Department of Posts is the backbone of communication structure in India from about 150 years and it has contributed in making the lives of people easy with delivery of mails, offering life insurance covers, Small Saving Schemes etc. There is 1, 55,015 Indian post offices, hence it reaches a very wide distribution circle.
At loanbaba.com, we will share updated information about best fixed deposit rates, FD India schemes of the bank and Indian Post Office FD rates over all tenures for fixed deposit and term deposit. You will also come to know about popular FD rates, India by the bank for 2017 and FD interest rates that are the highest.
The Savings Scheme in the Post office provides a PO Savings account, a Time deposit account, a Senior citizen savings scheme a five years PO Recurring deposit account, a PO monthly income account scheme, Sukanya Samriddhi accounts, a fifteen years Public Provident fund account, Kisan Vikas Patra and National savings certificates.
Rate of interest for time deposits in post office for different time periods -
One year: 7.10%
Two years: 7.20%
Three years: 7.40%
Five years: 7.90%
However no special interest rates are provided to senior citizens and there is no bar on the amount to be deposited or on how many times a deposit account can be opened by anyone.