Post Office Time Deposit Accounts offers the facility of investing surplus funds at relatively higher rates of interest. The deposits made under this scheme for a period of 5 years are also eligible for tax benefits under section 80C of Income Tax Act.
An adult individual on behalf of a minor.
|1 Year||2 Years||3 Years||5 Years|
|01.12.2011 to 31.03.2012||7.70%||7.80%||8.00%||8.30%|
|01.04.2012 to 31.03.2013||8.20%||8.30%||8.40%||8.50%|
|01.04.2013 to 31.03.2014||8.20%||8.20%||8.30%||8.40%|
|01.04.2014 to 31.03.2016||8.40%||8.40%||8.40%||8.50%|
|01.04.2016 to 30.09.2016||7.10%||7.20%||7.40%||7.90%|
The interest on deposits is calculated on quarterly compounding basis and is payable annually.
For accounts opened upto 30.11.2011: No interest is paid for the deposit withdrawn prematurely after six months but before the expiry of one year.
In case of deposits for two, three or five years withdrawn prematurely after the expiry of one year from the date of deposit, interest is payable for the completed years and months at 2% lower rate than specified for the completed period.
For Accounts opened on or after 1st December 2011:
Where a deposit in 1-Year, 2-Years, 3-Years or 5-Years account is withdrawn prematurely after 6 months but before expiry of one year from the date of deposit, simple interest at the rate applicable to Post Office Saving Account from time to time shall be payable.
In case of deposits for two, three or five years withdrawn prematurely after the expiry of one year from the date of deposit, interest is payable for the completed years and months at 1% lower rate than specified for the completed period.
|Period elapsed from the date of maturity||Minimum period of re-deposit|
|6 months or less||1 year|
|More than 6 months up to 12 months||2 years|
|More than 12 months up to 18 months||3 years|
|More than 18 months||5 years|
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