About this banking scheme
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.
The National Savings Time Deposit (TD) Scheme, operated by the Department of Posts under the Ministry of Communications, offers an interest rate ranging from 6.9% to 7.5% per annum. The minimum deposit required to open an account is Rs. 1000, and deposits can be made in multiples of Rs. 100. There is no maximum limit on the amount that can be invested in this scheme.
Benefits at a glance
| Scheme name | National Savings Time Deposit (TD) (NSTDTD) |
|---|---|
| Launched by | Ministry Of Communication |
| Benefit type | Cash (money paid to your bank account) |
| Category | Banking |
| Level / State | Central · All India |
| Official portal | indiapost.gov.in (see References at the end) |
Key facts
| Scheme type | Centrally Sponsored Scheme |
|---|---|
| Scheme for | Individual |
| Application mode | Offline |
| Last date | Not given in the official listing |
| DBT (direct bank transfer) | No |
| Age | 10+ years |
Who can apply (quick check)
- 👤All genders
- 🎂Age 10+ years
- 📝Offline
Quick check from official data. Full conditions are in the Eligibility section.
What you receive
| Interest payable, Rates, Periodicity etc. | Minimum Amount for opening of account and maximum balance that can be retained |
| 6.9% 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 Rs. 1000 and in multiple of Rs. 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- No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder.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
Who qualifies
- The individual must be a resident citizen of India.
- The individual may open an account as a single adult.
- The guardian may open an account on behalf of a minor.
- The guardian may open an account on behalf of a person of unsound mind (Authorised Account).
- The minor who has attained the age of 10 years may also open and operate the account.
- 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 here or visit www[dot]ebanking[dot]indiapost[dot]gov[dot]in)
Who is not eligible
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Papers to keep ready
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Registration walkthrough
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 (Rs. 500) through cheque.
Step 5: After verification, the account will be opened and details will be provided.
Frequently asked questions
What is the National Savings Time Deposit (TD) Scheme?
It is a savings scheme operated by the Department of Posts that offers fixed-term deposits with assured interest rates.
What is the interest rate in TD scheme?
Interest rates range from 6.9% to 7.5% per annum, depending on the deposit tenure.
What are the available TD account types?
There are four types: 1-year, 2-year, 3-year, and 5-year TD accounts.
Can a minor open a TD account?
Yes, a minor aged 10 years or above can open and operate the account.
Can a guardian open a TD account?
Yes, a guardian can open an account on behalf of a minor or person of unsound mind.
What is the minimum deposit amount?
The minimum deposit is Rs. 1000, and thereafter in multiples of Rs. 100.
Is there any maximum deposit limit?
No, there is no maximum limit for investment.
Can interest be automatically credited?
Yes, interest can be credited to a Post Office Savings Account or bank account through standing instructions or ECS.
Does TD qualify for tax benefits?
Only the 5-year TD account qualifies for Section 80C tax benefits.
References and official sources
Apply only on the official portal. Nothing is applied for on this site, and applying is free.
grokipedia.org.in is not affiliated with any government department. Apply only on the official portal and never pay anyone for an application.
The details on this page are from the official listing and have not been rewritten or reviewed by our team yet. Confirm them on the official portal before applying.
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