Interest%20on%20National%20Savings%20Time%20Deposits%20Account%28s%29%20is%20payable%20annually%20but%20calculated%20quarterly.%20The%20minimum%20amount%20of%20opening%20an%20account%20is%20Rs.%201000%20and%20amount%20must%20be%20deposited%20in%20multiples%20of%20100%20only.%20There%20is%20no%20maximum%20limit%20on%20the%20amount%20to%20be%20deposited.%26nbsp%3B%3Cbr%3E%3Cstrong%3E%3Cu%3EImportant%20Points%3C/u%3E%3C/strong%3E
The%20accounts%20can%20be%20open%20singly%2C%20jointly%28up%20to%203%20adults%29%2C%20by%20guardians%20on%20behalf%20of%20their%20minors%20or%20on%20behalf%20of%20persons%20of%20unsound%20mind%20and%20by%20minors%20above%2010%20years%20of%20age%2C%20in%20their%20own%20name.%26nbsp%3B%3Cbr%3EAny%20number%20of%20accounts%20can%20be%20opened.%26nbsp%3B%3Cbr%3E%3Cstrong%3E%3Cu%3EDeposits%3C/u%3E%3C/strong%3E
Deposits%20can%20be%20made%20for%201%20year%2C%202%20years%2C%203%20years%20and%205%20years.%20Account%20can%20be%20opened%20with%20minimum%20of%20Rs.%201000%20and%20in%20multiples%20of%20Rs.%20100.%20There%20is%20no%20maximum%20limit%20for%20investment.%20Interest%20is%20payable%20annually%20and%20no%20additional%20interest%20charge%20shall%20be%20payable%20on%20the%20amount%20of%20interest%20that%20has%20become%20due%20for%20payment%20but%20has%20not%20been%20withdrawn%20by%20the%20account%20holder.%26nbsp%3B%3Cbr%3EThe%20annual%20interest%20may%20be%20credited%20to%20the%20savings%20account%20of%20the%20account%20holder%20by%20submitting%20an%20application.%20The%20investment%20under%20a%20%26nbsp%3B5%20year%20time%20deposit%20qualifies%20for%20the%20benefit%20of%20section%2080C%20of%20Income%20Tax%20Act%2C%201961.%26nbsp%3B%3Cbr%3E%3Cstrong%3E%3Cu%3EMaturity%3C/u%3E%3C/strong%3E
Deposit%20amount%20shall%20be%20repayable%20after%20expiry%20of%201%20year%2C%202%20years%2C%203%20years%20or%205%20years%20%28as%20the%20case%20may%20be%29%20from%20the%20date%20of%20opening.
%3Cstrong%3E%3Cu%3EExtension%20of%20Account%3C/u%3E%3C/strong%3E
On%20maturity%20of%20the%20TD%2C%20the%20depositor%20can%20further%20extend%20TD%20account%20for%20another%20tenure%20for%20which%20account%20was%20initially%20opened.%20The%20account%20can%20be%20extended%20from%20date%20of%20maturity%20within%20the%20following%20prescribed%20period.
1%20year%20TD%20%3D%20within%206%20months%20of%20maturity.%202%20year%20TD%20%3D%20within%2012%20months%20of%20maturity.%203/5%20year%20TD%20%3D%20within%2018%20months%20of%20maturity.%26nbsp%3B
At%20the%20time%20of%20opening%20of%20account%2C%20the%20depositor%20can%20submit%20request%20for%20extension%20of%20account%20from%20the%20date%20of%20maturity.%26nbsp%3B%3Cbr%3ETD%20accounts%20can%20be%20extended%20after%20the%20date%20maturity%20by%20submitting%20prescribed%20application%20form%20at%20concerned%20Post%20Office%20along%20with%20passbook.%20Interest%20rates%20applicable%20to%20the%20respective%20Time%20Deposit%20account%20on%20the%20day%20of%20maturity%20will%20be%20applicable%20to%20the%20extended%20period.
%3Cstrong%3E%3Cu%3EPremature%20closure%20of%20Account%3C/u%3E%3C/strong%3E
No%20deposit%20can%20be%20withdrawn%20before%20the%20expiry%20of%20six%20months%20from%20the%20date%20of%20the%20deposit.%20If%20the%20Tone%20Deposit%20account%20is%20closed%20after%206%20month%20but%20before%201%20year%2C%20PO%20Savings%20Account%20Interest%20rate%20will%20be%20applicable.%20If%20the%202/3/5%20year%20TD%20account%20is%20prematurely%20closed%20after%201%20year%2C%20interest%20shall%20be%20calculated%202%20%25%20less%20than%20of%20TD%20interest%20rate%20%28i.e.%201/2/3%20years%29%20for%20completed%20years%2C%20and%20for%20periods%20less%20than%20a%20year%2C%20PO%20Savings%20Interest%20rates%20will%20be%20applicable.%26nbsp%3B%3Cbr%3E%26nbsp%3B
%3Cstrong%3E%3Cu%3EPledging%20of%20TD%20account%3C/u%3E%3C/strong%3E%3Cbr%3EA%20Time%20Deposit%20account%20can%20be%20pledged%20or%20transferred%20as%20security%20of%20by%20submission%20of%20prescribed%20application%20form%20at%20the%20concerned%20Post%20Office%20supported%20with%20acceptance%20letter%20from%20the%20pledgee.%26nbsp%3B%3Cbr%3E%26nbsp%3B
%26nbsp%3BTransfer/pledging%20can%20be%20made%20to%20the%20following%20authorities.%3Cbr%3E%26nbsp%3B
- The%20President%20of%20India/Governor%20of%20the%20State.
- RBI/Scheduled%20Bank/Co-operative%20Society/Co-operative%20Bank.
- Corporation%20%28public/private%29/Govt.%20Company/Local%20Authority.
- Housing%20finance%20company.
Stay%20tuned%20to%20know%20more%20about%20Post%20Office%20Savings%20Schemes.%26nbsp%3B%3Cbr%3E%26nbsp%3B%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOffice%22%20data-user-id%3D%22L18dmDXItpkL%22%20href%3D%22/topic/post-office%22%3E%23PostOffice%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOfficeSchemes%22%20data-user-id%3D%22Mo37HkkwSyR4%22%20href%3D%22/topic/postofficeschemes%22%3E%23PostOfficeSchemes%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23India%22%20data-user-id%3D%22Bq4MmUPrXF8p%22%20href%3D%22/topic/india%22%3E%23India%3C/a%3E%26nbsp%3B
