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