Post Office Time Deposit Scheme Apply Online & Registration Form | Post Office Time Deposit Scheme Check Interest Rates & Last Date | Post Office Time Deposit Scheme Check Features & Benefits | Post Office Time Deposit Scheme Check Tenure & Tax Deduction | Post Office Time Deposit Scheme Check Eligibility & All Details |
The Indian Finance Ministry has launched the Post Office Time Deposit Scheme in order to provide flexibility in tenure options, allowing account holders to choose between 1, 2, 3, or 5 years. It ensures assured returns on investments, providing security to investors. Additionally, account holders have the convenience of transferring their time deposit accounts from one post office to another.
Through this article, we will provide you with all types of information about the Post Office Time Deposit Scheme 2023 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. Apart from this, we will share with you the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.
Post Office Time Deposit Scheme
The Post Office Time Deposit Scheme is a savings investment option offered by the Postal Department. It allows individuals to deposit money for a fixed period of time and earn interest on it. The scheme is secure, as it is backed by the government. It is a simple way to save money and earn returns without any risk.
The Government of India or Central Government has launched the Post Office Time Deposit Scheme so that the applicants opening bank accounts in the banks will be able to deposit their amounts or savings as per the interest rates provided or offered to them. At least, the account holder will need to deposit an amount of Rs. 200/- to their bank account.
Highlights Of Post Office Time Deposit Scheme
The highlights of this scheme are as follows:-
| Name Of The Scheme | Post Office Time Deposit Scheme |
| Launched By | Government of India |
| Delegated Ministry | Ministry of Electronics & Information Technology |
| Act or Regulation | Income Tax Act, Section 80C |
| Allocated Portal | Indiapost Portal |
| Objective | To provide saving bank accounts to open |
| Benefit | The applicants will be able to open their bank accounts |
| Applicable To | Citizens of India |
| Beneficiaries | Investors or Parents |
| Minimum Deposit Amount | Rs. 200/- |
| Rate of Interest | 6.9% to 7.5% |
| Form of Benefit | Facilitation of Bank Account Opening |
| Hosting Site | National Information Center (NIC) |
| Mode Of Application | Online |
| Last Date of Online Form Submission | Will be updated soon |
| Office Address | Department of Posts, Ministry of Communications, Government of India |
| Toll Free Enquiry Helpline | 18002666868 |
| Official Website | www.indiapost.gov.ins |
Objectives Of Post Office Time Deposit Scheme
The first objective of launching the Post Office Time Deposit Scheme is to provide individuals with a safe and secure avenue to invest their savings. Many people, particularly those from rural areas, prefer this government-backed scheme as it eliminates the risk associated with other investment options, such as the stock market or mutual funds.
The second objective of the Post Office Time Deposit Scheme is to earn a fixed income. This scheme offers attractive interest rates that are predetermined and remain fixed throughout the investment tenure. The interest rates are usually slightly higher than those offered by traditional saving accounts, making it an appealing choice for investors looking for safe and steady returns.
Post Office Time Deposit Scheme Tenure Options
The post office time deposit scheme offers flexibility in terms of tenure, with options of 1, 2, 3, or 5 years. Investors can choose the duration that suits their needs and financial goals. This allows individuals to plan their investments according to their requirements and desired returns. With a range of tenure options, the scheme caters to diverse investor preferences.
Post Office Time Deposit Scheme Last Date
Beneficiaries can apply for this scheme by submitting an online registration form. The specific last date for form submission has not been announced yet. Once the selection body releases the final date, we will provide an update on this article. It is advised to patiently await the release of the last date for registration.
Post Office Time Deposit Account Interest Rates
Following are the interest rates of the post office time deposit account that will be applicable as per the duration:-
| Account Tenure | Applicable Interest Rate |
| 1 Year | 6.9% |
| 2 Years | 7% |
| 3 Years | 7% |
| 5 Years | 7.5% |
Assured Returns & Account Transfer
Investors in the post office time deposit scheme can expect assured returns on their investments. This provides a sense of security and stability for individuals looking for a reliable investment avenue. Additionally, the scheme allows for easy transfer of time deposit accounts from one post office to another. This feature enables account holders to conveniently manage their investments.
