Post office Schemes

Post office Savings Account

Any individual can open an account. Rate of interest 4% per annum Account can be opened by cash only. Minimum balance to be maintained in a non-cheque facility account is INR 50/-. Cheque facility available if an account is opened with INR 500/and for this purpose minimum balance of INR 500/-in an account is to be maintained. Interest earned is Tax Free up to INR 3500/- per year in single and INR 7000/- in Joint account up to 2011-12 and up to INR 10,000/- per year either in single or joint account for 2012-13. Nomination facility is available at the time of opening and also after opening of account.

Post Office Monthly Income Scheme (MIS) Account Scheme

Safe & sure way to get a regular monthly income.

Specially suited for retired employees/ Senior

Citizens or any one with high sum for investment. Rate of interest 8.40%. Maturity Period - Five Years. No Bonus on Maturity w.e.f. 01.12.2011.

Type of Account
Single Joint

Minimum limit
INR 1500/INR 1500/-

Maximum limit
INR 4.5 lakhs INR 9 lakhs

Post office Recurring Deposit Account

Any individual (a single adult or two adults jointly)

can open an account. Rate of interest 8.30% Defaults can be paid within two months. Part withdrawal facility available. Premature closure allowed after three years.
Type of Account Individual Account Minimum Deposit Maximum Deposit INR. 10/- and in No limit. multiples of INR. 5/thereafter

Public Provident Fund Account

Ideal investment option for both salaried as well as self

employed classes. Non-Resident Indians (NRIs) are not eligible. Investment up to INR. 1,00,000 per annum qualifies for IT Rebate under section 80 C of IT Act. Loan facility. Withdrawal permitted from 6th financial year. Free from court attachment. An individual cannot invest on behalf of HUF (Hindu Type of Accountor Association Minimum limitof persons. Maximum limit Undivided Family)
Public Provident INR. 500/- in a Fund(Individual financial year account on his behalf or on behalf of minor of whom he is the guardian) INR. 1,00,000/- in a financial year

National Savings Certificates (NSC)

Scheme specially designed for Government

employees, Businessmen and other salaried classes who are Income Tax assesses. No maximum limit for investment. No Tax deduction at source. Certificates can be kept as collateral security to get loan from banks. Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act. Rate of interest 8.50%.

Senior Citizen Savings Scheme (SCSS) Account

A new avenue of investment and return for Senior

Citizen. The account may be opened by an individual, 1. Who has attained age of 60 years or above on the date of opening of the account. 2. Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement. 3. No age limit for the retired personnel of Defence services provided they fulfill other specified conditions. The account may be opened in individual capacity or

Conti..
No withdrawal shall be permitted before the expiry of

a period of five years from the date of opening of the account. The depositor may extend the account for a further period of 3 years. Premature closure allowed after three years. In case of death of the depositor before maturity, the account shall be closed and deposit refunded without any deduction along with interest. Interest @ 9.20% per annum from the date of deposit on quarterly basis. Interest can be automatically credited to savings account provided both the accounts stand in the same post office Nomination facility is available in the Scheme.

Post Office Time Deposit Account

Any individual (a single adult or two adults jointly) can

open an account. 1 Year, 2 Year, 3 Year and 5 Year Time Deposit can be opened. Rate of interest - 8.20%, 8.20%, 8.30%, 8.40% compounded quarterly for 1,2,3 & 5 years TD account respectively. The investment in the case of 5 years TD qualify for the benefit of Section 80C of the IncomeDeposit Tax Act, Type of Account Minimum Deposit Maximum 1961 1.4.2007 1,2,3 & 5from Year TD INR.200/- and in No limit.
multiples of INR. 200/- thereafter

Kisan Vikas Patra

Discontinued from 01.12.2011