National Savings Time Deposit (TD)
State: Central
Ministry: Ministry Of Communication
Department: null
Category: Banking,Financial Services and Insurance
Beneficiary Type: Individual

The objective of the National Savings Time Deposit (TD) scheme is to promote safe and fixed-term savings by offering assured returns, encouraging individuals to invest regularly with flexible deposit amounts and no upper limit.

Benefits:
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Interest payable, Rates, Periodicity etc.Minimum Amount for opening of account and maximum balance that can be retained6.9% to 7.5%Minimum INR 1000/- and in multiples of 100. No maximum limit.**Interest Rates**
Interest rates From 01.01.2024 to 31.03.2024

- 1 year TD Account: Rate of interest - 6.9%
- 2 year TD Account: Rate of interest - 7.0%
- 3 year TD Account: Rate of interest - 7.1%
- 5 year TD Account: Rate of interest - 7.5%

**Deposits**

- Four categories of the TD Accounts are available i.e.,1-year TD, 2-year TD, 3-year TD and 5-year TD.
- Account can be opened with minimum of ₹ 1000 and in multiple of ₹ 100.
- No maximum limit for investment.
- Interest shall be compounded quarterly and 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- No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder.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 either to the Post Office Savings Account or Bank Account of the customer if mandate (standing instruction/ ECS mandate) is given in writing.
- The investment under 5-year TD qualifies for the benefit of section 80C of Income Tax Act, 1961

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Eligibility:
1. The individual must be a resident citizen of India.
1. The individual may open an account as a single adult.
1. The guardian may open an account on behalf of a minor.
1. The guardian may open an account on behalf of a person of unsound mind (Authorised Account).
1. The minor who has attained the age of 10 years may also open and operate the account.
1. The individual Joint Account (up to three adults) (Joint A or Joint B)

- Joint ‘A’ type, to be operated by all the depositors or the surviving depositors jointly.
- Joint ‘B’ type, to be operated by any of the depositors or the surviving depositors separately

Note:Any number of accounts can be opened in individual’s name or jointly with another
Note: Upon reaching the age of 18 years, account holders must submit a new Account Opening Form (AOF) and fresh KYC documents at their Post Office to convert their minor account into to an adult account
Note: Accounts can also be opened through e-Banking or Mobile Banking facility. It is to be noted that Post Office Savings Account is a prerequisite for availing internet banking facility (Please [Click ](https://ebanking.indiapost.gov.in/corp/AuthenticationController?FORMSGROUP_ID__=AuthenticationFG&__START_TRAN_FLAG__=Y&__FG_BUTTONS__=LOAD&ACTION.LOAD=Y&AuthenticationFG.LOGIN_FLAG=1&BANK_ID=DOP)here or visit www[dot]ebanking[dot]indiapost[dot]gov[dot]in)
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Application Process:
[Offline]
Step 1: Visit the nearest Post Office and collect the Account Opening Form and KYC Form.
Step 2: Fill out the forms carefully and attach required documents (PAN, Aadhaar or valid ID proof, etc.).
Step 3: Submit the completed forms along with documents at the Post Office counter.
Step 4: Deposit the minimum amount (₹500) through cheque.
Step 5: After verification, the account will be opened and details will be provided.

Documents Required:
Account opening form (duly filled and signed)
Identity proof (Aadhaar card / PAN card / Voter ID / Passport)
Address proof (Aadhaar card / utility bill / bank statement)
Passport-size photographs