How To Open A Post Office Time Deposit (TD) Account Online?

Post Office Time Deposit Account (TD) or National Savings Time Deposit Account (TD) is a small savings scheme administered by the Department of Posts and overseen by the Ministry of Communications, Government of India. A Post Office Time Deposit Account (TD) is ideal for debt investors planning to create financial wealth with stable and inflation-beating returns. This small savings scheme can be established offline by submitting a duly filled application form at your local post office or online. Customers must have a savings account at the same post office in order to open a time deposit account. Opening an account by physically visiting your nearest branch could be inconvenient, while the online approach speeds up the process. As a result, here's how you can create an online Post Office Time Deposit (POTD) account.

Key takeaways of Post Office Time Deposit Account

• A Post Office Time Deposit Account can be opened online or offline by depositing a minimum amount of Rs 1000/- and in multiple of Rs 100 with no upper limit.
• The account can be opened by a single adult, joint holders up to 3 adults, or on behalf of a minor.
• The account can be opened for a flexible tenure of 1 year, 2 years, 3 years, or 5 years.
• The current interest rate on post office fixed deposits is 5.5 percent for deposits maturing in one to three years and 6.7 percent for deposits maturing in five years. These interest rates are payable on an annual basis but calculated on a quarterly basis.
• By submitting an application form, the yearly interest can be credited to the account holder's savings account opened in the same post office.
• The investment in a 5 year TD is eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act of 1961.
• On maturity, the account holder can extend the TD account by submitting an application form and the passbook to the post office. The interest rate on the respective TD account on the day of maturity will continue to the extended tenure.
• Only after six months from the date of deposit, a post office time deposit account can be prematurely closed. If a TD account is closed after six months but before one year, the PO Savings Account Interest rate of 4% will be applicable.

How To Open A Post Office Time Deposit Account Online?

Net banking allows a holder of a post office savings account to create a time deposit account. As a consequence, the depositor should have access to net banking. If the depositor has not yet signed up for post office net banking, he or she can do so by clicking here. If the depositor has net banking credentials, he or she can establish a time deposit account online by following the steps outlined below.

• Visit ebanking.indiapost.gov.in and enter your User ID/Password.
• Click on 'Login' and you will now get a one-time password (OTP) on your registered mobile number.
• Enter the OTP and click on 'Confirm'.
• You will now be redirected to the dashboard section of your net banking account.
• On the dashboard page, click on 'General Services' and then click on 'Service Requests'.
• From the 'Service Requests' option select 'New Requests' from the drop-down menu.
• Under the 'New Requests' option, click on 'TD Account - Open a TD Account'.
• Now fill up the online form by entering the required details such as deposit amount, deposit duration, account opening date, and debit account.
• Click on 'Submit Online' and confirm the request made.
• Click on 'Submit' and you will get an online receipt with a reference ID.
• You can download the cyber receipt in a PDF format and also you will get your successful request details on your registered mobile number linked with your savings account.