Question

Explain 'post office Recurring Deposit scheme' and 'post office time Deposit Account' scheme​

Answer 1

Answer:

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Answer 2

Post office recurring deposit refers to a savings deposit scheme offered by post office which provides an option for the general people to invest or deposit their personal funds.

Post office time deposit is similar to the fixed deposit(FD) account offered by any other commercial bank or financial institution.

Explanation:

• Post office recurring deposit scheme is basically savings deposit scheme offered by the post office for the general citizens of India offering the option to invest a fixed or constant amount on a periodic basis.It is operated under the Government of India which usually offers compounded interest payment to the customers or scheme holders on a quarterly basis in accordance with the respective deposit amount.
• Post office time deposit account scheme is another deposit scheme offered by post office which operates similar to the FD account offered by other commercial banks or financial institutions.The deposit amount under the time deposit account scheme is valid for a certain time period such as 1 year,2 years,3 years,5 years and so on.Based on section 80C,long term deposit amount under the time deposit scheme also offers appropriate tax benefits or incentives to the scheme holders.This deposit scheme has a flexible age eligibility pertaining to the potential scheme holders.