Post Office Time Deposits

Post Office Time Deposits:

Interest payable Annually but calculated quaterely at following rates:

        Duration            Interest Rates

• 1 Year                      6.25%
• 2 Years                   6.50%
• 3 Years                   7.25%
• 5 years                    7.50%

1. Minimum amount of deposit is Rs.200/-.
2. No maximum limit.
3. Account can be closed after 6 months but before one year without any interest.
4. Facility of redeposit on maturity of an account.
5. No interest is payable on undrawn interest amount.
6. Account can be opened by an individual, two adults jointly and minor through guardian.
7. A Minor who has attained the age of 10 years can open the account in his/her own name to be operated directly.
8. Non Resident Indian / HUF can not open the account.
9. Any number of accounts can be opened.
10. Two, three and Five years accounts can be closed after one year at a discounted rate of interest.
11. Deposits not drawn on maturity are eligible to saving account interest rate for a maximum period of two years.
12. Account can be pledged as security against a loan to banks/ Government institutions.
13. Accounts are transferable from one Post office to any Post office in India.
14. Rebate under section 80-C is not admissible.
15. Pledged as security against a loan to banks/ Government institutions
16. Interest income is taxable.
17. Deposits are exempt from wealth tax
18. No T.D.S.

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