What is 5-year Post Office Time Deposit (TD) Account?
Under this scheme, you can open your account with either cash or a cheque.
The interest rates on deposit accounts are 4.4% on a one-year account, 5.0% on a two-year account, 5.1% on a three-year account, and 5.8% on a five-year account.
Do note that the interest is payable annually but it’s calculated quarterly.
It is pretty similar to a recurring deposit account in terms of being transferrable from one post office to another, maximum two adults being allowed to hold a joint account and a nomination facility being available.