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Any individual (a single adult or two adults
jointly) can open an account.
Group Accounts, Institutional Accounts and Misc.
account not permissible.
Trust,
Regimental Fund or Welfare Fund not permissible to invest.
1 Year, 2 Year, 3 Year and 5 Year TD can be opened.
In case of premature closure of 1 year, 2 Year, 3
Year or 5 Year account on or after 01.12.2011, if the deposit is
withdrawn after 6 months but before the expiry of one year from the
date of deposit, simple interest at the rate applicable to from time
to time to post office savings account shall be payable.
In case of premature closure of 2 year, 3 year or 5
year account on or after 01.12.2011, if the deposit is withdrawn after
the expiry of one year from the date of deposit, interest on such
deposits shall be calculated at the rate, which shall be one per
cent less than the rate specified for a period of deposit of 1 year,
2 year or 3 years as mentioned in the concerned table given under
Rule 7 of Post office Time Deposit Rules.
Rate of interest - 7.7%,7.8%,8.0%,8.3% compounded quarterly for 1,2,3 &5 years TD account respectively.
The investment under this scheme qualify for the benefit of Section
80C of the Income Tax Act, 1961 from 1.4.2007.
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Type of Account |
Minimum Deposit |
Maximum Deposit |
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1,2,3 & 5 Year TD |
INR.200/- and in
multiples of INR. 200/- thereafter |
No limit. |
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Post Office Savings Bank -
The safest investment
"
Save today-Smile tomorrow "
"Pay Day is your Savings Day "
Time Deposit Rules |
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