Fixed deposits are important in low risk investments. Investors who are reluctant to take risk can invest in FDs. Experts suggest that consumers choose the ones that offer the most revenue from this list. You can get good interest rates and other benefits with investments in fixed deposits offered by post offices. These are the safest investment due to better security and government guarantees. Interest on the amount deposited as FD at post offices is paid on an annual basis. But interest rates are calculated on a quarterly basis.
Consumers can opt for FDs that have a maturity of one to five years. Customers can open a fixed deposit account at the post office by check or cash. If the FD account is opened by check .. The day the money is deposited in the government account is considered as the date of opening the FD account. You can open an FD account with a minimum of Rs.1000. You can deposit any amount in Post Office FD without any limit.
FDs made at the post office for one to five years can fetch interest rates of 5.50 to 6.70 per cent. The maximum interest rate on a five-year FD is 6.70 per cent. FD account can be transferred from one post office to another. You can easily transfer your FD account to the post office in your area. This facility is useful for those who move to different areas for employment. The personal FD account taken by the customers at the post office can be converted into a joint account. If you already have a joint FD account, you can convert it back to a single account. Nominee changes can be easily made in Post Office FDs. It is possible to add and change a new nominee. Customers can add a nominee even after opening an FD account. Minor can also open FD account. After becoming a major, he can transfer the account in his own name.