Post Office Time Deposites

• Account may be opened by

1. a single adult
2. Joint Account (Maximum 3 adults)
3. Minor above 10 yearsof age
4. A guardian on behalf of a minor/Person of unsound mind

• 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
• 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.
• TD account can be extended by giving an application in account office
• Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
• The annual interest may be credited to the savings account of the account holder at his option
• Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
• The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
• Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking