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.
Read further to know the latest Post Office FD rates, eligibility criteria, documents required to open post office term deposit and more.