Post Office Time Deposit Scheme 2024: Eligibility, Benefits, Application Form

The Ministry of Communications has launched various schemes through the post office. It provides the best interest rate as compared to other banks. Post Office Time Deposit Scheme is a Yojana amount post office scheme. It is of four types year, two-year, three-year, and five-year plans. Applicants can choose the time period as per their interest. One can go through the article carefully to the detailed information regarding the Time Deposit Scheme.

Post Office Time Deposit Scheme 2024

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The Post Office Time Deposit Scheme is one of the best schemes which returns a good profit with an interest rate of 6.9% to 7.5% after a certain time. Applicants can open more than one account for themselves, on behalf of their minor kids, and can benefit from the scheme.

Post For Post Office Time Deposit Scheme 2024
Launched By Indian Government
Mode Online/Offline
Beneficiaries Indian Citizens
 Deposit Limit Minimum Rs 1000 Maximum No limit
Interest Rate 6.90% to 7.50% p.a
Department Ministry of Communications
Official Website www.indiapost.gov.in

Citizens can deposit a minimum of Rs 1000 and there is no limit for the maximum amount. Applicants are informed that the Interest should be payable annually. There would be no additional interest payable on the interest amount but withdrawn by the account holder.

Post Office Time Deposit Scheme For Senior Citizens

Citizens who have crossed the age of 50 for such people post office has issued various profitable schemes. Many citizens are dependent on others after retirement or when they are not at the stage of working. To get relief from old-age financial issues applicants can apply for the Post office time deposit scheme.

Applicants who have applied for the deposit scheme will get a monthly amount in the form of a pension which will be very helpful for them. To apply for the scheme applicants can visit the post office’s official website which is www.indiapost.gov.in.

Interest Rates of Post Office Savings Schemes

Applicants who are planning to open an account for the Post Office Time Deposit Scheme need to know the details regarding interest rates which are listed below.

Time Period Interest Rate
1yr.A/c 6.9%
2yr.A/c 7.0%
3yr.A/c 7.1%
5yr.A/c 7.5 %

Benefits Of Post Office Time Deposit Scheme

  • Applicants will get a good return with a high-interest rate.
  • One can deposit the money in a small amount and can get it collectively in any emergency.
  • It is a kind of saving scheme by which citizens can save their money for their hard times.

Post Office Time Deposit Scheme Eligibility

  • One must be a permanent citizen of India.
  • Applicant’s age must be above 10 years.
  • Any number of accounts can be opened
  • Applicants can withdraw the deposit before 6 months from the date of deposit.
  • The deposit amount shall be repayable after the expiry from the given time from the date of opening.

Steps To Apply For Post Office Time Deposit Scheme

To Apply For the Post Office Time Deposit Scheme applicants can follow the steps listed below.

  • Visit the Post Office’s Official Website.
  • Now from the home page click on the Post Office Saving Bank option.
  • Then select the Post Office Time Deposit Scheme.
  • After that, an application form PDF will open.
  • Download the PDF and register yourself by entering all the required details.
  • Attach the documents correctly.
  • Verify the details and submit them to the nearest post office.
  • You have successfully registered for the scheme.
  • Save the application form if required.

Documents Required For Post Office Time Deposit Scheme

  • Applicant Form
  • Bank Account Number
  • PAN Card
  • KYC Form
  • Passport
  • Driving license
  • Applicants Aadhar Card
  • Birth certificate

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