Compensation for Loss of Life and Property Caused by Wild Animals in and around Forest Areas: Assistance for Damage to Houses Due to Wild Elephant Attacks 2026

The National Savings Time Deposit (TD) scheme by India Post encourages regular savings with attractive, fixed interest Read More... rates and flexible deposit options, making it a secure way to grow your money. Read less

Details

Planning to save money securely for a set period? The National Savings Time Deposit (TD) scheme, run by the Department of Posts, offers a reliable way to earn fixed returns on your deposits.

What Is This Scheme?

This is a fixed deposit scheme where you deposit a sum of money for a specific tenure and earn a guaranteed interest rate. It's a safe investment option managed by the Department of Posts under the Ministry of Communications.

Who Can Benefit From This Scheme?

Anyone who is a resident citizen of India can open an account. This includes individuals, minors (aged 10 years and above), and joint accounts (up to three adults). Guardians can also open accounts for minors or individuals of unsound mind.

Why This Scheme Is Important

The scheme aims to promote disciplined savings habits among Indians by providing assured returns. It offers flexibility with various tenure options and no upper limit on investment, making it accessible for different saving goals.

Objective

The National Savings Time Deposit (TD) scheme by India Post encourages regular savings with attractive, fixed interest rates and flexible deposit options, making it a secure way to grow your money.

Benefits

At present, the following compensation amounts are provided in the event of house damage caused by wild elephants:Type of House(a) Completely Damaged/ Destroyed HouseTotal Amount payable (in ₹ per house)Share of State Disaster Response Fund (in ₹ per house)Share of Human Wildlife Conflict Relief Distribution Fund (in ₹ per house)Kutcha house/ Pakka house (Completely damaged)(i) Kutcha house (ii) Pakka house₹95,000/-₹95,000/---Kutcha House (Partially damaged)Kutcha House (Partially damaged)₹20,000/---₹20,000/-Damage to boundary wall of a pucca house and partial damage to a pucca house(b) Partially Damaged House (i) A pucca house (other than a hut) where the damage is at least 15%₹15,000/-₹5,200/-₹9,800/-Damage to boundary wall of a pucca house and partial damage to a pucca housePartially Damaged House (i) Kutcha house (other than hut) where the damage is at least 15%₹3,200/-₹3,200/---In case of damage to hut or house made of strawDamaged/destroyed hut₹5,000/-₹4,100/-₹900/-

Sources and references

Guidelines (Page No. 252)

Eligibility Criteria

You must be a resident citizen of India.
Individuals can open a single account.
Joint accounts can be opened by up to three adults.
A guardian can open an account on behalf of a minor.
A guardian can also open an account for a person who is of unsound mind.
Minors who are 10 years old or older can open and operate their own accounts.

Note on Joint Accounts:

Joint 'A' type: All account holders must operate the account jointly, or it can be operated by the surviving account holders.
Joint 'B' type: Any one of the account holders can operate the account separately, or it can be operated by the surviving account holders.

You can open any number of accounts in your name, either individually or jointly with others.

Important for Minor Accounts: Once the account holder turns 18, they must submit a new Account Opening Form and fresh KYC documents at their Post Office to switch from a minor account to an adult account.

Digital Application: Accounts can also be opened using the Post Office's e-Banking or Mobile Banking facility. To use this, you need to have a Post Office Savings Account. You can learn more here: Click here or visit www[dot]ebanking[dot]indiapost[dot]gov[dot]in.

How To Apply

Visit your nearest Post Office branch.
Fill out the Account Opening Form completely and sign it.
Submit the form along with the required documents and your initial deposit.
For online applications, use the Post Office e-Banking or Mobile Banking facility if you are an existing Post Office Savings Account holder.

The scheme is operated by the Department of Posts.

Documents Required

A filled and signed Account Opening Form.
Proof of Identity: Aadhaar card, PAN card, Voter ID, or Passport.
Proof of Address: Aadhaar card, recent utility bill, or bank statement.
Recent passport-size photographs.

FAQ’s

What is the current interest rate for a 1-year Time Deposit?

For a 1-year TD account opened between January 1, 2024, and March 31, 2024, the interest rate is 6.9% per annum.

How does the interest get paid in a Time Deposit account?

Interest is calculated quarterly but paid out annually. It can be credited to your Post Office Savings Account or bank account if you provide a written mandate.

Can someone who is not a resident Indian open this account?

No, only resident citizens of India are eligible to open a National Savings Time Deposit account.

What is the maximum amount I can invest in this scheme?

There is no limit to the maximum amount you can invest in the National Savings Time Deposit scheme.

When does the interest rate for a 5-year Time Deposit qualify for tax benefits?

Investments made in a 5-year Time Deposit account are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Can I open multiple Time Deposit accounts?

Yes, you can open as many accounts as you like, either in your individual name or jointly with others.

What if I want to open an account for my child?

A guardian can open a Time Deposit account on behalf of a minor. A minor who is at least 10 years old can also open and manage their own account.

What interest rate applies to a 3-year TD account?

For the period January 1, 2024, to March 31, 2024, the interest rate for a 3-year TD account is 7.1% per annum.

Is the interest earned on TD accounts taxable?

The interest earned on Time Deposit accounts is subject to tax as per your income tax slab. However, the principal amount and interest earned on a 5-year TD account can be claimed for deduction under Section 80C of the Income Tax Act, 1961.

What are the different durations for Time Deposits?

The National Savings Time Deposit scheme offers four types of accounts based on duration: 1-year, 2-year, 3-year, and 5-year TDs.