The Post Office Time Deposit Account is one of India Post’s most well-known savings plans (POTD). For Post Office Time Deposit deposits, there are four different tenure options: one, two, three, and five years. There is no maximum investment amount and a minimum investment of Rs 1,000 is needed to open an account.

Following the increase, the POTD now earns an interest rate of 6.6%, 6.8%, and 6.9% for periods of one year, two years, and three years, respectively. Customers will earn 7 after this quarter’s increase.

Under Section 80 C of the Income Tax Act of 1961, senior citizen may be qualified for a tax deduction for a 5-year Post Office Time Deposit Account.