Post Office Fixed Deposit

About Post office fixed deposit

If you think about investments and assured returns, the one that comes to your mind is a fixed deposit or recurring account. Fixed deposit is the first choice for all investors who want to make small or huge investments. Different banks and non-banking financial firms have different minimum amount limit to make the investment. Generally, banks accept the minimum deposit of ₹500 or above in recurring deposit, whereas the minimum limit to invest in fixed deposit might vary from bank to bank. Some banks accept minimum Rs. 5000 whereas some don’t accept amount below than ₹20,000 to make the investment. The minimum and maximum amount vary in all financial firms. Besides all leading banks and other non-banking financial firms, Indian Postal department is also known for its saving plans and different saving schemes. Indian postal department has a strong hold in saving and investment in rural India along with cities. Across the country, a large number of people invested their money in various saving and investment schemes of Indian Post. Indian Post offers fixed deposit investment facility to customers. You can make an investment with minimum ₹200 in this investment scheme. Let’s take a close view of the features and benefits of Indian Post’s fixed deposit scheme.

Documents required for fixed deposit

  • Original identity proof for verification
  • Identity proof such as PAN card, voter ID card, Aadhar card, driving license, passport
  • Address proof such as ration card, electricity bill, PAN card, driving license

Premature withdrawal facility

There is premature withdrawal facility is available or closure is permitted after completion of six months of the opening of the deposits. You can close the fixed deposit account after completion of six months duration and before completion of one year of opening the account, in which case, the amount invested is returned sans interest to the depositor. If a time deposit of two or three years is withdrawn prematurely, interest will be paid only for the completed years.

Benefits and features of fixed deposit

  • Any individual can open fixed deposit
  • Flexible tenure to choose from minimum 1 year to maximum 5 years
  • Minimum amount accepted to open FD is ₹200
  • Any number of accounts can be opened by an individual
  • You can also open a joint account
  • Single account can be converted into joint account vice verse
  • Investment under years TD eligible for claiming tax benefits
  • Interest is payable annually and calculated on quarterly basis
  • Loan against fixed deposit is available
  • Minimum interest is 6.90% to maximum 7.70% p.a.

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