Post Office FD Rates FY 2023-24: The Finance Ministry has revised the post office time deposit interest rates for various tenures. Interest rates have been increased by up to 0.5%. The revised rates will be applicable from the first quarter of the financial year 2023-24 starting tomorrow (April 1). In the fourth quarter of the financial year 2022-23 also, the government had increased the interest rates of post office fixed deposits for some period.
April-June 2023 Interest Rates
With this, it is expected that the government may increase the post office FD interest rates for some period along with the rates of some other small savings schemes like SCSS, SSY and NSC.
Higher interest rates than banks
If you want to invest in a safe and profitable scheme, then you can invest in Post Office Fixed Deposit. This scheme also provides government guarantee as well as more benefits.
It is very easy to open FD in post office. According to the India Post Office website, customers can open FDs for different tenures of 1, 2, 3, and 5 years.
FD can be opened in post office by giving check or cash. The minimum amount you need to deposit is Rs 1000 to open an account. However, there is no limit on the maximum amount.
5.50 percent interest is available on FDs ranging from 7 days to one year. The same interest rate is also available on FDs from 1 year 1 day to 2 years. At the same time, interest is also available at the rate of 5.50 percent on FDs up to 3 years. 6.70 percent interest is available on FDs ranging from 3 years one day to 5 years. Means here you will get good profit on FD.
