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Post Office Saving Schemes Procedure

25 Oct, 2024 05:10 AM

Organization:

India Post

Toll free Number(s):

1800 266 6868 ( 09.00 am to 06.00 pm except Sunday and gazetted holidays)

1800-11-2011 (For International Mails)

1800 425 2440 (For ATM/ debit card, mobile/ internet/ SMS banking related grievances)

Website:

Check Official Website

1. Post Office Saving Account

Interest payable,Rates,Periodicity
- 4.0% per annum on individual/joint accounts
Minimum amount for opening & Maximum balance that
can be retained
- Minimum INR 20/ for opening

Features

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
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
Deposits and withdrawals can be done through any electronic mode in CBS Post offices
ATM facility is available

2. National Saving Recurring Deposit Account

Interest payable,Rates,Periodicity
- From 01.07.2019, interest rates are 7.2 % per annum (quarterly compounded)
On maturity INR 10/- account fetches INR 725.05 . Can be continued for another
5 years on year to year basis
Minimum amount for opening & Maximum balance that
can be retained
- Minimum INR 10/ per month or any amount in multiples of INR 5/. No maximum limit

Features

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 15th day 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, default fee @ 0.05 rs for every 5 rupee shall be charged.
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
If in any RD account, there is monthly default amount , the depositor has to
first pay the defaulted monthly deposit with default fee and then pay the current
month deposit. This will be applicable for both CBS and non CBS Post offices
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 up to 50% of the balance allowed after one year. It may be repaid in
one lumpsum along with interest at the prescribed rate at any time during the
currency of the account

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

In case of deposits made in RD accounts by Cheque, date of credit of Cheque into Government
accounts shall be treated as date of deposit

3. National Saving Time Deposit Account

Interest payable,Rates,Periodicity
- Interest payable annually but calculated quarterly
Minimum amount for opening & Maximum balance that
can be retained
- Minimum INR 200/- and in multiple there of No maximum limit

Features

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
In CBS Post offices ,when any TD account is matured, the same TD account will be
automatically renewed for the period for which the account was initially opened
- For example: 2 Years TD account will be automatically renewed for 2 Years,
  Interest rate applicable on the day of maturity will be applied

4. National Saving Monthly Income Scheme Account(MIS)

Interest payable,Rates,Periodicity
- From 01.07.2019, interest rates 7.6% per annum payable monthly
Minimum amount for opening & Maximum balance that
can be retained
- In multiples of INR 1500/
- Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh
  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

Features

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
Monthly Interest can be drawn throug auto credit into saving account.
Prematurely en-cashed after 1 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
No bonus is payable on the deposits made on or after 1.12.2011.

5. Senior Citizens Saving Scheme Account

Interest payable,Rates,Periodicity
- From 01.07.2019, interest rates8.6 % 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
Minimum amount for opening & Maximum balance that
can be retained
- There shall be only one deposit in the account in multiple of INR.1000/- maximum
  not exceeding INR 15 lakh

Features

An individual of the age of 60 years or more may open the account
Maturity period is5 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
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
In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April,
July, October and January. It will be applicable at all CBS Post Offices
Premature closure is allowed after one year on deduction of an amount equal to1.5% of the
deposit & after 2 years 1% of 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/PA

6. Public Provident Fund Account

Interest payable,Rates,Periodicity
- From 01.07.2019, interest rates 7.9 % per annum (compounded yearly)
Minimum amount for opening & Maximum balance that
can be retained
- Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year
  Deposits can be made in lump-sum or in 12 installments

Features

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.
Maturity period is15 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
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

7. Kisan Vikas Patra(KVP)

Interest payable,Rates,Periodicity
- From 01.07.2019, interest rates 7.6 % compounded annually
- Amount Invested doubles in 112 months (9 years & 4 months)
Minimum amount for opening & Maximum balance that
can be retained
- Minimum of Rs. 1000
- No Maximum Limit

Features

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 en cash after 2 & 1/2 years from the date of issue

8. Sukanya Samriddhi Account

Interest payable,Rates,Periodicity
- From 01.07.2019, interest rates 8.4% compounded yearly
Minimum amount for opening & Maximum balance that
can be retained
- Minimum INR. 1000/ and Maximum INR. 1,50,000/ in a financial year
- No limit on number of deposits either in a month or in a Financial year

Features

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
If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and
can be revived with a penalty of Rs 50/- per year with minimum amt required for deposit for that year
Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year
can be taken after Account holder’s attaining age of 18 years
Account can be closed after completion of 21 years.
Normal Premature closure will be allowed after completion of 18 years /provided that girl is married.