INSUBCONTINENT EXCLUSIVE:
The post office time deposit account offers interest in the range of 7-7.8% for a period of 1-5 yearsIndia Post or Department of Posts, the
postal system of the country, provides a range of services
India Post, which has a network of over 1.5 lakh post offices across the country, offers several savings schemes with different interest
One such savings scheme offered by India Post is time deposit or fixed deposit (FD) account, according to its official website,
Interest rate on the time deposit account is payable annually but calculated quarterly
( Post office saving schemes which offer income tax benefits)1
Opening of account: Post office fixed deposit account can be opened by an individual by cash or cheque
In case of a cheque, the date of realisation of cheque in government's account shall be the date of opening of account, according to India
Amount: The minimum amount required to open post office FD account is Rs
200 and in multiple thereof
However, there is no maximum limit, noted India Post.3
Rate of interest and tenure: The post office time deposit account offers interest in the range of 7-7.8 per cent for a period of 1-5 years
The interest rates according to India Post's website are:PeriodRate1 year time deposit (fixed deposit) account7.00%2 year time
Tax benefit: Investments made under the 5-year fixed deposit account qualifies for income tax benefits under Section 80C of the Income Tax
Other facilities: Nomination facility is available at the time of opening and also after opening of account
A single account can be converted into a joint account and vice-versa.Get the latest election news, live updates and election schedule for
Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
Election results will be out on May 23.
