7 Things One Must Know About Post Office Saving Scheme (Term Deposit) :
1.
Account may be opened by individual.
2.
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.
3.
Nomination facility is available at the time of
opening and also after opening of account.
4.
Account can be transferred from one post office
to another.
5.
Any number of accounts can be opened in any post
office.
6.
Account can be opened in the name of minor and a
minor of 10 years and above age can open and operate the account.
7.
Joint account can be opened by two adults.
8.
Single account can be converted into Joint and
Vice Versa.
9.
Minor after attaining majority has to apply for
conversion of the account in his name.
The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
10. In CBS Post offices
,when any TD account is matured, the same TD account will be automatically
renewed for the period for which the account was initially opened e.g 2 Years
TD account will be automatically renewed for 2 Years. Interest rate applicable
on the day of maturity will be applied.
Interest payable
annually but calculated quarterly.
From 1.4.2016,
interest rates are as follows:-
|
Period
|
Rate
|
|
1 yr. A/c
|
7.1%
|
|
2 yr. A/c
|
7.2%
|
|
3 yr. A/c
|
7.4%
|
|
5 yr. A/c
|
7.9%
|
Deposit Amounts are
as follows:-
|
Type of Account
|
Minimum Deposit
|
Maximum Deposit
|
|
1, 2, 3 & 5 Year
TD
|
INR. 200/- and in
multiples of INR. 200/- thereafter
|
No limit
|
No comments:
Post a Comment