Post Office Time Deposit Account 5 year - 7.9%, Tax Rebate Minimum Rs. 200 - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Saturday, September 24, 2016

Post Office Time Deposit Account 5 year - 7.9%, Tax Rebate Minimum Rs. 200

Post Office Time Deposit Account (TD)

Interest payable, Rates, Periodicity etc.

Interest payable annually but calculated quarterly.
From 1.4.2016, interest rates are as follows:-
Period
Rate
1 year Account
7.1%
2 year Account
7.2%
3 year Account
7.4%
5 year Account
7.9%



Minimum Amount for opening of account
and maximum balance that can be retained

Minimum Rs. 200 and in multiple thereof. No maximum limit.

Salient features including Tax Rebate
* Account may be opened by individual
* 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
*Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
* Joint account can be opened by two adults.
*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
* 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
* The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.


Post Office Time Deposit Account 5 year - 7.9%, Tax Rebate Minimum Rs. 200 Reviewed by S. Chitra on September 24, 2016 Rating: 5 Post Office Time Deposit Account (TD) I nterest payable, Rates, Periodicity etc. Interest payable annually but calculated quarterly...

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