Published on: 29 August 2023
Post Office FD interest rates are usually revised every quarter and with the recent revision, you can earn good returns of up to 7.50%. Post Office Savings Schemes have been in existence since India’s independence and were meant to promote a habit of saving among citizens since their launch.
The Time Deposit or Fixed Deposit is one among other such schemes, such as National Savings Recurring Deposit (RD), Public Provident Fund (PPF) and National Savings Monthly Income Account (MIS). As such, it is a traditional route to save and holds the trust of investors across the country.
As with other FDs, the Post Office FD scheme is non-market linked. It is regulated by the Post Office of India and backed by the government, making it an ideal choice to reduce the risk exposure of your investment portfolio.
Read on to know the Post Office latest interest rates for FDs as per the tenure.
The Post Office Fixed Deposit (FD) scheme ensures the safety of your investment. By understanding fixed deposit Post Office interest rates, you can capitalise on your investment and save for future needs. Keep in mind that your interest is computed every quarter and paid annually in such deposits.
The Post Office latest interest rates for FDs vary based on the tenure, so check the table below to see what you stand to earn.
FD Tenure | Post Office FD interest rates in 2023 |
---|---|
1 year (12 months) | 6.90% |
2 years (24 months) | 7.00% |
3 years (36 months) | 7.00% |
5-year Tax -Saver FD (60 months) | 7.50% |
These rates are valid up to August 30, 2023 and you can check the latest rates before you invest to ensure you are making the right choice.
Also Read: Best banks for saving accounts in India
There are several beneficial features as mentioned below of this Time Deposit offered by the Post Office.
enjoy the advantage of tax exemptions on your investment as per Section 80C of the Income Tax Act, 1961.
These benefits of Post Office Fixed Deposits allow you to grow your money and secure your financial future with ease. However, make sure you check the prevailing rates of other FDs in the market before making your choice.
To avoid prematurely withdrawing your FD, you can avail of a Personal Loan up to Rs.5 lakhs from Fibe. It takes just a few minutes to apply online, so download our Personal Loan App or register on the website today!
The interest you earn on an FD of ₹1 lakh in a Post Office FD will depend on the specific tenure you choose and the prevailing Post Office FD interest rates. If you invest for 1 year as of August 2023, you can earn approximately ₹7,081.
The best fixed deposit tenure depends on your financial goals, as different tenures come with varying interest rates. You can get a return rate ranging from 6.90% to 7.50%. If you want to earn high returns and get tax benefits, go for the 5-year Tax-Saver FD.
The fixed deposit Post Office interest rates in 2023 vary based on the tenure. The rates start at 6.90% and go up to 7.50%.
Yes, investing in Post Office FD is considered safe as it is backed by the Government of India. It is a secure investment option with guaranteed returns.
No, as of now, you can get an interest of 7.50% on 5-year Post Office FDs, which does not double your investment.
There is no maximum limit for investing in a Post Office FD. You can start your investment with ₹1000 and up in multiples of 100.
Investing in Post Office FD can be a good option for secure and guaranteed returns. It provides a fixed interest rate, making it suitable for conservative investors seeking stability.
Category : Finance
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