InvestorQ : How can I operate my post-office time deposit account?
Priyanka Singh made post

How can I operate my post-office time deposit account?

Answer
user profile image
Nishita Gala answered.
1 year ago


Just like opening a post office time deposit is an easy task, so is operating one.

In order to operate a post office time deposit, you have to:

- Have the initial deposit pay-in slip with opening sum; this is the amount that will be credited in to your time deposit account

- Pay the stated amount either in cash or via cheque

Once your time deposit matures, you have two options. You can either withdraw the amount or allow the post office to reinvest your total amount (principal + interest) in time deposit for the same tenure. Please note, however, the rate of interest may not be the same as you received earlier because the government keeps changing the interest rate from time to time.