New Delhi: Most of the middle-income groups, salaried-class people and a large section of risk-averse investors remain in a continuous lookout for risk-free opportunities which can give better returns as compared to conventional investment options such as fixed deposits, recurring deposits and insurance scheme. Post Office offers various investment options for the varied requirements of customers. Post Office time deposit account is one such savings facility which offers interest up to 7.7 per cent.
Post Office time deposit (TD) account can be opened by resident individuals by cash, cheque. The Post Office time deposit account will be opened on the date of realisation of cheque amount in case of cheque deposits. The interest on Post Office term deposit account is payable annually but it is calculated quarterly. Interestingly, a person can start Post Office time deposit account with a minimum of Rs 100 and in multiples of Rs 100, thereafter. Post Office has not placed an upper ceiling on the deposits.
Post Office provides an interest of 6.9 per cent on all the time deposit accounts opened for 1 year, 2 years and 3 years, whereas the interest on 5-year Post Office time deposit account is fixed at 7.7 per cent. The interest rates on Post Office time deposit account were last revised on July 01, 2019. Moreover, the investment under five Years time deposit account qualifies for the benefit of Section 80C of the Income Tax Act, 1961, with which individuals can claim a tax deduction of up to Rs 1.5 lakh on investment.
Post Office time deposit (TD) account features
Source:-timesnownews
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