Post offices in India offer various financial schemes including recurring deposit accounts, fixed deposit accounts, certificates, special schemes for farmers, etc. These schemes come with a wide range of benefits and can be opened at any designated post office in India. They are similar to the financial services offered by banks and other financial institutions.
Post Office Fixed Deposit Schemes
Post offices offer fixed deposit schemes with interesting rates of interest and a wide range of benefits. Interest rate for each tenure for post office fixed deposit is fixed. The post office offers different kinds of fixed deposit schemes to choose from.
Special Fixed Deposit Schemes offered by Post Offices
Post offices offer a wide range of savings schemes including Fixed Deposit schemes. Listed below are some of the special fixed deposit schemes offered by post offices in India and its features:
Post Office Time Deposit Account:
Post office time deposit account is a fixed deposit account that can be opened and maintained by any eligible individual. It works like any other fixed deposit account where in the individual deposits a certain amount of money into the account once and earns interest on the amount deposited until the term of the policy ends. The account comes with an investment period of 5 years. Premature closure of the account is allowed.
Tenure (in months)
Rate of Interest
Senior Citizens Savings Scheme:
Senior citizens savings scheme is a scheme designed specially for senior citizens above the age of 60. The account comes with a maturity period of 5 years. Deposit can be made only once and should be made in multiples of Rs.1000 and the maximum amount that can be deposited is Rs.15 lakh.
Tenure (in months)
Rate of Interest
15 year Public Provident Fund:
PPF or Public provident fund is one of the best fixed deposit schemes offered by post offices. Deposits can be made either at once with a lump sum amount or in 12 monthly installments. The rate of interest offered on the fixed deposit account currently is 8.40%. Premature closure is not allowed for the account.
Tenure (in months)
Rate of Interest
Post Office Monthly Income Scheme:
Monthly income scheme(MIS) is one among the many fixed deposit schemes offered by the post offices in India. Any eligible individual can open the account at designated post offices.The deposit should be made in multiples of Rs.1500 and the maximum amount that can be invested is Rs.4.5 lakh. The maturity period on this account is 5 years.
India Post senior’s FDs offers high, guaranteed returns
The Senior Citizen Saving Scheme (SCSS) offered by India Post is a safe and lucrative investment that offers an annual interest rate of 8.30%. This is a very lucrative option because it pays a very high rate of interest and at the same time there is no element of risk involved in this type of fixed deposits scheme, that is especially designed for those who are 60 years and above.
When it comes to returns, SCSS pays a good rate of interest when you compare it with the other schemes in the market for people of this age group.
For those who are 60 years and above, this is ideal because this age group cannot take much risk but at the same time they want to gain a good rate of return without compromising on the safety aspect of things.
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I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
I had a Fixed Deposit in State Bank of India, I have completed the tenure before 3months ago. I have no issues with the customer service. They are given me 7% interest rate for 2years. There is no profit and processing fee. I got an online access, where I can check the interest rate anytime on the YONO app or else SBI online.
I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
I have invested the money in Dena bank through Fixed deposit and the growth is not that much good. They are not taking any hidden charges. Only because of the Government undertaken bank, i have selected them. They are providing a interest rate of 6% per annum. I have invested the money of Rs. 2 lakhs. There is a lockin period of 1 year.
I have opt for fixed deposit for the tax saving purpose because I have chosen five years tenure with AXIS Bank, still its going on. Only once I Invested my money it has the locking period of five years. I have option to check my transactions through mobile app. But I have concern about the interest rate is very lesser for this FD.
I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
I had a Fixed Deposit with Union Bank of India and its closed 18 to 19 months due to personal reasons. I am doing investment but my experience is not good with FD account. In my home town, there is no other banks so just decided to go with this bank. The returns are good.
I have one FD with HDFC, I deposited Rs. 1 lakh, I was opt for 45 days of tenure. Finally I got 6.25% of interest for 45 days. It won't cover the tax, if we need tax benefits we should go for five years term. I can track the details through netbanking, on the maturity date the amount credits automatically in the account. Even the notification can customized.
HSBC staff wrongly pre closed my fixed deposit .. and calculated the interest rates wrongly and when asked them for clarification never got back .. even after following up with them repeatedly for more than 3 months.. would highly recommend not using their services.
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A V kumar
Reviewed on Aug 24, 2019
I do have a Fixed deposit account with SBI and it was carried out by Mom and even I have account for my daughter. Its still running and they have Google application separately to access online. The returns are good. I am doing monthly investment and it was opened quite a long may be 4 years.
I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
In post office rate of interest is higher for the fixed deposit when compared to the bank, I invested Rs. 5000 on monthly basis its comes in a year Rs. 60,000 after 5 years I got Rs. 3.75,000 I got Rs. 75,000 extra. The service is not comfortable if we have any relative who working there it would supportive or else difficult.
I have FD with SBI, I have opt for one year term there is no such limitation for depositing the money. The interest rate is good for the FD, the online banking is convenient to take liquidity. They resolve the queries on time. Its most safe and secured.
I have selected state bnak of indis fixed deposit amount 1 lakhs , Tenure 5 years and Rate of interest 8 percentage after renewal fixed deposit 6 percentage is very less .while document directly bank . Customer service is not good and responsive.
I activated FD account with Kotak, I have been maintaining this account since when I opened saving account, I converted Rs. 5000 for one year. They are providing interest around 7.6% per annum, the online netbanking and mobile app is very convenient for deposit to FD.
I have invested my FD with ICICI BANK and also have a 3in1 account with them. The interest rate is pretty good. Recently started before 6months, I can do premature withdrawal and also have selected a locking period of 3 years. The customer service is good and overall am satisfied with this bank.
My Post office branch is located in own campus hence there is no queue. I opened the fixed deposit, I made one time investment for five years its has tax exemption. They are providing 7% of interest for per annum. I believe it has online access as well.
Chosen my fixed deposit from State bank of India. I have invested the money of Rs. 57000 and SBI is a most popular bank all over the India and offering all the facilities compared to bank. Since i have a salary account with them, its easy to transfer the money. They are providing the interest rate of 6.5%.
Union of India fixed deposit is same as other investment. Being an existing customer I have opt for one year of fd, the online banking feature is good to open and closing the account, they was no charges for the liquidity of fund before the maturity.
Chosen my fixed deposit from state bank of India because the given rate of interest is high. They are not deducting any service charges. I have invested the money of Rs. 1 lakhs and there is no lockin period and i have chosen the plan for 1 year and they are giving a interest rate of 6.75%.