5 years post office recurring deposit

suresh kumar garg (accountant) (111 Points)

07 April 2011  

sir,

 I have post office  recurring deposit  of Rs.1000 p.m.for 5 years.

Is this amount of 1000 will count under 80c? How intt.accrued on this deposit will be treated for income tax purpose?

what  is the procedure for calculating interest?

plese guide and thanks in advance/