Post Office FD Interest Rate 2023

Post office FD interest rate ranges between 6.9% to 7.5% p.a. for tenures of 1 year to 5 years. These rates are applicable from 1 October 2023 to 31 December 2023. This FD plan was launched as the National Savings Time Deposit Account Scheme to encourage savings habits and risk-free investment among investors.

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Post Office Fixed Deposit Interest Rates 2023

The below-mentioned table shows the updated post office FD interest rates 2023 (w.e.f 1 October 2023 to 31 December 2023):

Tenure	1 October 2023 to 31 December 2023
1 year	6.90%
2 years	7.00%
3 years	7.00%
5 years	7.50%

All fixed deposit interest rates in post office shown above are applicable from 01.10.2023 to 31.12.2023 Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Comparison Of Post Office FD Interest Rates 2023 With Indian Banks

BANKS	GENERAL CITIZENS	SENIOR CITIZEN
SBI FD Interest Rates	3.00% - 7.10%	3.50% - 7.60%
HDFC Bank FD Rates	3.00% - 7.25%	3.50% - 7.75%
ICICI Bank FD Rates	3.00% - 7.10%	3.50% - 7.60%
Axis Bank FD Rates	3.50% - 7.10%	3.50% - 7.85%
PNB FD Interest Rates	3.50% - 7.25%	4.00% - 7.75%
Yes Bank FD Rates	3.25% - 7.75%	3.75% - 8.25%
Kotak Mahindra FD Rates	2.75% - 7.25%	3.25% - 7.75%
Bandhan Bank FD Rates	3.00% - 5.85%	3.75% - 8.50%
Union Bank of India FD Rates	3.00% - 6.70%	3.50% - 7.20%
Indusind Bank FD Rates	3.50% - 7.50%	4.25% - 8.25%
Canara Bank FD Rates	4.00% - 7.25%	4.00% - 7.75%
Bank of Baroda FD Rates	3.00% - 7.25%	3.50% - 7.75%
IDFC Bank FD Rates	3.50% - 7.25%	4.00% - 7.75%
Indian Bank FD Rates	2.90% - 5.15%	3.40% - 5.65%
DBS Bank FD Rates	2.50% - 5.50%	2.50% - 5.50%
UCO Bank FD Rates	2.55% - 5.05%	3.80% - 6.30%
Bank of India FD Rates	2.85% - 5.35%	3.00% - 6.50%
IDBI Bank FD Rates	2.90% - 5.30%	3.40% - 5.90%
Central Bank of India FD Rates	2.75% - 5.15%	3.25% - 5.65%

Features of Post Office Fixed Deposit (Time Deposit Account)

The basic features of a Post office fd interest rates account are mentioned below:

Features of Post office FD interest rates	Details
FD Tenure	1, 2, 3, and 5 years
Rate of Interest	6.90% to 7.50%
Minimum Deposit Amount	Rs. 1,000
Interest Payment	Annually
Premature Withdrawal	It is allowed after 6 months
Payment Mode	Cheque / Cash
Facility of Nomination	Available

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Note: It is advised to use FD calculator to get the estimate of returns that can be earned before making an investment decision.

Types of Post Office FD Schemes

National Savings Time Deposit Account
- Tenor: Available for 1, 2, 3, and 5 years.
- Eligibility: Open to adults, guardians for minors or persons of unsound mind, minors above 10, and joint accounts (max. 3 adults).
- Min. Deposit: Rs 1,000, further in multiples of Rs 100.
- Taxation: 5-year PO FDs offer tax benefits under Income Tax Act's Section 80C.
- Interest: Annual payouts, compounded quarterly. If interest isn't withdrawn on the due date, no extra interest on the interest amount.
- Extension: Extendable within specified periods from maturity.
1-yr: Within 6 months

2-yr: Within 12 months

3/5-yr: Within 18 months
- Premature Closure: Withdrawal after 6 months. Post Office interest rates adjusted based on completed years.
1-yr PO FD closed at 6 months = PO savings account rate.

