Let's know about this scheme … National Savings Time Deposit Scheme 2019 (National Savings Time Deposit (TD) Scheme, 2019)
(1) what is the question Central Government National Savings Time Deposit Scheme 2019?
answer- In this scheme, four types of time deposit (or fixed deposit) accounts can be opened. This includes accounts for 1 year, 2 years, 3 years and 5 years. You can deposit money in these accounts for one year, two years, three years and five years.(2) Question- Who can open an account in National Savings Time Deposit Scheme?
answer- According to the notification issued by the government, any adult account can be opened in this scheme. Also, three adult people can also open a joint account. Apart from this, a person under 10 years of age can be opened on behalf of a minor or on behalf of a minor or on behalf of a person with a weak mental state.
(3) Question- How much money will have to be deposited? Answer- The account holder has to deposit at least 1000 rupees. There is no maximum deposit limit. You can deposit any amount in the account of 100 rupees.
(4) Question- How much interest is received in this scheme?
answer- The government-issued notification states that interest is being received at 6.9% per annum on accounts with one year, two years, three years and 7.7% interest annually on 5-year time deposit accounts. will get.
(I) The interest received on the amount deposited in this account will be calculated on a quarterly basis. The payment of this interest will be at the end of the year on which the account is opened.
(II) Under this scheme, account holders can get the interest amount in their savings account. If the person does not withdraw the annual interest earned on the amount deposited, then no additional interest will be received on it.
(5) Question- Will account be closed after maturity?
answer- If you close a five-year time deposit account after four years from the date of deposit, the interest will be calculated based on the interest rate received on the account for a period of three years. Additional interest has been paid, it will be deducted from the total amount received. Yes, account has to be closed after maturity.
If you have to transfer the time deposit scheme to someone, then you have to give the application in Form-5 as security. With this, there should be a letter from the person to whom you are transferring.
(6) Question- What is tax liability?
answer- There is no rule of tax deduction at source (TDS) in the post office small savings scheme. This does not mean, however, that the interest earned on it is tax free. An investor has to pay tax on it according to the slab levied on him after adding the interest earned to his annual income. If you are in a higher tax bracket, then after paying tax, the interest rate on it decreases very much. If you are investing in a five-year POTD, then you can get tax exemption under Section 80C of the Income Tax Act.
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