www.niveshmangal.com: TIME DEPOSITE

TIME DEPOSITE

Account type for 1 year, 2 year, 3 year, 5 year.
Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 100. No maximum limit for investment.
Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder.
The annual interest may be credited to the savings account of the account holder by submitting application.
The investment under 5 year TD qualifies for the benefit of section 80C of Income Tax Act, 1961.

Deposit amount shall be repayable after expiry of 1 year, 2 year, 3 year, 5 year (as the case may be) from the date of opening.

On maturity depositor may further extend TD account for another tenure for which account was initially opened.
TD account can be extended from date of maturity within the following prescribed period.. 1 year TD = within 6 months of maturity. 2 year TD = within 12 months of maturity. 3/5 year TD = within 18 months of maturity.
At the time of opening of account depositor can submit request for extension of account from the date of maturity.
TD account can be extended after maturity by submitting prescribed application form at concerned Post Office along with passbook.
Interest rate applicable to respective TD account on the day of maturity shall be applicable to the extended period.

TIME DEPOSITE