Post Office Fixed Deposit | Eligibility, Documents, Premature Withdrawal | Post Office Time Deposit

Описание: Read more about POTD here: https://cleartax.in/s/post-office-fix...

Post Office Fixed Deposit is also referred to as the Post Office Time Deposit or POTD. It is one of the most popular government-backed investment schemes, and hence the investments in these accounts are considered to be safe. You can open a post office fixed deposit account at any branch of India Post spread across India.

Features of Post Office Fixed Deposit:
1. These accounts are available with the tenure of 1,2,3 and 5 years.
2. Investments made in 5-year post office fixed deposit accounts qualify for tax rebate under Section 80C.
3. These accounts provide much higher returns than a regular savings account. They are currently returning between 5.5% and 6.7%.
4. Interest is paid out on an annual basis.
5. Premature withdrawals are allowed after 6 months.

Advantages of investing in Post Office Fixed Deposit:
1. As the government backs this investment scheme, your investments in these accounts are absolutely safe.
2. There are no TDS deductions made on the interest payment as the main objective of this investment is to provide a means of investment for the low-income group. You can save up to Rs 46,800 in taxes a year by investing in 5-year deposits.
3. Your Post Office Fixed Deposit account is transferrable across all post office branches in India.
4. You are allowed to open multiple Post Office Fixed Deposit accounts.
5. Any Indian adult can open a Post Office Fixed Deposit account. Even minors aged above 10 years are allowed to open an account. In the case of a minor aged under 10 years, the account could be opened by the parents.

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