The post office time deposit account is similar to the fixed deposit account in banks, where any person can save their money for a fixed time period. In PO TD account, Indian Post Offices provide guaranteed returns. The Post Office TD Interest Rate 2019 ranges between 6.9% to 7.7% depending on the number of years of term deposits. People can easily calculate the interest earned through their post office’s td calculator. People can fill the post office td form through indiapost.gov.in
Time Deposit Account Interest – Post Office TD Interest Rate 2019
TD account can be opened at any post office across India. Any person can open this account in the name of minor or for himself or can also open a joint account to earn guaranteed interest. Post Office TD Interest Rate 2019 (Effective from 1 October 2019) 6.9% for 1-year term deposits, 6.9% for 2-year term deposits, 6.9% for 3-year term deposits and 5-year fixed deposit accounts For 7.7%.
Application form in PDF Format through the link – Post Office TD Form PDF
Time Deposit Interest Rate (%) over the Years
| Maturity Period | 2019 | 2018 | 2016-17 | 2015-16 | 2014-15 | 2013-2014 |
|---|---|---|---|---|---|---|
| 1 Year Time Deposit | 6.9% | 6.6% | 7.1% | 8.4% | 8.4% | 8.2% |
| 2 Year Time Deposit | 6.9% | 6.7% | 7.2% | 8.4% | 8.4% | 8.2% |
| 3 Year Time Deposit | 6.9% | 6.9% | 7.4% | 8.4% | 8.4% | 8.3% |
| 5 Year Time Deposit | 7.7% | 7.4% | 7.9% | 8.5% | 8.5% | 8.4% |
Post Office TD Calculator 2019 – Maximum / Minimum Amount
The candidate has to pay a minimum of Rs. Can open your account with 200 and can be deposited later in multiples of Rs. 200. There is no maximum limit for deposits in TD account. People can keep track of their records and calculate their interest using the POTD passbook with the rules applied to the account.
If a TD deposit matures at a CBS post office, the same TD account will be automatically renewed for the same period for which the initial account was opened. For example – any 2-year TD account can be automatically renewed for 2 years after maturity.
Post Office TD Premature Closing and Tax Benefits
All deposits made in term deposit accounts are allowed for withdrawal through TD premature closure. The TD account is liquid despite the lock-in period. All TD accounts with a lock-in (maturity) period of 5 April are eligible for tax benefits from 1 April 2007 under s / c 80C of IT Act, 1961.
However 1, 2 and 3 year TD accounts do not get tax exemption under 80C. In case of post office closing before td time the following points apply which are as follows: –
- TD account is risk free and candidates can prematurely close their TD accounts after 6 months of initial deposits.
- If the period of premature closure is between 6 months to 1 year, then the subscribers will get an interest rate of 4%.
- After 1 year, the post office TD interest is 1% less than the interest earned on deposits for specific tenure income.
TD enrollment facility
Subscribers are allowed to have multiple accounts in any post office as well as joint TD accounts. People can open this type of account under 10 years of age or in their own name. Nomination facility is available at the time of account opening and even after opening td account.
In TD accounts, the customer can operate more than 1 account in individual capacity or jointly. After 10 years, the minor will have to change the TD account in his name. There is no maximum limit on deposits made by an individual. People can convert their single account to joint account and vice versa.
Post Office Time Deposit – Highlights at a Glance
All people who want to save their money for a specified time period and assured returns can open a TD account. Important features and highlights of the post office TD account are: –
Important Features
- All customers wishing to open an account with PO can deposit initial amount through cash / check.
- Any Indian resident can open this td account. Jointly 2 or more adults can open a joint account.
- Subscribers can transfer their td account from 1 post office to another.
- Any customer can open any number of TD accounts at any post office.
- A person can also open a TD account in the name of a minor. Minors above 10 years of age can simultaneously operate their td accounts in post offices. For this, minors must fill out a conversion form to change the account to their name.
- Even 2 or more adults can open a joint account, which they can both operate. For this, both the joint account holders have to submit their details at the post office.
- Nomination facility is available at the time of account opening and also after opening the account.
- The post office facilitates the conversion of a single TD account to a joint TD account and vice versa.
- Time deposits of 5 years are eligible for tax exemption under s / c 80C of IT Act.
- The time deposit account is automatically renewed after the specified time period.
Time Deposit Account – Post Office TD Calculator and Salient Features
| TD Interest Rate 2019, Periodicity | Minimum Term Deposit Account Opening Balance and Maximum Balance |
|---|---|
| TD Interest Rate 2019 currently varies from 6.9% to 7.7% per annum quarterly calculated while payable yearly (effective from 1 October 2019). This post office td interest is 6.9% for 1 year account, 6.9% for 2 year account, 6.9% for 3 year account and 7.7% for 5 year account. | Minimum td account opening balance is Rs. 200 and candidates can deposit any further amount in its multiples. There is no maximum limit. |