Sole or Joint Ownership of Time Deposit Accounts
Account holders have the flexibility to choose between operating a time deposit account solely or holding it jointly with another individual. This allows for customization based on personal requirements and preferences. Investors can opt for joint ownership to include a spouse, family member, or business partner, thereby facilitating shared ownership and management of the account.
Extension & Automatic Renewal of Time Deposit Accounts
Upon maturity of a time deposit account, account holders have the option to extend its duration. This provides flexibility and allows individuals to make well-informed decisions regarding the continuation of their investment. Furthermore, if the proceeds of a mature account are not withdrawn, the account is automatically renewed for the original deposit tenure.
No Limit on Number of Time Deposit Accounts
This scheme does not impose any cap on the number of accounts an individual can open. This provides investors with the freedom to diversify their investment portfolio and allocate funds across multiple time deposit accounts. By opening multiple accounts, account holders can effectively manage and distribute their investments for enhanced returns and risk mitigation.
Minimum Deposit Requirement & Refund Policy
To invest in the post office time deposit scheme, a minimum deposit of Rs.200 is required. It is important to note that the amount to be deposited should be in multiples of 200 only. In case the deposit amount is not in multiples of 200, the excess amount will be refunded without any interest, while the nearest multiple of 200 will be retained in the account.
Early Withdrawal Terms
The post office time deposit account allows early withdrawals, but only after 6 months from the first deposit. If you withdraw between 6 months and 1 year, you will earn simple interest at the post office savings account rate. If you withdraw after 1 year, the interest rate will be 1% lower than the original rate.
Tax Rules for Post Office Savings
Post office small savings do not have TDS. Interest earned is added to your annual income and taxed accordingly. However, 5-year deposits are eligible for tax benefits under Section 80C of the Income Tax Act in short words, No tax deducted on small post office savings. Interest added to income and taxed. 5-year deposits can save tax under Section 80C.
Benefits of Post Office Time Deposit Scheme
The benefits of this scheme are as follows:-
- Applicant will be able to invest their savings in the right manner.
- Interest rates will be provided to the applicants on the basis of the duration of the account that has been opened.
- No tax will be deducted for small savings account.
- This scheme will promises guaranteed returns on the investment made by the account holder.
- The time deposit accounts can be easily transferred from one post office to another.
- This scheme will be providing convenience for the account holder.
Features of Post Office Time Deposit Scheme
The features of this scheme are as follows:-
- The Government of India has launched the Post Office Time Deposit Scheme.
- Citizens of India will be able to open saving bank accounts in this scheme.
- Interest rate will be provided as per the duration of the FD.
- No tax will need to be paid by the applicants.
- The tenure of the deposit can be chosen from 1, 2, 3, or 5 years, allowing for flexibility according to the investor’s needs.
- For getting more information, one can visit the official website.
Post Office Time Deposit Scheme Eligibility Criteria
The applicants will need to attain the below-mentioned points to get an online registration for this scheme:-
- The applicant must be a citizen of India.
- He or she must have attained the right age to open bank account.
- On the behalf of child, the parents can open the bank account.
- NRIs will not be given registrations.
Important Documents
Some of the important documents required to attach for this scheme are as follows:-
- Aadhar Card
- Residence Certificate
- DOB Certificate
- Mobile No
- Email ID
- SB3
- SB13 (pay-in slip)
- Specimen Signature Slip
Post Office Time Deposit Scheme Apply Online
As this scheme has been recently launched no such information has been released with the help of various social networking sites regarding the application procedure to apply online for the Post Office Time Deposit Scheme. Whenever the application procedure will be launched, we will update you through this article otherwise, the applicant can visit the Official Website.
Contact Information
In case you are having any doubts or queries regarding the Post Office Time Deposit Scheme, then you may contact this mentioned below office address and Toll Free Enquiry Helpline no:-
- Office Address:-
- Department of Posts,
- Ministry of Communications,
- Government of India
- Toll Free Enquiry Helpline:- 18002666868