Post Office Time Deposit Vs Bank Fixed Deposit: Which is better, where to invest, know


Every person wants to save some money after earning. And if the savings are done well, then after spending a part of the savings should be invested somewhere so that there is some income as well. If we see that most of the people prefer fixed deposits. People also like FD because it is considered risk-free. At present, apart from bank fixed deposits, post office time deposits are also a good option for investment. In this news, we are giving you investment related information about these two.

Bank Fried Deposit: Bank FD can be opened in any bank. Online FDI option is also available in most of the banks. FD in the bank is from 7 days to a maximum of 10 years. Before opening FD online, take information about minimum and maximum amount, documents etc. from the banker. Bank’s FD rates information can be taken from their website. Different banks have different interest rates on FDs.

Post Office Time Deposit: A time deposit account can be opened in a post office with as little as Rs 1000. There is no limit on the maximum amount that can be deposited. Post Office has the option of 1 year, 2 years, 3 years and 5 years. Now it is up to you to decide how you want to opt for tenure.

Talking about the security, the security of your deposit in the post office deposit is maximum as it ensures the same. It has the facility of both single and joint account. If the age is more than 10 years, then the account is also opened in the name of the minor and till he becomes an adult, the guardian has to do it. Investment made in this scheme for 5 years is eligible for tax benefits and exemption can be taken under section 80C of the Income Tax Act 1961.

From the point of view of returns and taxation, both are equal, the difference is that bank failed deposits are safe for a period of time. All the money is safe in the post office. In terms of investment, it would be right to invest in the post office.

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