Guest Post | Submit   Job information   Contents   Link   Youtube Video   Photo   Practice Set   Affiliated Link   Register with us Register login Login
Join Our Telegram Group Join Our Telegram Group https://t.me/educratsweb

Department of Posts or India Post, which runs postal services in the country, also offers nine types of small saving schemes. These include the savings account, the five-year recurring deposit (RD), the time deposit or fixed deposit (FD), the Monthly Income Scheme (MIS) account, the Senior Citizens Savings Scheme (SCSS), the 15-year Public Provident Fund (PPF) and the National Savings Certificates (NSC), according to India Post's official website - indiapost.gov.in. Interest rates on these post office saving schemes move in line with government's interest rates on small savings schemes.
Here are key things to know about post office saving schemes:

Minimum amount required to open accounts

Given below are the minimum investments required in different types of post office saving accounts:

Account name Minimum amount required to open account
Savings account (Cheque account) Rs. 20
Savings account (non Cheque account) Rs. 20
Monthly Income Scheme (MIS) Rs. 1,500
Fixed Deposit (FD) Account Rs. 200
Public Provident Fund (PPF) Rs. 500
Senior Citizen Savings Scheme (SCSS) Rs. 1,000

(Source: India Post website)

Interest rates

For the current quarter, ending on June 30, 2019, investment in post office small savings schemes fetch returns to the tune of 4-8.7 per cent, according to a Ministry of Finance statement dated March 29, 2019. Here are the interest rates of all types of post office saving schemes:

Post office small saving scheme Rate of interest for quarter ending March 31, 2019 Compounding frequency
Savings Deposit 4.00% Annually
1-Year Time Deposit 7.00% Quarterly
2-Year Time Deposit 7.00% Quarterly
3-Year Time Deposit 7.00% Quarterly
5-Year Time Deposit 7.80% Quarterly
5-Year Recurring Deposit 7.30% Quarterly
5-Year Senior Citizen Savings Scheme 8.70% Quarterly and paid
5-Year Monthly Income Scheme 7.70% Monthly and paid
5-Year National Savings Certificate 8.00% Annually
Public Provident Fund Scheme 8.00% Annually
Kisan Vikas Patra 7.7% (will mature in 112 months) Annually
Sukanya Samriddhi Account Scheme 8.50% Annually

(As mentioned on India Post's official website)

Premature closure

Premature closure facility (or encashment of certificates in case of NSCs) is also available in some of the small saving schemes. Here are premature closure period provided by different post office saving schemes:

NSCs (VIII Issue) Maturity period 5 years (for certificates issued on or after 01.11.2011) No premature encashment possible
Different Savings Accounts
Savings account Can be closed at any time
Recurring Deposit Premature closure permissible after 3 years - only SB rate is permissible
Time Deposit Premature closure permissible after 6 months
Monthly Income Scheme Premature closure permissible after 1 year
Senior Citizens Savings Scheme Premature closure after 1 year

Income tax benefits

Some of the post office saving schemes also qualifies for income tax benefits. Using these products, an investor can claim a deduction up to Rs. 1.5 lakh in a financial year from taxable income under Section 80C of the Income Tax Act. Income tax benefits are available on Time Deposit (TD), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF) and National Savings Certificates (NSCs).

Post Office Saving Schemes: Interest Rates, Tax Benefits, Other Details
Contents shared By educratsweb.com
if you have any information regarding Job, Study Material or any other information related to career. you can Post your article on our website. Click here to Register & Share your contents.
For Advertisment or any query email us at bharatpages.in@gmail.com

