Friday, June 29, 2012

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Post Office Term Deposit

What Scheme Mean?
Post Office Term Deposit(POTD) is similar to a bank fixed deposit,where you save money for a definite time period earning a guaranteed return through the tenure of the deposit.

As to be resident Of India preferably with a post office saving bank account

Entry Age
No age limit
Minor above age 10 can open an account on their own name directly.

Minimum:rs 200 and in multiples
Maximum:there is no upper limit

Interest rate of 7.7%to8.3% depending on the tenure of the deposit.
Interest payable annually but calculated quarterly.

Account Holding Type

1,2,3 or 5 year

Tax Benefits
No tax benefits for less than 5 years.Tax deduction under 80c for 5 year deposit.
How to Join The Scheme/Account/Deposit/Policy?
Once you have selected the post office to open the POTD account,you can open a PODT for which you will need the documents:
  • A deposit opening form provided by the post office.
  • Address and identify proof such as copy of the passport,PAN card,License card or ration card.
  • Carry original identity proof for verification at the time of opening account.
  • Choose a nominee and get a witness signature to complete the formalities to start the deposit.
Objective And Risk
The main objective of the POTD is to provide an assured return on the deposit depending on the duration of the deposit.the low-risk associated with this deposit scheme makes it a popular small savings deposit.

Invest huge sum across varies deposit tenure and schemes.Its better deposit than other since it provide high guarantee for deposit as it directly controlled by Central government.

1 comment:

  1. I need to know all types of post office schemes and plans in online. How to get the guide and reference materials form online. How i can collect those types of information in online. What are the proofs are needed for open the account in post office. I want more information about the list of post office plans and schemes. How to i know about that? Did you have any idea for collecting that? Please tell me the way. In this scheme is really good and i need to invest my amount with my daughter name. How to i do that? She is minor and how do that with her name? What are the procedures are followed for that action? I need the full details and information wanted here. I am searching more websites and reference sources in online. But I cannot get that. So please tell me the exact information and related nature of information here.
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