Post Office Fixed Deposit(FD) Interest Rates 2020: The post office offers a variety of deposit schemes to its customers. They are also known as small savings schemes. These schemes are very popular due to their superior and guaranteed returns. These schemes are supported by the central government. Some of these schemes also get income tax exemption under Section 80C of the Indian Income Tax Act. The interest rate on these schemes is fixed by the government every three months. Today we will give you information about various small savings schemes of the post office.
Post Office Fixed Deposit(FD) Interest Rates 2020
The fixed deposit rates at the post office under the Small Savings Schemes are regularly updated by the Government of India. The following post office Fixed Deposit interest rates are updated.
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How to open a post office fixed deposit account
The Indian Post Office is the largest in the world with 1 lakh 50 thousand branches. If you want to open a post office fixed deposit account, for this you can go to your nearest post office branch and open your FD account. All the Indian Post Offices are also being developed by the Government of India in the rooms of the Indian Postal Payment Bank, now the banking process in the post office has become even better.
- Go to the nearest post office and take the account opening form and fill it completely.
- Two passport size photos.
- Photo ID proof – You can submit a passport, driving license, election card, or Aadhaar card.
- Address proof – You can submit a passport, telephone bill, electricity bill, or salary slip along with the address.
- Photocopies of the mentioned document must be self-verified. If an account is opened through an agent, the self-assurance of an agent is required on the documents.
Senior Citizen Savings Scheme (SCSS)
Senior citizens of 60 years or more can invest in this scheme to get regular interest income. The minimum investment amount in this scheme is Rs 1,000 and the maximum investment amount is Rs 15 lakh. At present, under this scheme, interest is being paid to the customers at the rate of 7.40 percent.
Post Office Monthly Income Scheme (POMIS)
The maturity of the scheme is five years. The scheme only offers monthly interest payments from investors. The minimum investment limit in this scheme is Rs 1500 and the maximum investment limit is Rs 4.50 lakh for a single account and Rs 9 lakh for joint account. Currently, the scheme is paying interest at a rate of 6.60 percent.
Public Provident Fund (PPF)
In this scheme also, investment amount, interest earned and maturity amount are exempt from income tax. The plan has a lock-in period of 15 years, but a partial withdrawal is offered for seven years. The minimum investment amount is Rs 500 and the maximum investment amount is Rs 1.50 lakh annually. At present, the scheme is getting interested at a rate of 7.10 percent.
Post Office RD (RD)
This scheme is designed to invest a small fixed amount at regular intervals. Customers can open a five-year RD account by going to the post office. There is no minimum investment amount of Rs 10 and a maximum investment amount in this scheme. At present, customers are getting interested at the rate of 5.5 percent under this scheme.
FAQ About Post Office Fixed Deposit(FD) Interest Rates 2020
To break FD, one has to wait for 6 months from the date of opening the account. Post that, premature withdrawal is allowed
Yes. Investment in a post office term deposit account (fixed deposit) is a product of India Post and is offered under the National Savings Scheme. It is guaranteed by the Government of India and is thus safe to invest.
I hope you have understood the whole information About Post Office Fixed Deposit(FD) Interest Rates 2020. However, if you have any questions with us, you can ask and comment.