RELATED POST
  1. आज भी भारत मे औपनिवेशिक मानसिकता से चलती है आईएएस बिरादरी
  2. लोकपथ से कांग्रेस को दूर धकेलता जनपथ ...!
  3. 1967 में 36 विधायकों को लेकर राजमाता ने गिराई थी कांग्रेस सरकार, क्या 52 साल बाद उन्ही हालातों में पहुँच गया है मप्र
  4. मप्र में कांग्रेसी कलह के बीज इसके अस्तित्व के साथ ही जुड़े है
  5. पंचायत राज...और गांधी एक पुनरावलोकन
  6. सिस्टम का अन्यायी चेहरा उजागर करती एक दलित मंत्री
  7. देश की चिकित्सा शिक्षा को अफसरशाही से बचाने की गंभीर चुनौती....
  8. लोकतंत्र की बुनियादी पाठशाला को कुचलती सत्ता की समवेत सहमति
  9. संघ में छिपे हुए गांधी को समझे बिना मोदी से कैसे लड़ेगा विपक्ष?
  10. How to Choose the Right Wedding Venue?
  11. छलावे और सत्ता की मशीनरी के बीच दुनिया में लोकतंत्र की यात्रा - डॉ अजय खेमरिया
  12. Post Office Saving Schemes: Interest Rates, Tax Benefits, Other Details
  13. Public Holidays for the year 2019 | Tamil Nadu Government
  14. Is the job offer fake or real? Tips to spot the difference
  15. National Agriculture Market Scheme
  16. Odisha Govt Calendar 2020 with Holiday List
  17. Junior Judicial Assistant/Restorer (Open) Examination 2020 by Delhi High Court - 13 Days Remaining for Apply
  18. Technical and Non-Teaching Vacancy Recruitment in Gujarat Vidyapith 2020 - 25 Days Remaining for Apply
  19. Faculty vacancy posts in Gujarat Technological University (GTU) - 11 Days Remaining for Apply
  20. Recruitment for Scientist and Scientific/Technical Assistant vacancy in NIC - 28 Days Remaining for Apply
  21. Central Teacher Eligibility Test (CTET)July 2020 for Primary/ Elementary Teachers by CBSE - 4 Days Remaining for Apply
  22. Recruitment for Project Manager DIC Vacancy by Bihar PSC - 18 Days Remaining for Apply
  23. APSSB Recruitment 2020: Apply Online for Total 944 Vacancies - 9 Days Remaining for Apply
  24. Trainee and Plant Engineer job vacancy recruitment in TNPL 2020 - 25 Days Remaining for Apply
  25. Recruitment of Sub-Inspector, Head-Constable, Constable in BSF Water Wing 2020 - 18 Days Remaining for Apply
  26. Recruitment of Professor Teaching Facultyin Ch. Ranbir Singh University (CRSU), Jind, Haryana 2020 - 8 Days Remaining for Apply
  27. Technical Assistant and Technician Recruitment in BIS 2020 - 10 Days Remaining for Apply
  28. Recruitment of Jr. Engineer Job Vacancy by RSMSSB 2020 - 35 Days Remaining for Apply
  29. Recruitment of Graduate and Management Trainee vacancy in MOIL 2020 - 11 Days Remaining for Apply
  30. Recruitment of Scientist and JRF in NE-SAC 2020 - 23 Days Remaining for Apply
  31. Faculty Vacancy Recruitment in GIMS Greater Noida 2020 - 3 Days Remaining for Apply
  32. COMEDK UGET 2020 Examination: Notification, Application Form, Eligibility, Exam Date, Pattern & Syllabus - 50 Days Remaining for Apply
  33. Government Jobs Vacancy Recruitment by Haryana SSC Advt. No. 1/2020 - 26 Days Remaining for Apply
  34. Non Faculty vacancy in NIT Meghalaya 2020 - 39 Days Remaining for Apply
  35. ISRO USRC Recruitment 2020: Apply Online for 182 Technician, Scientific Assistant and Various Other Posts - 8 Days Remaining for Apply
  36. Recruitment for the post of Peon vide order dated 10.02.2020 OFFICE OF THE DISTRICT & SESSIONS JUDGE : SAS NAGAR PUNJAB - 1 Days Remaining for Apply
Save this page as PDF | Recommend to your Friends

http://educratsweb(dot)com http://www.educratsweb.com/content.php?id=546 http://educratsweb.com educratsweb.com educratsweb