National Savings Time Deposit Account
Post Office Time Deposit Account (TD)| Interest payable, Rates, Periodicity etc. | Minimum Amount for opening of account and maximum balance that can be retained |
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| Interest payable annually but calculated quarterly. | Minimum INR 1000/- and in multiple of 100. No maximum limit. |
Interest rates From 01.04.2020 to 30.06.2020| Period | Rate |
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| 1yr.A/c | 5.5% |
| 2yr.A/c | 5.5% |
| 3yr.A/c | 5.5% |
| 5yr.A/c | 6.7 % |
| Salient features including Tax Rebate |
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- .Account may be opened by
(i) a single adult
(ii) Joint Account (Maximum 3 adults)
(iii) Minor above 10 yearsof age
(iv) A guardian on behalf of a minor/Person of unsound mind
- 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
- 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.
- TD account can be extended by giving an application in account office
- Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
- The annual interest may be credited to the savings account of the account holder at his option
- Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
- The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
- Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking
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