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India Business News: The Indian government made important changes to its small savings schemes in 2023, introducing a new scheme, adjusting investment limits, and changing
The finance ministry has revised the rules for post office time deposits (POTD) recently. One of the major change in the rules is that five-year post office FD cannot be prematurely withdrawn before it completes 4 years from the date of deposit. Earlier, rules allowed the breaking of POTD after it completed 6 months from the date of deposit.
The Department of Post has made changes in the National Savings Time Deposit Scheme for premature withdrawal interest calculation, according to a notification issued on November 7, 2023.
A Post Office Savings Account requires a minimum deposit of Rs 500 to be opened.
Post Office Schemes: It is important to be aware that in certain schemes, TDS (Tax Deducted at Source) is deducted on the interest received.