#Officetime review generator#

If the five-year deposit is withdrawn after the completion of one year but any time before four years, then the interest paid on premature withdrawal will be 2% less than the rate specified for a deposit of one-year, two-year or three-years, as the case may be.

If withdrawn after completion of one year but before four years Thus, in case of premature withdrawal, an investor bears a loss of Rs14,156.16. Had the time deposit run for five years, the final amount payable would have been Rs 1,39,406.69. The total amount payable to you will be Rs 1,25,250.53. The additional interest for these 2 months will be Rs 829.47. On those two months, PO savings account interest at the rate of 4% annually will be paid. Further, the FD has been held for two months beyond four years. The amount payable will be Rs 1,24,421.05. The interest will be paid as follows:ģ-year interest rate will be paid on the completed four years, which is 5.5%, as on Ap. Here the time deposit has completed four years and two months. Suppose you have invested Rs 1 lakh in a 5-year time deposit on Apand you go for premature withdrawal on May 31, 2025. The excess interest Rs 49,860 [Rs 1,03,053 (Rs 34,351 X 3) - Rs 53,193 (Rs 17,731 X 3) paid to her in the past three years was recovered from the principal amount of Rs 5 lakh.įurther, if the time deposit has also completed some months beyond four years, then only post office savings account interest will be paid for the completed months.Įffective from April 1, 2021, three-year time deposit is offering 5.5% and a five-year POTD is earning 6.7% per annum, which would mean a loss of 1.2% in the above situation. However, as she broke her POTD she was supposed to receive Rs 17,351 at the interest rate of 3.5% per annum. Till the completion of three years of the deposit tenure, Mrs A was paid Rs 34,351 every year at the interest rate of 6.7% per annum. Here is how the loss of 48% mentioned above happened. In general, the loss in these cases is much more than in the case of premature withdrawal of fixed deposits with banks. The interest loss is also very heavy in case of premature withdrawal of post office time deposits of other tenures. She faces an interest loss of 48%, as per current rules. Due to premature withdrawal, she receives Rs 4,50,140 from the post office. However, after the completion of three years (say on April 2, 2024), she breaks her POTD to meet financial emergency. She will receive annual interest of Rs 34,351 every year for the next five years. Mrs A invest Rs 5 lakh in 5-year post office time deposits (POTD) on Apat rate of 6.7% per annum.

#Officetime review generator#

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