Post Office Savings Schemes
Scheme |
Interest (%) |
MinimumInvestment (Rs.) |
MaximumInvestment (Rs) |
Features |
Tax Breaks |
National Savings Certificate |
8.00a |
100 |
No limit |
6-year tenure |
Section 80C benefit |
Public Provident Fund |
8.00b |
500 |
70,000 |
15-year term; tax-free returns |
Section 80C benefit |
Kisan Vikas Patra |
8.41b |
100 |
No limit |
Money doubles in 8 years, 7 months |
No tax benefit |
Monthly Income Scheme |
8.00 |
1,500 |
Single A/c: 3 lakh
Joint A/c: 6 lakh |
6-year tenure; monthly returns; "5% bonus is admissible on maturity of account” opened on or after 08.12.2007 |
No tax benefit
|
Time Deposits |
6.25-7.50 |
200 |
No limit |
Available for 1, 2, 3, 5 years |
No tax benefit |
Recurring Deposits |
7.50c |
10 |
No limit |
5-year tenure |
No tax benefit |
Senior Citizens Saving Scheme |
9.00d |
1,000 |
15 lakh |
5 year tenure; minimum age 55; also available with public sector banks |
No tax benefit |
Sec 80C benefit: Investments up to Rs 1 lakh in specified securities (maximum of Rs 70,000 in PPF) qualify for deduction
- Compounded half-yearly
- Compounded yearly
- Compounded quarterly
- Payable quarterly
Savings Account
Any individual can open an account.
Cheque facility available.
Type of Account
|
Maximum Limit
|
|
Single Account
|
Rs. 1 lakh
|
|
Joint Account
|
Rs. 2 lakh
|
Group Account, Institutional Account, other Accounts like Security Deposit account & Official Capacity account are not permissible
Rate of interest 3.5% per annum
|
