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 encourages consistent savings by offering fixed-term deposits with guaranteed returns. Read More... You can invest with a low starting amount and there's no upper limit to your investment. Read less

Details

Thinking about a safe place for your savings that also gives you good returns? The National Savings Time Deposit (TD) scheme from the Department of Posts could be just what you need. It's a popular way for Indians to grow their money with certainty.

What Is This Scheme?

The National Savings Time Deposit (TD) scheme is a fixed-term deposit product offered by India Post. It’s designed to help you save money over a set period, promising a fixed interest rate which varies depending on how long you choose to keep your money deposited. It’s a secure way to ensure your money grows steadily.

Who Can Benefit From This Scheme?

This scheme is open to all resident citizens of India. Whether you're an adult looking to save, or you want to open an account for a minor, you can do so. Even individuals of unsound mind can have an account opened by their guardian. Plus, if you're 10 years or older, you can open and manage your own account.

Why This Scheme Is Important

In a world with many investment options, the National Savings Time Deposit offers a reliable and straightforward way to save. It promotes financial discipline by encouraging fixed-term investments. The scheme provides assured returns, which is crucial for long-term financial planning. It also offers tax benefits on the 5-year deposit, making it an attractive option for many.

Objective

The National Savings Time Deposit (TD) scheme encourages consistent savings by offering fixed-term deposits with guaranteed returns. You can invest with a low starting amount and there's no upper limit to your investment.

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.
Single adults can open an account.
Guardians can open accounts for minors.
Guardians can also open accounts for persons of unsound mind.
Minors who have completed 10 years of age can open and operate their own accounts.
Joint accounts are allowed for up to three adults. These can be operated in two ways:
- Joint ‘A’ Type: All depositors or surviving depositors must operate the account together.
- Joint ‘B’ Type: Any single depositor or surviving depositor can operate the account independently.

Important Notes:

You can open multiple accounts in your name or jointly with others.
If you have a minor account, it needs to be converted to an adult account once you turn 18. You'll need to submit a new Account Opening Form and KYC documents.
You can also open these accounts online through e-Banking or Mobile Banking. To use these facilities, you first need to have a Post Office Savings Account. You can get more details by clicking here or visiting www[dot]ebanking[dot]indiapost[dot]gov[dot]in.

How To Apply

Opening a National Savings Time Deposit account is straightforward. You can apply in two ways:

Offline: Visit your nearest Post Office branch. Fill out the Account Opening Form and submit it along with the required documents and your initial deposit.
Online: If you have an active Post Office Savings Account and are registered for internet banking, you can open a TD account through the India Post e-Banking portal. You'll need to access the e-Banking facility via this link.

Documents Required

To open your National Savings Time Deposit account, please be ready with the following documents:

Completed Account Opening Form (signed)
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 are the interest rates for the 1, 2, 3, and 5-year Time Deposits?

The interest rates are as follows: 1-year TD at 6.9% per annum, 2-year TD at 7.0% per annum, 3-year TD at 7.1% per annum, and the 5-year TD at 7.5% per annum. These rates are valid from January 1, 2024, to March 31, 2024.

Can I open multiple Time Deposit accounts?

Yes, you can absolutely open any number of accounts, either in your own name or jointly with others.

How is the interest calculated and paid out in the TD scheme?

Interest is compounded quarterly but paid out annually. If you don't withdraw the interest when it becomes due, it won't earn any further interest.

Is there a limit on how much money I can deposit?

No, there is no maximum limit on how much you can invest in the National Savings Time Deposit scheme. The minimum deposit is ₹1000, and you can deposit in multiples of ₹100 thereafter.

Who can open a Time Deposit account on behalf of someone else?

A guardian can open an account for a minor. Additionally, a guardian can open an account for a person who is of unsound mind.

Can I get the interest paid directly into my bank account?

Yes, you can provide a written mandate (like a standing instruction or ECS mandate) to have the annual interest credited directly to your Post Office Savings Account or your bank account.

What documents are needed to apply for this TD scheme?

You'll need to submit a filled and signed account opening form, your identity proof (like Aadhaar, PAN, Voter ID, or Passport), address proof (like Aadhaar, utility bill, or bank statement), and passport-size photographs.

Can I open this account if I am less than 18 years old?

Yes, if you are a minor aged 10 years or above, you can open and operate your own Time Deposit account. However, upon turning 18, you'll need to convert it to an adult account by submitting fresh KYC documents and a new form.

Which tenure of Time Deposit offers tax benefits?

Only the investment made in the 5-year Time Deposit account is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

What are the different types of Time Deposit accounts available?

The scheme offers four types of Time Deposit accounts: a 1-year TD, a 2-year TD, a 3-year TD, and a 5-year TD.