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National Savings Recurring Deposit Account

5-Year Post Office Recurring Deposit Account (RD)

Interest payable, Rates, Periodicity etc.	Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:- 5.8 % per annum (quarterly compounded)	Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.
Salient features including Tax Rebate
Account may be opened by (i) a single adult (ii) Joint Account (Maximum 3 adults) (iii) Minor above 10 years of age (iv) A guardian on behalf of a minor/Person of unsound mind Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque Nomination facility is available at the time of opening and also after opening of account Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of account Account can be transferred from one post office to another Any number of accounts can be opened in any post office Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made *If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100 Minor after attaining majority has to apply for conversion of the account in his name One loan up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account Protected Savings Scheme is applicable for the account of denomination Rs 100/- Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking Online Deposit facility is available through IPPB Saving Account Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office

National Savings Time Deposit Account

Post Office Time Deposit Account (TD)

Interest payable, Rates, Periodicity etc.	Minimum Amount for opening of account and maximum balance that can be retained
Interest payable annually but calculated quarterly.	Minimum INR 1000/- and in multiple of 100. No maximum limit.

Interest rates From 01.04.2020 to 30.06.2020

Period	Rate
1yr.A/c	5.5%
2yr.A/c	5.5%
3yr.A/c	5.5%
5yr.A/c	6.7%

Salient features including Tax Rebate
.Account may be opened by (i) a single adult (ii) Joint Account (Maximum 3 adults) (iii) Minor above 10 yearsof age (iv) A guardian on behalf of a minor/Person of unsound mind Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account Nomination facility is available at the time of opening and also after opening of account Account can be transferred from one post office to another Any number of accounts can be opened in any post office Single account can be converted into Joint and Vice Versa Minor after attaining majority has to apply for conversion of the account in his name. TD account can be extended by giving an application in account office Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder The annual interest may be credited to the savings account of the account holder at his option Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking

National Savings Monthly Income Account

Post Office Monthly Income Scheme Account (MIS)

Interest payable, Rates, Periodicity etc.	Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:- 6.6 % per annum payable monthly.	In multiples of INR 1000/- Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts) For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Salient features including Tax Rebate
Account may be opened by (i) a single adult (ii) Joint Account (Maximum 3 adults) (iii) Minor above 10 years of age (iv) A guardian on behalf of a minor/Person of unsound mind. Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account Nomination facility is available at the time of opening and also after opening of account Account can be transferred from one post office to another. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh) Single account can be converted into Joint and Vice Versa Minor after attaining majority has to apply for conversion of the account in his name Maturity period is 5 years from 1.12.2011 Interest can be drawn through auto credit into savings account standing at same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.) A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011 Interest shall be payable to the account holder on completion of a month from the date of deposit If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

News, Due Date Reminder and Location Map

News

26 Jun 25

FM Sitharaman Directs CBDT to Accelerate Tax Refunds and Settle Pending Appeals

GST Tax Evasion Scam Worth Rs 524 Crore Busted, Seven Arrested Across States

CBIC Clarifies Review and Appeal Process for GST Orders Passed by CAA

Maharashtra Moves to Sync State GST Law with CGST Act Amendments

Delhi HC Flags Prima Facie Double Demand in GST ITC Reversal and Utilisation Case

25 Jun 25

CBDT Grants Income Tax Exemption to FSSAI Under Section 10(46A)

NPCI Rolls Out Real-Time PAN & Bank Validation to Speed Up Tax Refunds

Maharashtra GST AAR: 18% Tax Applicable on Shifting of Transmission Lines for Dedicated Consumers

Supreme Court Criticises Misuse of Conditional Bail Undertakings After GST Fraud

24 Jun 25

GST Scam Busted: Advocate Among Two Arrested for Running Fake GST Firm Racket in Delhi

