Post Office Time Deposit Account

• Can be invested by an individual(above 18 years), a minor who has attained the age of 10 years, a guardian on behalf of a minor/a person of unsound mind or two individuals.
• The principal can be withdrawn only after the expiry of its period.
• Account can be pledged as security against a loan to banks/government institutions.
• No deduction of income tax at source. Tax exemption on Five Years Time Deposit Account U/S 80C of the Income Tax Act.
• Deposits are exempt from Wealth Tax.