Post Offices : Post Office Time Deposit Account (TD) – Interest payable, Rates, Salient features & Periodicity etc.
Salient features including Tax RebateSalient 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 .Example 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.
Source : https://www.indiapost.gov.in