Post Office Time Deposit Scheme: Interest Rates 2024, Benefits, Eligibility

What is Post Office Time Deposit Scheme 2024

It is important to think about a range of possibilities that offer security and a strong return on investment when it comes to investing your money. The Indian Postal Service’s Post Office Time Deposit Scheme is one such investment choice. It is the perfect investment choice for people trying to increase their savings securely and safely. Read below to check the detailed information related to the Post Office Time Deposit Scheme.

What is Post Office Time Deposit Scheme 2024

One of the most popular investment programmes provided by India Post is the Post Office Time Deposit Account (POTD), formerly known as the National Savings Time Deposit Account. Although anyone can participate in the program, it is especially popular in isolated and rural parts of the nation where access to investment products is limited and underbanking is a common occurrence. If compared to standard savings bank accounts, it offers an alluring interest rate. Investors can participate in this scheme through any post office in India. Because national savings time deposit accounts offer greater returns and more flexibility, investing in them is a great choice for savers.

How to Open Post Office PPF Account

Interest Rates for Post Office Time Deposit Scheme 2024

Account typesInterest rate
(As of March 2024)
1 year6.9 %
2 years7.0 %
3 years7.1​ %
5 years7.5 %

POTD Scheme Features

Some of the key features of the Post Office Time Deposit Scheme are as follows:

  • Post office time deposit programmes allow deposits to be made for one, two, three, or five years, and only one deposit per account.
  • Time deposit accounts can be held jointly or independently.
  • This post office programme guarantees the account holder’s investments will yield returns.
  • Following maturity, account holders have the option to extend the term of a time deposit account.
  • It is simple to move time deposit accounts from one post office to another.
  • The number of time deposit accounts that can be opened is unlimited.
  • A mature account will automatically be renewed for the original deposit term at the appropriate interest rates as of the maturity date if the proceeds are not withdrawn.
  • The POTD Scheme system has a minimum deposit requirement of Rs. 1,000.
  • It should be remembered, nevertheless, that the deposit amount must only be made in multiples of Rs. 100. If not, the account will be held for the amount in multiples of Rs. 100, and the remaining amount will be reimbursed interest-free.

Benefits of Post Office Time Deposit Scheme 2024

Some of the key benefits of the POTD Scheme are as follows:

  • The Post Office Time Deposit Scheme ensures a profit on your investment.
  • Children as young as ten years old can manage the account independently.
  • Section 80C of the Income Tax Act allows for a tax deduction on five-year time deposits.
  • There is a facility for nominations.
  • The investments have no maximum investment restriction and can be placed with as little as Rs. 1,000. They are very flexible.
  • Because the principle invested and interest received on POTD investments are guaranteed by a sovereign, they are thought to be safer than FDs.
  • It is simple to move accounts between post offices, and early withdrawals of deposits are permitted.
  • No post office has a limit on the total number of accounts that can be opened.

Post Office Monthly Income Scheme 

Required Documents                        

Some of the important documents required for the scheme are as follows:

  • SB13 (pay-in slip)
  • SB3
  • Specimen Signature Slip

Eligibility Criteria for Post Office Time Deposit Scheme 2024

The applicants applying for POTD Scheme must fulfill the following eligibility criteria:

  • Any Indian resident may open and manage this account independently or jointly.
  • A minor who is at least ten years old may open and manage this account.
  • A juvenile may have a parent or guardian open a Post Office Time Deposit account on their behalf.
  • Indians who do not reside in the country are unable to open a Post Office TD account.

Steps to Apply for Post Office Time Deposit Scheme Online

Follow the below-given steps to apply for Post Office Time Deposit Scheme Online

Post Office Time Deposit Scheme
  • Use your registered User ID and the captcha code to log in
  • Select the Service Request option
  • Then click on the General Services tab.
  • To open an account for a POTD Scheme, follow the instructions displayed on the screen.

Steps to Apply for POTD Scheme Offline

Follow the below-given steps to apply for the POTD Scheme Offline

  • Go to the post office in your neighborhood.
  • Obtain the POTD application form and complete it, along with the necessary supporting documentation.
  • To open a POTD account, you must deposit at least Rs. 1000.


what is the least amount needed to get a POTD opened?

Yes, you can start a Post Office Term Deposit with as little as Rs. 1,000.

Can I move my term deposit to a different post office?

Yes, It is possible to accomplish this by utilising the SB10(b) form that is required or by making a physical application to the post office.

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