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August 2021

Business

Which is better Post Office FD or Bank FD

by Hallie Sam on

As you might know already, a fixed deposit is one of the best investment options for individuals looking for consistent returns and low investment risk. That said, banks aren’t the only ones offering the facility. Even Post Offices offer fixed deposits facilities for individuals like yourselves. So then, which one is better? A post office fixed deposit or a bank fixed deposit? Here’s what you need to know.

Post office fixed deposit vs Bank fixed deposit

Here’s a detailed comparison of the two fixed deposit schemes.

Post office fixed deposit Bank fixed deposit
Post office FDs come with a tenor of 1 to 5 years. The tenor of bank fixed deposit schemes range from 7 days to 10 years.
Depending on the tenor of your choosing, the post office FD interest rate can be anywhere from 5.5% to 6.7% Depending on the bank and the tenor of your choosing, the rate of interest can be anywhere from 2.9% to 6.75%
You can only prematurely withdraw a post office fixed deposit after 6 months from the date of deposit. You can prematurely withdraw a bank FD at any point in time.
The investment under 5-year post office FDs can be claimed as deductions under section 80C of the Income Tax Act, 1961 to the tune of up to ₹1.5 lakhs each financial year. To claim deductions up to ₹1.5 lakhs each financial year under section 80C of the Income Tax Act, 1961, you would have to opt for special tax-saving bank FDs.

 

However, these fixed deposit schemes tend to have lower interest rates compared to a post office fixed deposit.
The interest on post office FD is calculated on a quarterly basis and is paid out annually. With bank FDs, you can opt to receive the interest periodically, or choose to reinvest it for higher returns.

Conclusion

So, there you have it. Both post office FDs and bank FDs are great investment options for individuals. That said, if you prefer a more customizable tenor with the ability to prematurely withdraw your investment within 6 months of opening the account and the option to reinvest the interest, then bank FDs may just be the one for you. On the other hand, if you prefer high interest rates, periodical interest payouts, and the ability to claim your investment as deductions, then post office fixed deposits may be the way to go.

If post office FDs are something that you might be interested in, head on over to Finserv MARKETS to learn more about them. Also, while you’re there, you could also use our very own post office FD calculator to get an idea of the kind of returns that you’re likely to get.

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