Post office fixed deposit (POFD) is a fixed return savings scheme provided by India Post. The plan is available at all the Indian Post offices. You can open an FD account at your nearest post office branch and expect guaranteed returns. Here are some of the important features of POFD:
The different rate of interest offered on different tenues are as follows:
Tenure | General Citizen Rate (%pa) | Senior Citizen Rate (%pa) |
11 months 30 days - 11 months 30 days | 6.9 | 6.9 |
1 year - 1 year 11 months 30 days | 7 | 7 |
2 years - 2 years 11 months 30 days | 7.1 | 7.1 |
3 years - 4 years 11 months 29 days | 7.5 | 7.5 |
Note: All interest rates shown above are as on January 3, 2024
Calculating returns from post office fixed deposits (POFDs) is done using the following formula:
M = P x (1 + i/4)^(n x 4)
In which,
M = Final value of the maturity
P = Principal invested amount
i = Interest rate offered in the FD
n = tenure of investment in years
Note: The above formula is for interest compounded quarterly.
Let’s assume you want to invest Rs 2 lakh in the post office fixed deposit for a tenure of five years, on which you will get an interest rate of 7.7% per annum.
P = 2,00,000
i = 7.7
n = 5
Therefore, M = 2,00.000 x (1 + 7.7/4)^(5 x 4)
M = Rs 2,77,000
Individuals can use post office FD calculator in the following steps:
A few of the rules related to Post Office FD investment are as follows:
Some of the benefits of using the online FD calculator are as follows:
Accuracy in outcomes: An online Post Office fixed deposit calculator can save time and provide accurate results within a few seconds.
Helps to get customised results: Post Office FD provides various investment tenures with different interest rates. Using an FD calculator, you can adjust various parameters of FD investment such as principal amount, investment tenure, and rate of interest and get results as per your requirement. This permits you to plan ahead so that you can get the most out of your investment.
Free of cost: PO FD Calculator is readily accessible on various websites. You can use it multiple times without the need for any payments. Also, you do not require any login credentials. You can access it from anywhere anytime.
Prior to investing in Post Office fixed deposit scheme, it is always beneficial to evaluate what your investment will bring in. If you have been planning to invest in Post Office FD scheme, you can use the Upstox Post Office FD calculator and check out the interest amount you’d receive for a particular scheme.
Post office FD interest rates from January 1, 2024 to March 31, 2024
Period | Rate |
1-year account | 6.9% |
2-year account | 7.0% |
3-year account | 7.1% |
5-year account | 7.5% |
Other Banks FD Calculators:
1. Fixed Deposit (FD) Calculator
2. SBI FD Calculator
3. HDFC Bank FD Calculator
4. Axis Bank FD Calculator
5. ICICI Bank FD Calculator
6. Punjab Bank FD Calculator
7. Kotak Bank FD Calculator
8. Canara Bank FD Calculator