Those who are looking to save their hard-earned money, must know about this scheme, where one can save by depositing Rs 1000 and then in multiples of Rs 100 with no maximum limit.
Those who are looking to save their hard-earned money, must know about the Post Office Time Deposit Account (TD) where one can save by depositing Rs 1000 and then in multiples of Rs 100 with no maximum limit. In case of further details and query, the interested investors can login to the official website of India Post at indiapost.gov.in.
India Post has recently tweeted about this above-mentioned scheme from its official Twitter handle. The tweet said, “Save your hard-earned money in a financial instrument that is safe and matures within different time frames. Invest in a Post Office Fixed Deposit Account (TD). For more information, see: http://cutt.ly/MxLVlZA.”
The interested individuals must note that in case of this scheme, the interest is payable annually but is calculated quarterly. The account can be opened for 1-5 years.
It must be noted that a single adult can open this account. Also, a joint account can be opened under this scheme with maximum of three adults. The annual interest may be credited to the savings account of the account holder by submitting application. One must also know that the investment under 5-year TD qualifies for the benefit of section 80C of Income Tax Act, 1961.
The prospective investors must know that the deposit amount will be repayable after expiry of 1 year, 2-year, 3-year, 5 years (as the case may be) from the date of opening.
On maturity depositor may further extend TD account for another tenure for which account was initially opened. The TD account can be extended from date of maturity within the following prescribed period – 1 year TD = within 6 months of maturity. 2 year TD = within 12 months of maturity. 3/5 year TD = within 18 months of maturity.
In case of further details, the interested investors can login to the official website of India Post at indiapost.gov.in.
