Post Office Saving Scheme: Know features, interest rates of this time deposit scheme

If you are looking for investments in Small Saving Scheme (SSC), then you must know about this Post Office Scheme which is a popular investment option and can be opened in any nearby post office easily. This scheme is called Post Office Time Deposit Account (TD) and it can be opened with minimum Rs 1000. There is no maximum limit on this scheme and the investments can be increased in the multiples of Rs 100.

The interest payable is annually but calculated quarterly.

Know interest rates here:  
1yr, 2yr and 3 yr accounts - 5.5 per cent
5yr account - 6.7 per cent

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Know its features:

• It can be opened by a single adult and a joint account can also be opened by a maximum of 3 persons. A minor who is above 10 years can also open an account or a guardian on behalf of a minor/person of unsound mind can also open the account.
• Account can be opened by cash or a cheque.
• Premature encashment not allowed before expiry of 6 month. If closed between 6 months to 12 months from date of opening, Post Office Saving Accounts interest rate will be payable.
• Investment under 5 Years TD qualifies for the benefit of Section 80C.
• Any number of accounts can be opened in any post office. Nomination facility is available at the time of opening and also after opening of account. The account can be transferred from one post office to another.
• Minor after attaining majority has to apply for conversion of the account in his or her name.
• TD account can be extended by giving an application in account office.
• Interest shall be payable annually, no additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder.
• The annual interest may be credited to the savings account of the account holder at his option.

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• Online Account Opening facility is available through Intra Operable Net banking/Mobile Banking