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post office saving schemes

The various post office saving schemes

post office saving schemes

One who wishes to save some money in a safe and secure manner then they may take the option of the various saving schemes offered by Indian Postal Department. It is great to know about those before one tries to invest in them.
Post Office Savings Account
The salient features:

The account can be open only by cash. It can be opened by Indian adults.
Rs. 50/- is to be in the account if no cheque facility is required. Rs. 500/- is to be maintained if the cheque is required.
The interest rate that can be earned is 4% per year.
The earning from income up to Rs.10, 000/- is free from the tax deduction.
Nomination facility is available and the account can be transferred to any post office all over India.
A joint account can be opened by two or three adults.
ATM facility is also available for such account.

All schemes  

Kisan Vikas Patra-KVP          NSC national saving certificates   

ELSS equity linked saving scheme

5 year Post Office Recurring Deposit Account
The salient features:

The account can be opened by cash or cheque.
The minimum amount for which the account can be opened is Rs. 5/- and there is no maximum limit.
The interest that can be earned is 7.1% yearly which is compounded quarterly.
Nomination facility is available and the account can be transferred to any post office all over India.
The account can be opened by Indian adults.
The amount of money has to be deposited on the designated date each month. Late fine is charged if the money is not deposited in time
One can withdraw 50% of the balance after one year.

NPS national pension scheme 

Post Office Time Deposit Account

The salient features:

The account can be opened by Indian adults.
The minimum deposit should be Rs. 200/- and there is no maximum limit.
The interest depends on the tenure of the deposit. The rate varies from 6.8% to 7.6%.
One can get tax benefit under section 80C for investment that is made less than 5 years.
Nomination facility is available and the account can be transferred to any post office all over India.
On maturity, the amount will be automatically renewed for a period of the same tenure.

MIS
The salient features:

The account can be opened by Indian adults
The account can be opened by depositing money in multiple of Rs. 1500/-. The maximum amount is Rs. 4.5 Lakh for a single account and Rs. 9 lakh for a joint account.
The interest earned is 7.5% yearly which is payable on a monthly basis.
The maturity period is 5 years.
A bonus of 5% is payable at the time of maturity but no bonus is paid for a deposit made after 1.12.2011.

Senior Citizen Savings Scheme
The salient features:

The account can be opened by an Indian citizen who has attained the age of 60 years. Individual who has taken VRS and is of 55 years can also open the amount within a month of getting the retirement benefit.
The account can be opened by depositing money in multiple of Rs. 1000/-. The maximum amount that can be deposited is Rs. 15 lakh.
The interest earned is 8.3% paid quarterly.
TDS is deducted at source if the interest amount is more than Rs. 10,000/-
Tax rebate can be had under section 80C.
There are other types of post office saving schemes like PPF, NSC, KVP and Sukanya Samriddhi Accounts which one can benefit from.

https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx

post office saving schemes click on link above

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