Post Office Time Deposit Scheme: The best Scheme for the Investment of money offered by India Post is Post Office Time Deposit Scheme (POTD). POTD Scheme is specially launched or started for rural areas that have least investment schemes. Read our full article to know the all information of POTD Scheme.
Post Office Time Deposit Scheme 2024
Government of India offers a good saving schemes for the residents of India called the Post Office Time Deposit Scheme or National Savings Time Deposit Scheme. It provides more interest rate when we compare it with other standard banks. All interested investors can invest their money through any post office in India. National Savings Time Deposit Scheme provides good facilities and great returns to the Investors.
Post Office Time Deposit Scheme Highlights
| Name of the Scheme | Post Office Time Deposit Scheme (POTD) |
| Famous with other name | National Savings Time Deposit Account |
| Launched by | India Post |
| Objective | To inspire the citizens of India to save and invest money and have surity of returns on their investment |
| Beneficiaries | All Indians |
| Home Page | Click Here |
| Official Website | www.indiapost.gov.in |
Post Office Time Deposit Scheme Interest Rate
At the start of fiscal year, the Indian Finance Ministry examines the interest rate on the program. The interest rate of Post Office Time Deposit Scheme Account which are valid from January 1st 2024 to 31st March 2024 are as given below:–
| Tenure | Interest Rate |
| 1 Year | 6.9% |
| 2 Years | 7% |
| 3 Years | 7.1% |
| 5 Years | 7.5% |
Benefits of Post Office Time Deposit Scheme
Benefits of Post Office Time Deposit Scheme are as given below :–
• Post Office Time Deposit Scheme have no maximum investment limit.
• A Guaranteed returns and Profit for the Investment has been provided by the POTD Scheme.
• Nomination Facility also available in this POTD Scheme.
• No maximum investment limit, you can start investing with a little amount of Rs 1000 in the POTD Scheme.
• Section 80 C of Income Tax Act allows for a tax deduction of five years of time deposit.
• Transferring of POTD Scheme Account anywhere in India is easily possible in India Post.
• Early Withdrawals of Investment is permitted. The Principal amount and interest generated are guaranteed by sovereign.
• Post Office Time Deposit Scheme is safer than Fixed Deposit Scheme.
Eligibility Criteria for POTD Scheme
Following are the eligibility criteria you have to fulfill before applying for Post Office Time Deposit Scheme :–
• The residents of India can open and manage this account by single or joint.
• Peoples who are not residing in India are not eligible to open this Post Office Time Deposit Scheme Account.
• Minor at the age of atleast 10 years can open account in POTD Scheme.
• Below the age of 10 years can open and manage the POTD Scheme account on behalf of their parents or guardians.
Post Office Time Deposit Scheme is not available for the following Institutions and Funds :–
• Regimental Funds
• Welfare Funds
• Trust Funds
• Institutional Account Holders
Required documents for Post Office Time Deposit Scheme
Following Documents are required to enroll in Post Office Time Deposit Scheme :–
• Specimen Signature Slip
• SB3
• SB13 (pay-in-slip)
Features of Post Office Time Deposit Scheme
Features of Post Office Time Deposit Scheme are as given below :–
• POTD Scheme allows you to deposit the amount for one, two, three and five years and you can only one deposit per account.
• POTD Scheme have no investment limit and you can open your account with a little investment of Rs 1000 in this Scheme.
• Interested investors can open single or joint account in POTD Scheme.
• It is easy and flexible to transfer your POTD Scheme Account from one post office to another.
• Recently, the central government gave investors permission to open POTD accounts at all public sector banks and some few banks including HDFC banks, ICICI bank and Axis Bank etc.
• Post Office Time Deposit Scheme is better than Fixed Deposit Scheme.
• Depositor can withdraw their investment money at any time with interest.
Post Office Time Deposit Scheme 2024 Application Process
Peoples who already have post office saving account and if they are enrolled in Indian Post Office online banking services are eligible to open Post Office Time Deposit Scheme Account.
Follow the below given steps to open the account :–
• First of all go to the E-Banking website of the Indian post.
• Click on the Login tab and enter your registered USER ID and the CAPTCHA Code given below.
• Now Click on the Service Request option given in general services menu.
• Now follow the steps provided on your screen and then you will be successfully enrolled in Post Office Time Deposit Scheme (POTD).
To open the Post Office Time Deposit Account offline follow the below given steps :–
• Bring an Application form of Post Office Time Deposit Scheme from the nearby post office of your locality.
• Submit the Filled Application form with 1000 rupees and with required documents to the Post Office incharge.
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| Home Page | Click Here |
Post Office Time Deposit Scheme FAQ
I want to invest in POTD Scheme may I got tax benefits?
The tax saving available to investors in POTD Scheme are contingent upon the deposit term being five years.
What is the least amount required to get POTD Scheme Account opened?
The Least amount required to get POTD Scheme Account opened by a little amount of Rs 1000.
Is it possible to transfer my POTD Scheme Account to another Post Office?
Yes, You can transfer your POTD Scheme Account easily by visiting the Post Office.
