Post Office FD Scheme Premature Withdrawal Rules Changed, Know Details of New Rules

Post Office Fixed Deposit Rules: The Post Office continues to offer various savings schemes. One such scheme is called Post Office FD Scheme or Time Deposit Scheme. Recently, the Finance Ministry has made major changes in the post office FD scheme. For this, a notification has also been issued by the Ministry on November 7, 2023. Accordingly, major changes have been made to the pre-mature withdrawal rules in the Post Office FD scheme. If you are also thinking of investing in Post Office Time Deposit or FD scheme, we are giving you information about the changed rules of this scheme.

Changes in Premature Withdrawal Rules of Post Office FD Scheme

According to the notification issued by the Ministry of Finance, after November 10, 2023, the five-year FD scheme cannot be prematurely withdrawn before the four-year period, i.e. the premature withdrawal of the 5-year post office FD is now To be done only after a period of 4 years. Also if you invest in one year, two year and three year FD scheme, if you withdraw within 6 months to 1 year of investment, you get the benefit of Post Office Savings Account interest rate. will get. Which is equivalent to FD scheme. It will be very rare.

Whereas if you withdraw money after 1 year of investment in a two and three year FD scheme, you will get the benefit of 2% less interest than the fixed rate of FD. Whereas if you opt for a five-year FD scheme, you will get the benefit of interest rates as per Post Office Savings Account between the period after four years and before five years.

What are old post office withdrawal rules?

Notably, as per the rules, only the old rules will apply to Post Office FD accounts opened before 10 November 2023. Your Post Office FD account opened till November 9 has no withdrawal facility for six months. In such a situation, as per the old rules, there is no facility of withdrawal within six months of the investment.

Whereas after six months, one year, two years, three years or before the completion of five years, if you withdraw the money prematurely, you get the benefit of the interest rate of the savings account for the same month. will However, if you withdraw money prematurely after four years in a five-year FD scheme, then you will get the benefit of a three-year FD scheme.

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