Interest payable annually but calculated
quarterly.
From 1.4.2014, interest rates are as follows:-
Period
& Rate
1 year Account
8.40%
2 year Account 8.40%
3 year Account 8.40%
5 year
Account 8.50% (Income Tax Savings)
• Minimum Rs. 200 and in multiple thereof. No
maximum limit.
• Account may be opened by individual.
• Account can be opened by cash/cheque and in
case of cheque the date of realization of cheque in Govt. account shall be date
of opening of account.
• Nomination facility is available at the time of
opening and also after opening of account.
• Account
can be transferred from one post office to another.
• Any
number of accounts can be opened in any post office.
• Account
can be opened in the name of minor and a minor of 10 years and above age can
open and operate the account.
• Joint
account can be opened by two adults.
• Single account can be converted into Joint and
Vice Versa.
• Minor
after attaining majority has to apply for conversion of the account in his
name.
*In CBS
Post offices ,when any TD account is matured, the same TD account will be
automatically renewed for the period for which the account was initially opened
e.g 2 Years TD account will be automatically renewed for 2 Years. Interest rate
applicable on the day of maturity will be applied.
• Lock up period of 6 months for premature closer
of TD accounts has been removed and as and when any TD accounts is closed
before one Year, interest at savings account applicable from time to time shall
be payable. This will be applied for both CBS and non CBS Post offices.
• The
investment under 5 Years TD qualifies for the benefit of Section 80C of the
Income Tax Act, 1961 from 1.4.2007.
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