Post Office Time Deposit Account is one such scheme, which guarantees the security of your money with good returns. In this scheme you can deposit money for 1 year, 2 years, 3 years and 5 years.
If you are looking for an investment option in which your money is completely safe and you also get better profits, then this news is of your use. The post office has several schemes for small savings, including the facility of making a fixed deposit (FD). Post Office Time Deposit Account is also one such scheme, which guarantees the security of your money with good returns. In this scheme you can deposit money for 1 year, 2 years, 3 years and 5 years. Today we are telling you about this scheme
Under the post office time deposit, 6.7 percent interest is being received annually on 5-year deposits. If you invest for one to three years, you will get interest at the rate of 5.5 per cent. In this case, if you get interest at the rate of 6.7 percent, then your money will double in 10.74 years i.e. 129 months.
Deposit of at least 1000 rupees
For opening a post office time deposit account, a minimum deposit of Rs 1000 is required and you can also deposit Rs 100 in multiple. There is no maximum investment limit. Interest will be payable annually. Annual interest can be deposited in the account holder’s savings account by submitting the application.
Special features of time deposit account
No deposit will be withdrawn before the expiry of six months from the date of deposit.
This account can be opened in the name of a minor and in the name of two adults, a joint account can also be opened.
it cannot be closed before 6 months. Apart from this, there is a penalty on premature withdrawal.
One can avail tax exemption under Section 80C of Income Tax Act, 1961 for investing under deposit period of 5 years.
Nomination facility is available at the time of account opening and even after opening the account.
This account can be easily transferred from one post office to another.
TD account can be closed ahead of time by submitting the prescribed application form along with the pass book to the concerned post office.