2/3/5-yr PO FD closed at 1+ year = 2% less than completed years' FD interest rate
- Security/Collateral: Transferable/pledged for security, including housing finance, banks, RBI, Governor of a state or the President of India.
National Savings Monthly Income Account
- Tenor: Account duration - 5 years.
- Eligibility: Adults, guardians for minors, minors above 10, up to 3 adults in joint account.
- Min Deposit: Rs 1,000, in multiples of Rs 1,000.
- Max Deposit: Rs 4.5 lakh (single) / Rs 9 lakh (joint or guardian for minor).
- Interest: Monthly, taxable, not claimed interest doesn't earn more interest.
- Premature Closure: After 1 year but before 3 years 2% deduction, after 3 years but before 5 years 1% deduction.
- Maturity: 5 years, early closure refund rules apply on death.
Key Aspects of Fixed Deposit Post Office Interest Rates 2023
- Post Office FD interest rates are compounded quarterly, payable annually.
- Initial deposit rate remains constant.
- Option for direct bank transfer available.
- Post Office FD interest given only on the deposit.
- No interest on unwithdrawn credited interest.
- Maturity sum earns no interest unless tenure is extended.
- Extended tenure gets prevailing rate interest.
Benefits of Post Office FD Scheme
- Assured returns with a fixed interest rate.
- Government-backed scheme, ensuring the safety of your investment.
- Attractive interest rates that are periodically revised.
- Flexible tenure options to suit your financial goals.
- Tax benefits under Section 80C of the Income Tax Act.
- Easy accessibility with a wide network of Post Offices.
- No market fluctuations, providing stability.
- Loan facility available against the FD.
- A minor can open an FD account under guardianship.
- Nominees can be added even after account opening.

What is the Process of Opening Post Office FD Account Online & Offline?

Online
- Eligibility: Need active savings account, KYC, PAN, email, mobile, debit card/DOP ATM.
- Login: Use ID, password to access Post Office e-banking.
- Services: Click "General Services" and open "Service Request."
- Request: Choose "New Request" for FD.
- Steps: Follow prompts to finish.
Offline
- Docs: Get docs, visit Post Office.
- Talk: Consult official, ask about rates.
- Process: Follow guidance to open FD.
- Receipt: Keep opening receipt.

Post Office FD Calculator

Total Investment

₹

₹500 ₹30L

Enter Total Investment

Rate of Interest (Yearly)

1% 15%

Rate of Interest (Yearly)

Time Period

Years

1 Year 15 Years

Enter Time Period

Total Investment

Interest Earned

Maturity Amount

Post Office FD Interest Rates – FAQs

What is the eligibility criteria for opening a post office FD account?
- Any resident of India can open this either individually or jointly.
- Minors are also eligible to open a post office FD account. However, it should be under the guidance of some legal guardian.
- Companies, trusts, NRIs, and other organizations are not eligible to avail of the benefits or open an FD account.
How can I calculate my post office fd returns?

You can use the Post Office FD Calculator. It is an online tool designed to help users determine the maturity amount of their Fixed Deposit (FD) investments in the Post Office.
What are the tax benefits for Post Office FDs?
- Tax-free interest for low-income groups.
- No TDS under Rs. 40,000/Rs. 50,000 interest (regular/senior).
- Claim deductions under section 80C (up to Rs. 1.5 Lakhs).
- Tax benefits vary with tax law changes.
What is the procedure for Premature Withdrawal for Post Office FD?
- Visit the local Post Office.
- Fill Form-1 with details.
- Deposit amount & tenure chosen.
- Submit KYC docs, payment.
- Get a Deposit Certificate.
- Premature withdrawal via Form-4.
- No withdrawal in the 1st 6 months.
- After 6 months but within 12, partial interest paid.
- Rates vary with tenure.
What is the FD Rate in Post office 2023?

Interest rates From 01.10.2023 to 31.12.2023

Period Rate

1yr.A/c 6.9%

2yr.A/c 7.0%

3yr.A/c 7.0%

5yr.A/c 7.5 %
Is Post Office FD 100% safe?

The sovereign guarantee provided by the Government of India makes post office fixed deposits (FDs) a favored choice for individuals seeking a secure investment opportunity. This guarantee ensures the safety of the investment, making post office FDs a reliable avenue for risk-averse investors.
What is the interest rate for 1 lakh FD for 3 years with the existing interest rate in the post office?

Interest Earned: Rs. 22.5 K

Maturity Amount: Rs. 1.23 L
What are the maximum interest rates offered on the FDs of the Post Office?

Currently, the Post Office FDs provide a maximum interest of 7.50% for a tenure of five years.
Which is better Post Office FD or Bank FD?

The Post Office FDs are also called Small Savings Scheme and they offer comparatively better returns and rates than deposits of banks.
Which scheme gives the highest interest rate?

FD scheme provides the highest post office interest rate than Bank FD interest. It is suggested to use FD calculator online tool to analyse the returns on FD.
Does the Post Office provide loans?

Post Office allows its customers to get loans against their FDs value.

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