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 highly affordable too and thus is a highly preferred option by a big chunk of the populace. Also, deposit for 5 years qualifies as tax saving scheme which means deductions u/s 80C of the Income Tax Act, 1961 can be claimed for up to Rs. 1.5 lakh/FY.
Read on to know the current Post Office FD rates, eligibility criteria, documents required to open post office term deposit scheme and more.