1566969c____Post_Office_Savings_Schemes___features_including_Tax_Rebate
[Scheme] Post Office Time Deposit Account Interest payable annually but calculated quarterly. From 1.4.2014, interest rates are as follows:- Period Rate 1yr.A/c 8.40% 2yr.A/c 8.40% 3yr.A/c 8.40% 5yr.A/c 8.50% Minimum INR 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 @ 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.
India Post | Financial Services | Post Office Savings Schemes
Salient features including Tax Rebate