RD scheme
Features Of Post Office Fixed Deposit Scheme Minimum amount of deposit for Post Office TD: Rs.200 No upper limit on the investment amount Interest payout frequency: Yearly Maturity periods available: 1 year, 2 years, 3 years and 5 years Interest is calculated on a quarterly basis Premature withdrawal is allowed after completing 6 months of the maturity period. FDs with a tenure of 5 years is eligible for tax benefits as per Section 80 C of the Income Tax Act, 1961. Deposits can be made in cash or cheque You can avail the nomination facility either while creating the account or at any point during the tenure of the deposit. Account is transferrable between post offices No limit on the number of accounts that can be created in the post office Can be maintained as a joint account between 2 adults A joint account can be converted into a 'single account' and vice versa. When an accountholder who is a minor legally becomes an adult, they need to request a conversion...