Post Office FD Interest Rate Table - Latest Schemes 2024
Table of Contents
The Government of India’s Department of Posts, Ministry of Communications, offers fixed deposit accounts that offer attractive interest rates with tenures that range from 1 year up to 5 years. The interest is payable annually with the minimum deposit being Rs.1,000 and no maximum limit. Let us understand the Post office FD rates in detail here.
Post Office Time Deposit Account
The Post Office Time Deposit (TD) Account, also known as the Post Office Fixed Deposit (FD) account, can be opened with a minimum of Rs.1,000 in multiples of Rs.100, with no maximum limit.
Post Office FD Interest Rates 2024
The details regarding the Post Office Fixed Deposit Interest Rate are given in the table.
| Interest Rate Period | Interest Value |
| Highest Post Office TD Interest rate for 5 years | 6.70% p.a. for a tenure of 5 years |
| Range of interest rates | 5.50% p.a. to 6.70% p.a. |
| Tenure of 1 year | 5.50% p.a. |
| Tenure of 2 years | 5.50% p.a. |
| The rate for 3 years | 5.50% p.a |
Features of Post Office Fixed Deposit
Following are the important features of post office FD in 2024:
- The account can be opened by payment through cheque or cash.
- The minimum amount is Rs.1,000 with no maximum limit for the deposit value.
- A minor’s account has to be converted after attaining a majority.
- The tenure can be extended by making an application.
- Interest is payable annually and is credited into the holder’s savings account.
- Accounts can be transferred from one post office to another anywhere in the country.
- Any number of accounts can be opened in any post office anywhere in the country.
- A single account can be converted into a joint account and vice versa.
- A nomination facility is available at the time of opening the account and afterwards too.
Who Can Open A Fixed Deposit Account?
A time deposit account with India Post can be opened by:
- A single Adult.
- Maximum of three adults (in the case of a joint account).
- A Minor who is above 10 years of age.
- A guardian on behalf of an individual who is a minor or a person of unsound mind.
Premature Withdrawal of Post Office FD
Premature withdrawal of a Post Office FD or Term Deposit can be made between 6 months to 1 year from the date of opening the account. However, withdrawal is not allowed before 6 months from the date of opening the account.
TDS Deduction on Post Office FD
You can avail of a tax deduction under Section 80C of the Income Tax Act, 1961, for deposits with a tenure of 5 years. This rule is applicable from 1 April 2007.
Post Office FD Calculator Online
Let us understand about the post office fixed deposit calculator here.
- Post Office Fixed Deposit account can tell exactly how much you will earn with interest even before you open it.
- All you have to do is enter the amount you wish to invest, the current rate of interest for the tenure you wish to invest in, and the type of interest compounding frequency.
- The exact amount you will earn with interest will be instantly displayed on the page
Conclusion
The one-year, two-year, and three-year term deposits have no upper limit when it comes to investment, while the five-year fixed deposit allows a maximum amount of Rs.1.5 lakh per year. It needs to be mentioned here that individuals who invest in the five-year term deposit qualify for income tax benefits under Section 80C of the IT Act.
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