Indian Post office Savings Scheme: Time Deposit (TD) or Fixed Deposit (FD) Schemes

Indian Post office offers different saving schemes and one of them is Time Deposit Account (TD) with interest rates across four maturities, according to the official website of India Post- indiapost.gov.in.

Given Below are details on account opening, Minimum/ Maximum amount, Interest rates with a maturity period of Post Office Time Deposit Account (TD).

Opening an Account:

Indian Post office offers different saving schemes and one of them is Time Deposit Account (TD) with account transfer and nomination facility at the time of account opening.

To open an account KYC norm are required and for more information please click on KYC Norms

There is no limit on a number of accounts that can be opened at any post office and later can be converted into Joint (minimum 2 Adults) or individual.

Can Minors open an account:

Yes, one can open an account on minor and a minor above 10 years can open and operate the account.

Minimum Balance at the time of Account opening:

An account can be opened by individuals with a minimum amount of INR 200/- and in multiples thereof by way of cash or cheque.

Interest Rates:

Interest rates From 01.01.2019

Interest is calculated every quarterly but payable annually.

Tax benefits:

For an account opened under 5Yr. A/c qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

On TD Maturity:

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. The interest rate applicable on the day of maturity will be applied.

(Disclaimer: The above information has been sourced from India Post- indiapost.gov.in. For more information please contact your nearest post office. Interest rates are subjected to vary based on RBI or Institutional discretion.)