Post Office Fixed Deposit, officially termed as ‘Post Office Time Deposit Account’, is a government-backed scheme. Under this scheme, investors can park their money in any post office pan India. It is quite affordable and is therefore a highly preferred option by many. Also, a deposit with a 5-year lock-in period qualifies as a tax saving investment. This means you can claim Deductions u/s 80 C of the Income Tax Act, 1961 for up to Rs. 1.5 lakh/FY.
A good feature of bank FDs is a credit card against FD. However, Post Office Term Deposits do not offer this option but if you’re looking for a credit card to either add to your current purchasing power or to build/improve your credit score, Paisabazaar Step Up Card will be of great help.
Read further to know the latest Post Office FD rates, eligibility criteria, documents required to open post office term deposit and more.