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Government Of Assam Finance Directorate of Small Savings

Time Deposit Account

  • 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