Post Office Time Deposit Account (TD)
Interest payable,
Rates, Periodicity etc.
Interest
payable annually but calculated quarterly.
From 1.4.2016, interest rates are as follows:-
From 1.4.2016, interest rates are as follows:-
|
Period
|
Rate
|
|
1 year Account
|
7.1%
|
|
2 year Account
|
7.2%
|
|
3 year Account
|
7.4%
|
|
5 year Account
|
7.9%
|
Minimum Amount
for opening of account
and maximum
balance that can be retained
Minimum Rs. 200 and in
multiple thereof. No maximum limit.
|
Salient features
including Tax Rebate
|
|
* 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
* 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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