Post Office FD Rates 2024, Post Office FD Interest Rates 2024

Post Office FD Rates 2024, डाकघर एफडी दरें, Post Office FD Scheme, डाकघर एफडी योजना, Post Office Fixed Deposit Rates, डाकघर सावधि जमा दरें, Post Office FD Interest Rates 2024, डाकघर एफडी ब्याज दरें, Post Office FD Rates 2024.

India Post is a government-run postal system in India, operating as a part of the Department of Posts under the Ministry of Communications, commonly known as the Post Office by all people, Indian Post Office is the most widely distributed postal system in the world, The Indian Post Office also has a banking system, It is called India Post Payments Bank, IPPB, a division of India Post owned by the Government of India, India Post Payments Bank has crossed 5 crore customers.

Post Office FD

The Central Government offers various Post Office Savings Schemes to meet the various needs of the people, the Post Office Interest rates on savings schemes are announced by the government every three months (quarterly), these are very important schemes because the central government backs them and where returns are fixed and guaranteed.

Government of India Department of Posts offers fixed deposit accounts offering attractive interest rates with tenors ranging from 1 year to 5 years Post Office’s FD schemes also known as Post Office Time Deposit offer attractive investment returns depending on the maturity period chosen by the investor,

Post Office Fixed Deposit tenure ranges from 1 to 5 years Interest rates on Post Office Savings Schemes range from 6.90% to 7.50% Minimum deposit Rs.1,000 and interest payable annually with no maximum limit Senior Citizen Small Savings Scheme (SCSS) and Post Office Monthly Limits have been increased in Income Scheme (POMIS), some of these schemes like NSC, SCSS, PPF etc. also provide tax saving benefits under Section 80C of the Income Tax Act, 1961.

Post Office FD Rates

Like other small amount savings schemes these Post Office FD schemes are managed by National Savings Institute, India Post has a network of 155,000 post offices in 23 circles across India, apart from mail service, India Post also offers savings accounts, recurring deposits and fixed deposits.

Every quarter the Post Office fixes fixed deposit interest rates under ‘Small Savings Schemes’, these rates are determined by the performance of government securities/bills, the government increased the interest rates on small savings schemes by up to 70 basis points during the April-June quarter.

The Ministry of Finance has notified in a circular dated March 31, 2024 that the Post Office Fixed Deposit with tenor of 5 years will carry an interest rate mark-up of 25 bps over the yield of comparable government securities.

Post Office FD Interest Rates

  1. India Post which operates post offices in our country, 6.90% – 7.50% p.a. Post office offers FD interest rates.
  2. It gives tenure from 1 year to 5 years.
  3. These post office FD rates are applicable from 1 July 2024 to 30 September 2024.
  4. Interest rate for general public on Post Office Tax Saving FD is 7.50% p.a. gives.
  5. These FD schemes offer maximum capital protection and income certainty to the depositors.
  6. These are backed by a sovereign guarantee through the Union Finance Ministry.

Tax Benefits for Post Office Fixed Deposits

One of the primary advantages of investing in Post Office Fixed Deposits is that the interest generated is not subject to taxation or TDS deductions. Because these FDs are intended for low-income individuals, TDS is deducted only if the income from Post Office interest rates exceeds Rs. 40,000 (for normal customers) or Rs. 50,000 (for senior citizens) in a fiscal year.

Furthermore, an investor can deduct their Post Office fixed deposit investment under Section 80C of the Income Tax Act of 1961. An individual can show a maximum of Rs.1.5 lakhs in Post Office FD for any fiscal year, It is important to note that Post Office FD interest rates may change. The tax advantages of these investments are subject to changes in tax rules.

Post Office Fixed Deposit Rates

Deposit TenurePost Office FD rates (p.a.)
1 year6.90%
2 years7.00%
3 years7.00%
5 years7.50%

Tax-Saving Post Office FD Rates 2024 for 5 year Fixed Deposit

TenureRegular Post Office FD rates (p.a)
60 months7.50%

Post Office FD Features

Tenure1, 2, 3 and 5 years
Minimum Deposit AmountRs 1,000
Interest Rates6.90% p.a. for 1 year tenure
7.00% p.a. for 2 year tenure
7.00% p.a. for 3 year tenure
7.50% p.a. for 5 year tenure
Interest PayoutAnnual
Interest CalculationCompounded quarterly
Premature WithdrawalAllowed after 6 months
Nomination FacilityAvailable

Post Office FD Interest Rate 2024 for Historical Trend

The following table highlights the comparison of Post Office Fixed Deposit Rates 2024, rates from 1 January 2024 to 31 March 2024 and from 1 April 2024 till date.

Tenure1 January 2023 to 31 March 20231 April 2023 to the present time
1 year6.60%6.80%
2 years6.80%6.90%
3 years6.90%7.00%
5 years7.00%7.50%

Comparison Of Post Office FD Interest Rates 2024 With Indian Banks

List of Bank FD Interest Rates 2023 of Indian BanksPost Office FD Interest Rate 2023
Regular CitizenSenior Citizen
HDFC Bank2.5% – 5.6%3.00% – 6.35%6.8% – 7.5%
State Bank of India2.9% – 5.5%3.4% – 6.3%6.8% – 7.5%
Punjab National Bank2.9% – 5.25%3.4% – 5.75%6.8% – 7.5%
Axis Bank2.5% – 5.75%2.5% – 6.5%6.8% – 7.5%
Canara Bank 2.9% – 5.25%2.9% – 5.75%6.8% – 7.5%
Bank of India2.85% – 5.05%3.35% – 5.55%6.8% – 7.5%
Union Bank of India3% – 5.5%3% – 5.5%6.8% – 7.5%
Karnataka Bank3.4% – 5.5%3.8% – 5.9%6.8% – 7.5%
IDBI Bank2.7% – 5.5%3.2% – 6%6.8% – 7.5%
Bajaj Finance5.51% – 6.8%5.76% – 7.05%6.8% – 7.5%

Features of Post Office FD (Time Deposit)

FD Tenure1, 2, 3, and 5 years
Rate of Interest6.80% to 7.50%
Minimum Deposit AmountRs. 1,000
Interest PaymentAnnually
Premature WithdrawalIt is allowed after six months
Payment ModeCheque / Cash
Facility of NominationAvailable

NOTE – Post Office Fixed Deposit rates are subject to change at the discretion of Post Office, the information given here is only the current interest rates given by Post Office, when you want to make a fixed deposit in Post Office, you should visit the URL official website of Post Office and check for confirmation.