India Post allows its customers to open time deposits with them. The rate of return offered on the fixed deposits are quite attractive with the rates starting at 5.50% p.a. The deposits can be opened with a minimum investment amount of Rs.1,000 for a tenure that ranges between 1 year and 5 years.
To know the exact amount which you will earn as interest before investing in a Post Office Fixed Deposit, you can use the FD calculator offered by BankBazaar. All you need to know is enter the deposit amount, interest rate and the tenure before clicking on the ‘Calculate’ button.
Other Banks FD Calculator
Some of the benefits of using BankBazaar’s FD calculator are:
The procedure to use BankBazaar’s FD calculator is listed below:
The rate of return offered by India Post on time deposits are mentioned below:
|Tenure||Interest rate (per annum)|
Yes, a minor can open a fixed deposit if the age is above 10 years of age.
No, there is no limit on the maximum investment amount.
Yes, extension of FD account is allowed. You can further extend the tenure of the FD account at the time of maturity.
Yes, you are allowed to closed the time deposit account before maturity. However, it can be done only after 6 months of opening the account.
Yes, for opening a 5-year fixed deposit account you can avail the benefit of Section 80C of Income Tax Act.
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