Time Deposit Account can be opened in four time-bound terms — 1-year, 2-year, 3-year and 5-year. An individual can open this account with a minimum amount of Rs 200 and in multiple thereof., with no maximum limit.
Key Features:
- 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.
- The investment under 5-year Time Deposit Scheme qualifies for the benefit under Section 80C of the Income Tax Act, 1961.
Source: India Post
