The Post Office offers a range of fixed deposit (FD) schemes with different interest rates and maturities. The interest rate on FDs depends on the scheme and the amount deposited. For instance, under the Jeevan Lakshmi Scheme, deposits of Rs.1 lakh to Rs.5 lakh earn an interest rate of 6.9% per annum, while those above Rs.5 lakh earn 7.4% per annum. The Post Office also offers a special FD scheme for senior citizens, which provides an additional 0.5% interest over and above the regular FD rates.
Post Office Saving Schemes
The post office offers several saving schemes with different interest rates and terms. The most popular is the Fixed Deposit scheme, which offers an interest rate of 7.3% per annum for a period of 5 years.
Other schemes include the National Savings Certificate (NSC) scheme, which offers an interest rate of 8% per annum for a period of 10 years, and the Public Provident Fund (PPF) scheme, which offers an interest rate of 8.7% per annum for a period of 15 years.
The post office also offers a Saving Account scheme, which offers an interest rate of 4% per annum on balances up to Rs 1 lakh. This account can be opened with a minimum balance of Rs 500 and there is no limit on the maximum balance that can be maintained in this account.
The current interest rate for Post Office FD
The current interest rate for Post Office FD is 4.00%. This rate may change at any time without prior notice.
How to open a Post Office FD account
To open a post office FD account, you will need to:
1.fill out a application form which is available at any post office or can be downloaded from the website
2.submit the minimum required deposit, which is currently Rs.500 for term deposits of 1 year and above
3.provide proof of identity and residence
4.choose the type of interest rate (cumulative or non-cumulative) and tenure that you want
5.sign the forms and documents as required
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