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POST OFFICE SCHEMES
The main financial services offered by the Department of Posts are the Post Office Savings Bank. It is the largest and oldest banking service institution in the country. The Department of Posts operates the Post Office Savings Scheme function on behalf of the Ministry of Finance, Government of India. Under this scheme, more than 20.50 crores savings account are operated. These accounts are operated through more than 1,54,000 post offices across the country
Indian Post offers several Savings Schemes which are:
.backed by the Government of India
.safe, secure and risk-free investment options
.not deducting any Tax at Source ( NO TDS)
.providing nomination facility
.transferable to any Post Office anywhere in India
.offering attractive rates of interest.
TYPES OF POST OFFICE SCHEMES
Following are schemes offered by post office:
(1)Post Office Savings Account
- Rate of interest 4% per annum
- Minimum INR 20/- for opening.
- 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.
- Cheque facility can be taken in an existing account also.
- Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13.
- Nomination facility is available at the time of opening and also after opening of account.
- Account can be transferred from one post office to another.
- One account can be opened in one post office
(2)Recurring Deposit Account
- From 1.4.2016, interest rates are as follows:-
7.4% per annum (quarterly compounded)
On maturity INR 10/- account fetches INR 726.97. Can be continued for another 5 years on year to year basis.
- Minimum INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.
- Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of presentation of cheque.
- Nomination facility is available at the time of opening and also after opening of account.
- Account can be transferred from one post office to another.
- Any number of accounts can be opened in any post office.
- Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
- Joint account can be opened by two adults.
(3)Time Deposit Account
(4)Public Provident Fund Account
From 1.4.2016, interest rates are as follows:- 8.10% per annum (compounded yearly).
- Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year.
- Deposits can be made in lump-sum or in 12 installments.
- An individual can open account with INR 100/- but has to deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/-
- Joint account cannot be opened.
- Account can be opened by cash/cheque and In case of cheque, the date of realization of cheque in Govt. account shall be date of opening of account.
- Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.
- The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
(5)National Savings Certificates
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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.
- Trust and HUF cannot invest.
- Rate of interest 8.10%.
- Maturity value of a certificate of INR.100/- purchased on or after 1.4.2012 shall be INR. 147.61 after 5 years.
(6)Senior Citizen Savings Scheme
- From 1.4.2016, interest rates are as follows:-
- 7.4% per annum (quarterly compounded)
- On maturity INR 10/- account fetches INR 726.97. Can be continued for another 5 years on year to year basis.
- Minimum INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.
- Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of presentation of cheque.
- Nomination facility is available at the time of opening and also after opening of account.
- Account can be transferred from one post office to another.
- Any number of accounts can be opened in any post office.
- Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
- Joint account can be opened by two adults.
(7)Kisan Vikas Patra
- Amount Invested doubles in 110 months (9 years & 2 months)
- Available in denominations of Rs 1,000, 5000, 10,000 and Rs 50,000. Minimum deposit Rs 1000/- and no maximum limit.
- Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
- KVP can be purchased from any Departmental Post office.
- Facility of nomination is available.
- Certificate can be transferred from one person to another and from one post office to another.
- Certificate can be encashed after 2 & 1/2 years from the date of issue.
(8)Sukanya Samridhi Accounts
- Rate of interest 8.6% Per Annum(w.e.f 1-4-2016),calculated on yearly basis ,Yearly compounded.
- Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year.
- A legal Guardian/Natural Guardian can open account in the name of Girl Child.
- A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
- Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
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