Many people prefer to get FD in the post office instead of the bank. Like the bank, the post office also gives you the facility of fixed deposit scheme for one year, two years, three years and five years.
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Fixed deposit of post office is called time deposit. Post Office Time Deposit has different interest rates for different tenures. The investor gets the benefit of compounding in this.
Interest is paid on an annual basis
In this, the interest is paid on an annual basis, but it is calculated on a quarterly basis. If you fix the money in Post Office Time Deposit for one year, then you will get 5.50% interest rate. Interest is available at the rate of 5.70% on 2 year time deposit, 5.80% on 3 year time deposit and 6.70% on 5 year time deposit. If you have also made up your mind to invest in Post Office Time Deposit, then you do not need to visit the post office for this, you can easily open it sitting at home.
Online process to open post office time deposit
- The facility of opening a post office time deposit account is provided through intra-operable netbanking/mobile banking.
- For this, you have to login to the Post Office e-Banking (https://ebanking.indiapost.gov.in) using the registered User ID and Password.
- After that go to the option of ‘General Services’ and click on ‘Service Request’ and click on Open.
- After that go to the option of ‘New Request’ and apply for opening of Time Deposit Account.
- Meanwhile, you will need to upload some documents like- Active Savings Account, PAN Card, KYC Documents, Active DOP ATM or Debit Card and Mobile Number and Email ID etc.
- Follow all the process of application. After verifying the given information, your account will be opened.
How to open offline account
To open an offline account, you will have to go to the nearest post office branch with all the necessary documents. There you will get all the necessary information to open the Post Office FD from the concerned officer. By following it, you can open a time deposit account.
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