Post Office Time Deposit Scheme 2024 : Check Eligibility, Interest Rates, Application Process Here !!

Post Office Time Deposit Scheme 2024 : The Indian post office provides post facilities and banking facilities to their customers in Indian post office branches. Thousands of post offices are established in every corner of India. The Indian Post Office is providing saving schemes to their customers where citizens can get good discounts on their deposits. If you are also looking for a future savings scheme then you can read this article “Post Office Time Deposit Scheme 2024 ” which

discusses with you a special post office savings scheme which is known as the Post Office Time Deposit Scheme 2024. Beneficiaries are getting a maximum of 7.5 percent interest rates on their deposits in post office banks. Check the Post Office Time Deposit Scheme 2024 eligibility criteria, important documents, application procedure, and features of the Post Office Time Deposit Scheme 2024.

There are multiple small saving schemes available in banks and financial companies where anyone can invest in the future. A time deposit is a safe Saving Scheme where applicants get interfaces on their deposits. After that at the completion of maturity applicants will receive the total principal amount in which is they have submitted to the bank and all the interest rates on their principal amount will also be provided to the customers. So there are zero chances of loss and most of the rural citizens are investing in this scheme.

Post Office Time Deposit Scheme 2024

There is no foundation of principal amount to submit in the Post Office Time Deposit Scheme 2024. Applicants can start their account with a minimum investment of a thousand rupees. After that, you can increase it according to the investment plan. You will get the benefit according to the amount which you have submitted. If you deposit a large amount then you will also get maximum interest rates accordingly.

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Features of Post Office Time Deposit Scheme 2024

A couple of the requisite details regarding investment in the post office term deposit are as follows :-

Eligibility and Joint Accounts :-

  • Any person above the age of 10 can open a time deposit account at any post office. Additionally, guardians can open an account on behalf of a minor.
  • However, the minor has to apply for ownership of the account After he or she reaches the requisite age.
  • Accounts can also be held jointly by up to 3 individuals.
  • Depositors can also designate a person before or after opening an account.
  • One of the primary advantages of post office time deposit is that individuals can create multiple accounts without any restriction.
  • Depositors also have the independence to transfer their accounts from one post office to another.

Multiple Lock-in Periods :-

  • Depositors get the option to open a time deposited account for 1, 2, 3, and 5 years.
  • However, account tenure can be expanded by giving a formal application to the post office.

Income Tax Benefits :-

  • Income tax advantages are available only for a 5-year post office time deposit account.
  • Depositors will be able to claim income tax exemptions of up to Rs.1.5 lac under Section 80C of the Income Tax Act, 1961.

Lucrative Returns :

  • The rates of interest applicable on a National Savings Time Deposit Account are listed below :-
1 year5.5%
2 year5.5%
3 year5.5%
5 year6.7%

Revision and Determination of Rates :-

  • The post office term deposit interest rate is amended every quarter by the Government of India. The interest is calculated quarterly and paid yearly.
  • This rate is determined based on the yields on government securities (G-sections). A spread of 25 bps or 0.25% is added to 5-year time deposits over and above the G-second yield. However, 1-year, 2-year, and 3-year time deposits do not carry such stretches.

Transfer of Rates to Other Accounts :-

  • The interest can be transferred to the depositor’s post office saving account with the same post office.
  • It can also be transferred to the depositor’s National Savings Recurring Deposit Account or a 5-year post office recurring deposit account as the entire year’s deposit. RD account holders will have to make a formal application every year before the time deposited interest is credited for this transfer to process.

Payment of Interest :-

  • The interest, along with the principal, will be paid in either cash or cheque. However, payments higher than Rs.20,000 can only be made with a cheque.

Applicability of Interest Post Maturity :-

  • Those who do not withdraw the sum after the maturity of a time deposit account will not receive any extra interest. However, in case of post offices with core banking solutions, the time deposit will get renewed for the same period it was initially created. The post office time deposit interest rate at the time of maturity will be applicable after renovation.

Low Minimum Deposit Amount :-

  • The minimum sum required to open a National Savings Time Deposit Account is Rs.1,000. Individuals can deposit in multiples of Rs.100 thereof. There is no limit for max investment.
  • Individuals can make the initial deposit in cash or check. In case the payment is made by check, the date of encashment will be set as the account opening date.

Premature Withdrawal :-

  • A National Savings Time Deposit Account does not permit premature withdrawal within the first 6 months. The post office term deposit rate if the corpus is prematurely withdrawn between 6 months and 12 months will be in observance to the rate prescribed for a savings account.

Benefits of Post Office Time Deposit Scheme 2024

  • The bank is providing a guarantee to return the amount with additional interest that you have earned during the time period.
  • The scheme also provides tax-saving facilities under the Income Tax Act 80C.
  • You can create a nominee account to transfer the benefit of your scheme to the nominee in case of any accident or death.
  • However applicants can also cross there before completing the maturity period, but they have to pay some additional charges if they continue the Post Office Time Deposit Scheme 2024 before the maturity.

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Post Office Time Deposit Scheme 2024 Eligibility

  • Any Indian citizen can apply for an Indian post-TD scheme whose age is more than 10 years.
  • The bank is providing single accounts as well as joint accounts for a maximum 3 partners
  • If the applicant is a minor then their Guardian can apply on behalf of the minor.
  • A minimum of 1000 rupees has to be paid to open a TD account in the Indian Post Bank.

Post Office Time Deposit Scheme 2024 Documentation

  • Account Opening Form.
  • KYC Form (For new customer / modification in KYC details).
  • PAN card.
  • Aadhar card, if Aadhar is not made available, the following document may be submitted.
  • Passport.
  • Driving license.
  • Voter’s ID card.
  • Job card issued by MNREGA signed by the state government official.
  • Letter issued by the National Population Register containing descriptions of name and address.
  • Proof of date of birth / birth certificate in case of a minor account.

Application procedure for Post Office Time Deposit Scheme 2024

The Indian post office does not provide online application facilities for the TD scheme, so you have to visit your nearest Indian Post Payment Bank branch and after that ask for the time deposit application form and fill it out manually. After that attach photocopies of the documents with the Post Office Time Deposit Scheme 2024 Application Form and submit it to the counter. Once you have submitted the principal amount, the scheme will start and you will get benefits accordingly. 

Post Office Time Deposit Scheme 2024 Interest Rates

Post offices provide the facility of investing to their customers in a time deposit scheme from 1 year to 5 years where applicants can minimum invest for 1 year and maximum invest for 5 years. However, the interest rates will be provided according to the selected year. If you are investing for 1 year then you will get annual interest rates of 6.9%. Applicants who apply for 2 to 3 years then they will get 7% interest rates and if you apply for a maximum of 5 years in this Post Office Time Deposit Scheme 2024 then you will get maximum interest rates of 7.5% annually.

PeriodRate of Interest
1 year account6.9%
2 year account7%
3 year account7%
5 year account7.5%