Key Points
Even the interest rate of post office time deposits (POTD) which matures in five years, has touched 7.5 per cent for the July-September quarter of 2023..
At a time when major private and public sector banks offer an interest rate of 7-7.25 per cent on fixed deposits (FDs) maturing in five years, should you opt for five-year post office time deposits for a better return?.
As you can see, you get a relatively higher interest if you invest in five-year post office term deposits than in five-year FDs in most public and private banks...
If the total interest earned on your fixed deposits goes above Rs 40,000 (Rs 50,000 in the case of senior citizens) in a financial year, the bank is liable to deduct TDS at the rate of 10 per cent from the interest amount.. 5-year bank FDs vs 5-year POTDs: Where to invest?..
One of the major limitations of opening post office term deposits online is that depositors must have an existing account with India Post, said Gaurav Aggarwal, Senior Director, Paisabazaar.. Further, senior citizens do not get the benefits of higher interest rates in 5-year POTDs, unlike FDs where most banks usually offer an additional interest rate of 0.5 per cent on senior citizen FDs, suggested Abhishek Kumar, a SEBI Registered Investment Advisor (SEBI RIA), and Founder of SahajMoney.com..
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