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Questions (FAQs) on
Do post offices in India offer investment services as well?
India Post or also known as Post Offices, has a very large network of more than 1,50,000 centers across the country and possesses a deep rooted network. Recently India Post has got banking license as well and it is soon going to foray as a Payment Bank initially and may be even as a full-fledged bank at a later stage. Well that’s the new thing but traditionally also Post Offices have been offering quite a few investment products such as Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Savings Account, 5 years Fixed Deposits, Monthly Investment Schemes & Senior Citizen Schemes to name a few.
Apart from these investment options, Post offices also offer money remittance & transfer services.
What are the investment options with post offices in India?
The investment options available at post offices are :
Post Office Savings Account – Post Office Saving Account Can be opened single or joint.
Rate of interest is 4% per annum. Minm balance requirement is Rs 500 only.
5 Year Postal Recurring Deposit (RD) – Post Office Investment Monthly deposit can be made in single or joint scheme. Rate of interest is 6.9% and it is compounded quarterly.
Postal Term Deposit (TD) – Post Office Investment Option to invest for a fixed term of 1 year, 2 years, 3 years & 5 years and the interest rates vary from 6.6% to 7.4% per annum. Interest is compounded quarterly.
Post Office Monthly Investment Scheme (MIS) – Post Office Investment in MIS can be made in multiple of Rs 1500 and upto a total amount of Rs 4.5 lakhs. Interest on postal MIS is 7.3% and is paid monthly.
Post office Senior Citizen Savings Scheme – Post Office Investment can be made in multiple of Rs 1000 and upto a total amount of Rs 15 lakhs. Interest is paid at 8.3% on a quarterly basis
Public Provident Fund (PPF) – Post Office Investment can be made for a period of 15 years for any amount from Rs 500 to 1.5 lacs in a financial year, either in lumpsum or in multiple installments. Interest is payable at 7.6% compounded yearly.
National Savings Certificate (NSC) - Post Office Investment can be made for a period 5 years for any amount in multiple of Rs 100. Interest is compounded at 7.6% annually but the entire amount is paid at maturity only
Post Office Kisan Vikas Patra (KVP) - Post Office Investment can be made for a any amount in multiple of Rs 1000. Interest is compounded at 7.3% annually. Investment can be redemmed min after 2.5 years
Sukanya Samriddhi Account - Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year can be invested in Sukanya Samriddhi Scheme and rate of interest is 8.1% per annum
Besides these investment options, post offices also act as distributors and offer the following third party products.
Mutual Funds, National Pension Scheme (NPS) & Jansuraksha Schemes such as - Pradhan Mantri JeevanJyoti Bima Yojna (PMJJBY) , Pradhan Mantri Suraksha Bima Yojna (PMSBY) , Atal Pension Yojna (APY)
Who can advise me for investment options with post offices in India?
Many financial advisors specialize in postal investments and they are also known as Post Office Investment Advisors or Postal Investment Advisors. The postal investment advisors are licensed with the India Post for selling any of the post office investment products. These postal financial advisors bring you deep information across all products. You also need to know that the interest rates and terms keep changing from time to time, so a postal advisor helps you staying updated.