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Post Office Time Deposit Scheme

Post Office Time Deposit Scheme

Salient Features:

  • 1 year, 2 year, 3 year and 5 year time deposits can be opened.
  • Interest payable annually but compounded quarterly:
    PERIODRATE OF INTEREST
    One Year8.2%
    Two Years8.3%
    Three Years8.4%
    Five Years8.5%
  • Minimum amount of deposit is Rs 200/- and in multiples of Rs 200/- thereafter. No maximum limit.
  • Investment up to Rs 1,50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
  • Interest income is taxable.
  • Facility of redeposit on maturity of an account.
  • In case of premature closure of 1 year, 2 Year, 3 Year or 5 Year account on or after 01.12.2011 between 6 months to one year from the date of deposit, simple interest at the rate applicable to from time to time to post office savings account shall be payable.
  • 2 year, 3 year or 5 year accounts on or after 01.12.2011 if closed after one year, interest on such deposits shall be calculated at a discount of 1% on the rate specified for respective period as mentioned in the concerned table given under Rule 7 of Post office Time Deposit Rules.
  • Account can be pledged as security against a loan to banks/ Government institutions.
  • Any individual (a single adult or two adults jointly) can open an account.
  • Group Accounts, Institutional Accounts and Misc. account not permissible.
  • Trust, Regimental Fund or Welfare Fund not permissible to invest.
  • Post Office Time Deposit Scheme

Post Office Time Deposit Scheme

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