Post Office are one of the Conventional institution which encourages habit of Savings Since its inception . They always offers better rate of interest than BANKS.
POST OFFICE INTEREST RATES FOR FIXED DEPOSITS : ( 2017)
|Salient features including Tax Rebate :
- Account may be opened by individual
- Account can be opened by cash/ cheque and in case of cheque the date of realization of cheque in Govt. account shall be date of opening of account
- Nomination facility is available at the time of opening and also after opening of account
- Account can be transferred from one post office to another
- Any number of accounts can be opened in any post office
- Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
- Joint account can be opened by two adults.
- Single account can be converted into Joint and Vice Versa
- Minor after attaining majority has to apply for conversion of the account in his name
- *In CBS Post offices ,when any TD account is matured, the same TD account will be automatically renewed for the period for which the account was initially opened e.g 2 Years TD account will be automatically renewed for 2 Years. Interest rate applicable on the day of maturity will be applied
- The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
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