00% |
| 5 | 7.50% |
Post Office Fixed Deposits are a reliable and secure investment option, particularly suitable for risk-averse investors looking for steady returns. They are a potent combination of safety, attractive interest rates, tax benefits, and convenience with multiple branches available across the country- making them a compelling investment choice. Whether you are saving for a specific financial goal or seeking a low-risk investment option, Post Office Fixed Deposits provide a secure and dependable way to grow your savings. By making an informed decision, you can harness the benefits of this investment avenue and get closer to your financial goals- one step at a time.
FAQS – FREQUENTLY ASKED QUESTIONS
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What is the interest rate on FD in post office in 2023 ?
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Which is the best FD scheme in Post Office ?
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Do post office fixed deposits offer tax benefit ?
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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