Tax SavingTaxation

National Saving Time Deposits Scheme 2022 In India

National Saving Time Deposits Scheme 2022

On 12 December 2019, the Government of India issued notification No. GS 922 (E) launched National Savings Time Deposit Scheme.

What is the National Savings Time Deposit Scheme (NSTPD)?

The Central Government of India has announced the National Savings Time Deposit Scheme, in accordance with Section 15 of 1873’s Government Savings Bank Act. This scheme offers four maturities for accounts. These accounts offer a higher interest rate than regular savings bank accounts.

These accounts have a variable rate of interest that increases with maturity. A person should always keep Rs 1000. You can put as little as Rs 100 into a deposit and there is no cap on the amount you can invest.

Also Read-Residential Status for Tax Calculation FY 2021-22 And FY 2022-23

Types of Accounts

There are four types of maturity periods for the National Savings Time Deposit Scheme. These accounts have maturity periods of one, two, three, and five years. These accounts can be managed by one person or up to three persons. Minor accounts are allowed, but the legal guardian would manage them until the minor reaches the age of adulthood. This scheme allows an individual to have multiple accounts.

The National Savings Time Deposits Scheme is a scheme by the Government of India, introduced in 2018. It provides for a fixed rate of interest on deposits for a minimum term and for a minimum amount including tax deduction.

This scheme was formerly known as Post Office Time Deposits. It is now called National Savings Time Deposits. . The account holder can choose from four types of time deposit accounts with different maturities.

The scheme offers accounts in the form of time deposit accounts. These accounts are available for one to five-year terms of maturity. These accounts can only be operated by three persons. We will be discussing the details of the National Saving Time Deposits Scheme 2022 maturity and interest rates, tax benefits, withdrawals, and more.

Who Can Open?

Persons Eligible to open National Saving Time Deposit: The following persons can open a National Saving Time Deposit account in the post office.

  • Any individual can open an account in National Saving Time Deposits, whether singly or jointly with another person. The account can be opened on behalf of a minor or a person of unsound mind, Even more than one account can be opened without any limit.
  • The deposit shall be made in multiples of Rs. 100.
  • Provident and other funds, charitable trusts, institutions, co-operative societies, and Government bodies are not permitted to open such accounts w.e.f. 13.5.2005.

Where to Apply?

  • A National Saving Time Deposits account can be opened at any authorised post office doing savings bank work or
  • All public sector banks and ICICI Bank, Axis Bank, and HDFC Bank are authorised for this purpose.

Aadhaar Number

  • An applicant should furnish his Aadhaar Number or proof of enrolment for Aadhaar, at the time of National Saving Time Deposits’s application.
  • Existing deposit holders are also required to furnish their Aadhaar numbers latest by 31.3.2018.

How Do You Make Deposits Into a National Saving Time Deposits Scheme Account?

You may be wondering how to make a deposit into a National Saving Time Deposits Scheme account in India. There are a few ways to do this. The first way is to go to a bank. You can make the deposit in any branch of the bank. You can make an online deposit through a bank account. If you don’t want to go to a bank, you can make a deposit through an NEFT transfer. You can also do it by making a payment to the account holder’s bank account.


The National Saving Time Deposits account can be opened for 1 year, 2 years, 3 years, or 5 years.

National Saving Time Deposits Interest

Interest on time deposits is payable as under:

From 1-1-2018 to 31-03-2022

YEAR 1 Year Time Deposit 2 Year Time Deposit 3 Year Time Deposit 5 Year Time Deposit
01-01-2018 to 30-09-2018                        6.60                        6.70                        6.90                        7.40
01-10-2018 to 31-12-2018                        6.90                        7.00                        7.20                        7.80
01-01-2019 to 31-03-2019                        7.00                        7.00                        7.00                        7.80
01-04-2019 to 30-06-2019                        7.00                        7.00                        7.00                        7.80
01-07-2019 to 30-09-2019                        6.90                        6.90                        6.90                        7.70
01-10-2019 to 31-12-2019                        6.90                        6.90                        6.90                        7.70
01-01-2020 to 31-03-2020                        6.90                        6.90                        6.90                        7.70
01-04-2020 to 31.03.2022                        5.50                        5.50                        5.50                        6.70

Interest shall be rounded off to the nearest multiple of the rupee.

Auto-Renewal of National Saving Time Deposits

A deposit account in a post office/bank working on the CBS platform shall be automatically renewed on maturity, for the same period it was opened initially at the rate of interest applicable on the date of such renewal.


Not permitted before 6 months. In case of premature withdrawal, interest is payable as under:

1. If a deposit is withdrawn before 1 yearSimple interest at the post office savings-account rate shall be payable
2. If 2 years, 3 years or 5 years deposit is withdrawn after 1 yearInterest is payable at 1% less than the rate for 1 year, 2 years or 3 years deposit respectively, for the completed years and months for which the Deposit has run.

Income Tax  Benefit:

Amount invested in 5 years National Saving Time Deposits, along with PPF/LIC/NSC/ULIP, etc. upto a maximum of Rs. 1,50,000 is eligible for deduction u/s 80C. In case of deposit under joint holding, deduction u/s 80C shall be available to the first holder.

Check the Official Website About National Saving Time Deposit Account Scheme

How Do You Close a National Saving Time Deposits Scheme Account?

You can close a National Saving Time Deposits Scheme account by visiting the National Saving Time website and filling up the closure form. You will be required to provide the following information: your name, your National Saving Time Deposits Scheme account number, your email address, the bank account number, the bank account name, and the bank account type. In addition, you will be required to provide the reason for the closure. You will then be emailed a confirmation of your closure and the account will be closed.

LIke us on Facebook.

Related Articles

Leave a Reply

Back to top button

Discover more from

Subscribe now to keep reading and get access to the full archive.

Continue reading

Adblock Detected

Adblocker Detected Please Disable Adblocker to View This PAGE