Scheme
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Interest
payable, Rates, Periodicity etc.
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Minimum
Amount for opening of account and maximum balance that can be retained
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Salient
features including Tax Rebate
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4.0% per annum on
individual/ joint accounts.
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Minimum INR 20/- for
opening.
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· 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 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.
· Account can be transferred from one post office to another.
· One account can be opened in one 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 or three adults.
· At least one transaction of deposit or withdrawal in three
financial years is necessary to keep the account active.
· Single account can be converted into Joint and Vice Versa.
Minor after attaining majority has to apply for conversion of
the account in his name.
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From 1.4.2014, interest
rates are as follows:-
8.4% per annum
(quarterly compounded)
On maturity INR
10/- account fetches INR ........... Can be continued for another 5 years on
year to year basis.
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Minimum INR 10/- per
month or any amount in multiples of INR 5/-. No maximum limit.
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· 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.
· Subsequent deposit can be made up to 15thday of next
month if account is opened up to 15th of a calendar month and up to last working day of next month if
account is opened between 16th day and
last working day of a calendar month.
· If subsequent deposit is not made up to the prescribed day, a
default fee is charged for each default. After 4 regular defaults, the
account becomes discontinued and can be revived in two months but if the same
is not revived within this period, no further deposit can be made.
· There is rebate on advance deposit of at least 6 installments.
· Single account can be converted into Joint and Vice Versa.
· Minor after attaining majority has to apply for conversion of
the account in his name.
· One withdrawal upto 50% of the balance allowed after one
year.
Full maturity value allowed on R.D. Accounts restricted to that
of INR. 50/- denomination in case of death of depositor subject to
fulfillment of certain conditions.
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Interest payable annually
but calculated quarterly.
From 1.4.2014,
interest rates are as follows:-
Period
Rate
1yr.A/c
8.40%
2yr.A/c
8.40%
3yr.A/c
8.40%
5yr.A/c
8.50%
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Minimum INR 200/- and in
multiple thereof. No maximum limit.
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· Account may be opened by individual.
· 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.
· 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.
· Single account can be converted into Joint and Vice Versa.
· Minor after attaining majority has to apply for conversion of
the account in his name.
· 2,3 & 5 year account can be closed after 1 year at discount.
Account can also be closed after six months but before one year with interest
@post office savings account.
The investment under 5 Years TD qualifies for the benefit of
Section 80C of the Income Tax Act, 1961 from 1.4.2007.
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From 1.4.2014, interest
rates are as follows:-
8.40% per annum
payable monthly.
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In multiples of INR
1500/-.
Maximum investment
limit is INR 4.5 lakhs in single account and INR 9 lakhs in joint account.
An individual can invest
maximum INR 4.5 lakh in MIS (including his share in joint accounts)
For calculation of share
of an individual in joint account, each joint holder have equal share in each
joint account.
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· Account may be opened by individual.
· 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.
· Any number of accounts can be opened in any post office subject
to maximum investment limit by adding balance in all accounts.
· 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 or three adults.
· All joint account holders have equal share in each joint
account.
· Single account can be converted into Joint and Vice Versa.
· Minor after attaining majority has to apply for conversion of
the account in his name.
· Maturity period is 5 years from 1.12.2011.
· Interest can be drawn through auto credit into savings
account standing at same post office, through PDCs or ECS.
· Can be prematurely encashed after one year but before 3 years at
the discount of 2% of the deposit and after 3 years at the discount of 1% of
the deposit. (Discount means deduction from the deposit.)
A bonus of 5% on principal amount is admissible on maturity in
respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No
bonus is payable on the deposits made on or after 1.12.2011.
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From 1.4.2014, interest rates are as follows:-
9.20% per annum, payable from the date of deposit of 31st March/30th
Sept/31st December in the first instance & thereafter, interest shall be
payable on 31st March, 30th June, 30th Sept and 31st December.
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There shall be only one
deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15
lakh.
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· An individual of the Age of 60 years or more may open the
account.
· An individual of the age of 55 years or more but less than 60
years who has retired on superannuation or under VRS can also open account
subject to the condition that the account is opened within one month of
receipt of retirement benefits and amount should not exceed the amount of retirement
benefits.
· Maturity period is 5 years.
· A depositor may operate more than one account in individual
capacity or jointly with spouse (husband/wife).
· Account can be opened by cash for the amount below INR 1 lakh
and for INR 1 Lakh and above by cheque only.
· 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
· Any number of accounts can be opened in any post office subject
to maximum investment limit by adding balance in all accounts.
· Joint account can be opened with spouse only and first depositor
in Joint account is the investor.
· Interest can be drawn through auto credit into savings account
standing at same post office, through PDCs or Money Order.
· Premature closure is allowed after one year on deduction
of 1.5% interest & after 2 years 1% interest (Discount means deduction
from the deposit.).
· After maturity, the account can be extended for further three
years within one year of the maturity by giving application in prescribed
format. In such cases, account can be closed at any time after expiry of one
year of extension without any deduction.
· TDS is deducted at source on interest if the interest amount is
more than INR 10,000/- p.a.
Investment under this scheme qualifies for the benefit of
Section 80C of the Income Tax Act, 1961 from 1.4.2007.
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From 1.4.2014, interest
rates are as follows:-
8.70% per annum
(compounded yearly).
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Minimum INR. 500/-
Maximum INR. 1,00,000/- in a financial year.
Deposits can be made in
lump-sum or in 12 installments.
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· An individual can open account with INR 5/- but has to deposit
minimum of INR 500/- in a financial year and maximum INR 1,00,000/-
· 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.
· Maturity period is 15 years but the same can be extended within
one year of maturity for further 5 years and so on.
· Maturity value can be retained without extension and
without further deposits also.
· Premature closure is not allowed before 15 years.
· Deposits qualify for deduction from income under Sec. 80C of IT
Act.
· Interest is completely tax-free.
· Withdrawal is permissible every year from 7th financial year
from the year of opening account..
· Loan facility available from 3rd financial year.
No attachment under court decree order.
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Kisan Vikas Patra
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Discontinued from 01.12.2011
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From 1.4.2014, interest
rates are as follows:-
8.5% compounded six
monthly but payable at maturity. INR. 100/- grows to INR 151.62 after 5
years.
8.80% compounded six
monthly but payable at maturity. INR 100/- grows to INR 236.60 after 10
years.
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Minimum INR. 100/- No
maximum limit available in denominations of INR. 100/-, 500/-, 1000/-, 5000/-
& INR. 10,000/-.
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· A single holder type certificate can be purchased by, an adult
for himself or on behalf of a minor or by a minor.
· Deposits qualify for tax rebate under Sec. 80C of IT Act.
· The interest accruing annually but deemed to be reinvested under
Section 80C of IT Act.
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