Calcutta HC Sends Back Bajaj’s Appeal to GST Authority Over ITC Legality Lapse

ITR Scrutiny Selection New Rules Updated for FY 2025-26

NPCI Rolls Out Real-Time PAN & Bank Validation to Speed Up Tax Refunds

23 Jun 25

Gross Direct Tax Collection Rises 4.86% in FY26 Despite Surge in Refunds

ICAI Mandates Disclosure of Auditor`s Opinion While Generating UDIN for GST & Tax Audits

22 Jun 25

NPCI Launches Real-Time PAN and Bank Account Validation API on Income Tax Portal

MCA Allows Separate Filing of e-Form CSR-2 on V3 Portal After Transition from MCA21 V2 to V3

TDS Exemption for IFSC Units Under Section 80LA Effective July 1, 2025

21 Jun 25

Madras HC: Reminder Notice Mandatory Before Ex-Parte GST Order U/S 169

ITAT Delhi: Tax Deduction U/S 54F Not Allowed for Property Bought in Mother’s Name

Gujarat HC: Omission of GST Rule 96(10) Applies Prospectively to All Pending Proceedings

20 Jun 25

CBDT Notifies Tax Exemption for Forum of Regulators Under Section 10(46) of Income Tax Act

Handling of Inadvertently Rejected records on IMS

GST Appellate Tribunal Framework: MoF Releases Corrigendum to Rectify G.S.R. 256(E)

Jharkhand HC Acts Against Supplier for GSTR-1 Non-Filing and Non-Remittance of GST Collections

MCA Fines CA ?50K for Failing to Report Auditor Resignation

19 Jun 25

Tax Professionals Raise Alarm Over Misuse of GST Section 74(A) Notices

MCA Grants One-Time Fee Relaxation on 13 E-Forms Amid Transition to New Portal

Delhi HC Grants Relief to NRI After Buyer’s TDS Filing Error Triggers Income Tax Notice

HP High Court: University Must Get Fair Hearing, AO Can’t Act Unilaterally as Prosecutor and Judge

18 Jun 25

Aadhaar OTP Now Mandatory for PAN Registration on Income Tax Portal

MCA Grants Fee Waiver for 13 E-Forms Amid Transition to MCA21 Version 3

Bombay HC: Cash Credit Account Not Subject to Attachment as Property Under GST Section 83

Mumbai CGST Introduces Grievance Mechanism to Resolve GST Registration Issues

17 Jun 25

GSTN Introduces Enhanced Inter-operable Services Between E-Way Bill Portals

CBDT Notifies Tax Exemption for HP School Education Board Under Section 10(46)

Charitable and Religious Trusts to Face Stricter Income Tax Scrutiny in FY 2025-26

Union Minister Gadkari Urges GST Cut on Crude Ethanol to Boost Flex-Fuel Vehicle Adoption

Rajasthan GST AAR: Subcontracted Labour Under PMAY Not Eligible for Tax Exemption

16 Jun 25

Aadhaar OTP Now Mandatory for PAN Registration on Income Tax Portal

15 Jun 25

FM Sitharaman to Hold High-Level GST, Income Tax and Customs Review Meetings This June

CBDT Notifies Fresh Guidelines for Compulsory Scrutiny of Income Tax Returns for FY 2025-26

Air India Crash: Tata Group`s Rs 1 Crore Ex-Gratia Payment Likely Exempt from Income Tax

ITAT Mumbai: No Addition for 26AS-Sales Mismatch Caused by Client’s Double TDS Deduction

14 Jun 25

Allahabad HC Upholds ITC Denial and Tax Penalty if Supplier Fails to Pay GST Dues

Calcutta HC Permits ITC Claim Rectification U/S 16(4) via 2024 WB GST Amendment

13 Jun 25

ITAT Kolkata Deletes INR 1 Crore Addition, Says Amount Refunded Cannot Be Treated as Income

SPL-01/SPL-02 Filing Glitch: GSTN Issues Advisory for Taxpayers

Madras HC: Tax Officers Must Apply Sense, Not Treat GST Notice Service as Formality

CBDT Begins Processing ITRs for AY24; Long-Awaited Refunds on the Way

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