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National Savings Time Deposit Account

Introductory:

Time Deposit Accounts are short as well as long-term deposits with rate of interest compounded quarterly but paid annually.

  • Rate of interest is notified by the government from time to time on quarterly basis and Current Rate of Interest Payable.
  • A guardian may open an account on behalf of a minor or a person of unsound mind.
  • An Account can be opened in multiples of ` 100/- without any maximum limit.
  • An account can be closed any time after opening of the account. In this case simply interest at Post Office Saving Account rate shall be payable.
  • Deposits in 5 year Time Deposit qualify for deduction u/s 80-C of Income Tax Act.
  • Two, three and five year Time Deposit account can be closed prematurely with deduction in the rate of interest.

Click for National Savings Time Deposit Account Rule.

Click for National Savings Time Deposit Account Forms.

 
 
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National Savings Institute, Ministry of Finance (DEA) Govt. of India First Floor,ICCW Building.4,Deen Dayal Upadhayaya Marg,New Delhi-110002.
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