10 things to know about Post office Fixed Deposit (FD) account:
Post office time deposit (TD) or Fixed Deposit (FD) account can be opened by cash or cheque.
The minimum amount that one requires to open a fixed deposit with the post office is Rs.200. There is no maximum limit available.
3.Interest is payable annually but is calculated quarterly. This account offers interest rates across four maturities. The following FD interest rates are applicable on deposits according to India Post's official website - indiapost.gov.in:
The investment under 5 years fixed deposit qualifies for the benefit of Section 80C of the Income Tax Act, 1961, mentioned India Post.
Nomination facility is available at the time of opening and also after opening of account.
Account can be transferred from one post office to another.
Any number of accounts can be opened in any post office.
Account can be opened in the name of minor and a minor of 10 years and above age can alos open and operate the account. However, minor after attaining majority has to apply for conversion of the account in his name
Joint FD account can be opened by two adults.
Single account can also be converted into joint and vice versa, noted India Post