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National Savings Time Deposit Account Scheme
INTRODUCTION:
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Four category of Time Deposit Account available – 1 year, 2 year, 3 year & 5 year
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Minimum deposit ₹1000/- and thereafter in the multiples of ₹100.
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No maximum deposit limit.
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A guardian may open an account on behalf of a minor or a person of unsound mind.
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An account can be closed after six months. Where deposits in the account is withdrawn prematurely after six months but before one year, simple interest at POSA rate shall be payable.
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Deposits in 5 year Time Deposit qualify for deduction u/s 80-C of Income Tax Act.
Click for Scheme Rule(
1981 and
2019 )
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