Is my money safe in post office?

The postal department offers many saving schemes including good interest rates on Fixed Deposits. The deposited money remains safe as the government provides security. Government of India guarantee is given on FD in the post office.

Are post office accounts safe?

The table below shows the protection offered to Post Office Money customers with savings accounts. Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

Is post office FD breakable?

Post office savings account interest rate will be paid on the number of months completed over and above the completed years. Further, if the time deposit is broken before the completion of 1-year (but after 6 months), then post office savings account will be paid for the time period the time deposit is held.

Is post office deposit better than bank?

The Post Office Time Deposit Account (TD) is much better than bank FD. In this, you get 6.7 per cent interest for five years. One of the most preferred investments of post office is Time Deposit Scheme.

Which is safe bank FD or post office FD?

All top banks, including the State Bank of India (SBI), gives the customers an option of opening an FD- be it short term or long term- depending upon their needs and requirements. Apart from the banks, Post Office Time Deposits are also considered a safe option for FDs.

Is post office regulated by RBI?

In India, there are two banking systems, regulated by the RBI and all the banks and the other is the post office savings bank, which is regulated by a separate act of Parliament.

Where is your money safe bank or post office?

The post office is part of the government and part of the sovereign, which makes the deposits safe. Whereas, public sector banks even if owned by the government, are governed by the Banking Companies Act and function like a company,” said S. Narayan, former Finance Secretary.

Can we break fixed deposit?

Withdrawal of the money in the fixed deposit account before maturity is termed as premature withdrawal. This is done if the investor needs money on an urgent basis. An investor can also withdraw the money in the fixed deposit before its maturity if there is an investment option which is better than the Fixed Deposit.

How do I break a post office term deposit?

To break a fixed deposit you have to visit the post office where you hold the deposit and inform the concerned official that you want to make a premature withdrawal. You will have to submit your identity and address proof along with the FD receipt. Further, the money will be transferred to your account.