Investment made in "five year time deposit in an account under Post Office Time Deposit Rules, 1981" will be eligible for deduction from the Gross total income, under section 80C, with the overall section treshold of 1 Lakh.
The additional point to be noted is "The amendment shall apply to investments, as above, made during the financial year 2007-08 and subsequent years."
Below is the summary of the Finance bill presented in the budget:
Enlargement of the scope of eligible saving instruments under section 80C
Section 80C of the Income-tax Act provides for a deduction of upto rupees one lakh to an individual or a Hindu undivided family (HUF) for,-
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