Post Office: The Indian Post Office provides postal services as well as a variety of banking services to the citizens of the country. The Post Office’s savings schemes have long been trusted by the common people. This is why the Post Office offers excellent returns on its savings accounts. Furthermore, several Post Office schemes offer even more attractive interest rates than banks. Here, we’ll learn how much interest is available on a 12-month FD at the Post Office.
How much interest is the Post Office paying on 12-month FD accounts?
Like many banks in the country, FD accounts are opened at the Post Office. However, FDs at the Post Office are known as TDs, or time deposits. A time deposit scheme is similar to a bank FD scheme. You only need to deposit money once, and upon maturity, you get your full amount back along with fixed interest.
How much return will senior citizens get in the post office scheme?
Post office is giving its customers an interest of 6.9 percent on 12 months i.e. 1 year FD scheme. Post office gives equal interest to customers of all age groups. However, in banks, customers aged 60 years and above get more than the normal customers. Not only this, many banks give even higher returns to customers aged 80 years and above than the senior citizens. But, senior citizens do not get any special facility in the post office. Post office gives the same interest on FD accounts to senior citizens as is given to normal customers.
The Ministry of Finance sets the interest rates on post office savings schemes.
It should be noted that the interest rates on post office savings schemes are determined by the Ministry of Finance of the Government of India. The Ministry of Finance reviews interest rates every three months and makes changes based on needs. Meanwhile, the interest rates paid by banks on fixed deposit accounts are determined based on the Reserve Bank of India’s repo rate.
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