Interest Rates On Post Office Fixed Deposits (FD) Vs Monthly Income Scheme Vs Savings Accounts
Besides offering usual postal services, the banking arm of India Post offers nine saving schemes, which help customers earn attractive interest rates, according to indiapost.gov.in. So as with usual banks, customers can invest in savings accounts, fixed deposits (FDs), recurring deposits (RDs), monthly income scheme account (MIS), senior citizen savings scheme (SCSS), public provident fund account (PPF), national savings certificates (NSC), Kisan Vikas Patra (KVP) and sukanya samriddhi accounts.
Given below is a comparison of post office fixed deposits, monthly income scheme and savings accounts:
Post office fixed deposits (FD)
Also known as time deposit, post office fixed deposit accounts can be opened by an individual via cash/ cheque. A nomination facility is available at the time of opening and also after opening of the fixed deposit account. The account can be transferred from one post office to another. The investment under five years fixed deposit qualifies for the benefit of Section 80C of the Income Tax Act, 1961.
Interest rates on post office fixed deposits
Â
| ​Period | ​Interest rate |
| 1yr.A/c | 6.60% |
| 2yr.A/c | ​6.7% |
| 3yr.A/c | 6.90% |
| ​​5yr.A/c | 7.40% |
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