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- Life Insurance In India
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Friends & Family
Time Deposit
Indian Postoffice Savings
Post office Time deposit scheme is a type of fixed deposit account offered by Department of post, Government of India at all post office. This saving plan is best for those investors who want to deposit a lump sum for a fixed period. Investor gets a lump sum (principal + interest) at the maturity of the deposit, where rate of interest on investment depend on the term of deposit.
Who can open :
- A single adult or two adults jointly,
- A pensioner to receive/credit his monthly pension,
- Group Accounts by Provident Fund, Superannuation Fund or Gratuity Fund, Authority
controlling funds of the Sanchayika. - Public Account by a local authority/body,
- Institutional Accounts by the Treasurer of Charitable Endowments for India, Trust
Regimental Fund & Welfare Fund, - A cooperative society / cooperative bank or scheduled bank on behalf of its members,
clients or employees - Gazetted Officer in his official capacity.
[ Non Resident Indian / HUF can not open the account. ]
Nomination facility
Nomination facility is available under Post office Time Deposit scheme.
Amount Required
Minimum amount required: Rs.200/-.
Maximum Amount : No Limit
Time / term of investment
Time Deposits can be made for the periods of 1 year, 2 years, 3 years and 5 years.
Interest Rates
| Period of deposit | Rate of Interest per cent
/ per annum |
| 1 YEAR | 6.25 |
| 2 YEARS | 6.50 |
| 3 YEARS | 7.25 |
| 5 YEARS | 7.50 |
Sbkanth [ 11Jul08]
Hi,
I need a scheme to invest in short period for tax saving purpose.
I think this scheme is helpful for me.Need experts sugestion in this regard.
Suresh
Divya [ 18Jul08]
Dear Sir,
I m doing a job & want to invest in this scheme.Kindly guide me & also clarify the further procedures.
With Thanks,
Divya