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.
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD+
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|
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.
|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%|
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|
|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.
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.
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.
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.
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.
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.
Docs: Get docs, visit Post Office.
Talk: Consult official, ask about rates.
Process: Follow guidance to open FD.
Receipt: Keep opening receipt.
Rate of Interest (Yearly)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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