1. Post Office Savings Account

• Eligibility:
  • Resident individuals, Joint account (up to 3 adults), Minors through guardian.
  • NRIs cannot open new accounts.
• Interest Rate: 4.0% per annum (credited quarterly)
• Deposit Limits:
  • Minimum: ₹500
  • Maximum: No limit
  • NOTE: Balance <₹500 at FY-end → ₹50 maintenance fee → auto-closure if zero.
• Tax Treatment:
  • Interest is taxable
  • Exemption under Section 80TTA (₹10,000) / 80TTB (₹50,000 for seniors)
  • No TDS deducted
• Opening Procedure: Form-1, Aadhaar/PAN, address proof, photo, initial deposit at any post office; IPPB online for existing users.
• Detailed Features:
  • Passbook facility, cheque and withdrawal slips.
  • ATM/debit card via India Post Payments Bank (where available)
  • Nomination facility
    

2. National Savings Time Deposit (TD)

• Eligibility:
  • Individuals, Joint accounts, Minors.
  • HUF not permitted
• Interest Rates (p.a.):
  • 1 year: 6.9%
  • 2 years: 7.0%
  • 3 years: 7.1%
  • 5 years: 7.5%
• Deposit Limits:
  • Minimum: ₹1,000
  • Maximum: No limit
• Tax Treatment:
  • Interest is taxable.
  • 5-year TD eligible for Section 80C
• Opening Procedure: Form-A, KYC documents , cash/cheque deposit; certificate/passbook issued.
  • Online opening: Online via IPPB (needs SB account first)
• Detailed Features:
  • Quarterly compounded, payable annually
  • Transferable across post offices
  • If closed between 6 months to 1 year → interest is paid at the Post Office Savings Account rate.
  • If closed after 1 year (for 2 or 3year TD) → interest is paid at the TD rate minus 2% for completed years.
  • 5-year TD can be closed only after 4 years, interest paid at Savings Account rate.
    

3. National Savings Recurring Deposit Account(RD)

• Eligibility: Individuals, joint accounts, minors
• Interest Rate: 6.7% per annum (quarterly compounding)
• Deposit Limits:
  • Minimum: ₹100 per month
  • Maximum: No limit
• Tax Treatment:
  • Interest is taxable. No Section 80C benefit.
• Opening Procedure: Form-A, first deposit, monthly by 15th (or month-end); KYC required..
  
• Detailed Features:
  • Monthly deposits
  • Default Rules: up to 4 missed deposits: Free maturity extension, more than 4 missed deposits: ₹1 per ₹100 per month of default charged.
  • Rebate for advance deposits: ₹10 (6-11 deposits) / ₹40 (12+ deposits).
  • Premature closure after 3 years
  • Loan facility: 50% of balance after 12 months (RD rate +2%)
  • Maturity Extension: +5 years possible
    

4. Post Office Monthly Income Scheme Account(MIS)

• Eligibility: Individuals and joint accounts
• Interest Rate: 7.4% per annum (paid monthly)
• Deposit Limits:
  • Minimum: ₹1,000
  • Maximum: ₹9 lakh (single), ₹15 lakh (joint).
• Tax Treatment:
  • Interest is taxable, No Section 80C benefit.
• Opening Procedure: Form-A, ID proofs, deposit; link savings for payouts.
• Detailed Features:
  • Monthly interest credited to savings account
  • 5-year maturity
  • After 1-3 years: 2% of principal deducted
  • After 3-5 years: 1% of principal deducted
  • Before 1 year: Not permitted
    

5. Senior Citizens Savings Scheme Account(SCSS)

• Eligibility:
  • 60 years and above, 50 years and above (Defence personnel), joint with spouse only but first holder must be the senior citizen.
  • 55-60 VRS retirees (within 3 months of benefits)
• Interest Rate: 8.2% per annum
• Deposit Limits:
  • Minimum: ₹1,000
  • Maximum: ₹30 lakh
• Tax Treatment:
  • Investment eligible for Section 80C
  • Interest is taxable
  • ₹50,000 limit is exemption under 80TTB
  • TDS applicable if interest exceeds ₹50,000 in a financial year (unless Form 15G/15H submitted)
• Opening Procedure: Form-A + retirement proof (for 55+), age proof, at designated branches.
• Detailed Features:
  • Quarterly interest payout
  • 5-year tenure, extendable by 3 years
    

6. Public Provident Fund Account(PPF)

• Eligibility: Resident individuals (No Joint Accounts).
• Interest Rate: 7.1% per annum.
• Deposit Limits:
  • Minimum: ₹500 per year
  • Maximum: ₹1.5 lakh per year
• Tax Treatment:
  • EEE category (investment, interest, maturity tax-free)
• Opening Procedure: Form-1, KYC, initial deposit.
• Detailed Features:
  • 15-year tenure
  • Loan allowed from 3rd to 6th financial year
  • Max 25% of balance at end of 2nd preceding year
  • Partial withdrawal allowed from 7th financial year onwards
    

7. National Savings Certificates (VIII Issue) (NSC)

• Eligibility: individuals, joint holders, minors
• Interest Rate: 7.7% per annum
• Deposit Limits:
  • Minimum: ₹1,000
  • Maximum: No limit
• Tax Treatment:
  • Investment eligible under Section 80C
  • Interest is taxable (except last year reinvested amount)
• Opening Procedure: Purchase certificate with KYC at post office.
• Detailed Features:
  • 5-year maturity
  • Guaranteed returns
  • Nomination facility
    

8. Kisan Vikas Patra (KVP)

• Eligibility: Individuals, joint, minors.
• Interest Rate:7.5% (money doubles in ~115 months)
• Deposit Limits:
  • Minimum: ₹1,000
  • Maximum: No limit
• Tax Treatment:
  • No Section 80C benefit.
  • Interest fully taxable
• Opening Procedure: Buy certificate with KYC.
• Detailed Features:
  • Premature closure after 2.5 years (full rate),
  • Before lock-in → closure allowed only on death/court order
  • Interest is paid as per the rate applicable till the date of closure.
  • Transferable
    

9. Sukanya Samriddhi Account(SSA)

• Eligibility: Girl child under 10 years (guardian opens; max 2 girls per family).
• Interest Rate: 8.2% per annum
• Deposit Limits:
  • Minimum: ₹250 per year
  • Maximum: ₹1.5 lakh per year (deposits allowed for first 15 years).
• Tax Treatment:
  • EEE category
• Opening Procedure: Form at post office, birth certificate, KYC.
• Detailed Features:
  • Maturity after 21 years
  • Partial withdrawal allowed after age 18 or after passing Class 10.

10. Mahila Samman Savings Certificate (MSSC)

• Eligibility: Women/girls (guardian for minors) (Scheme Ends : 31.03.2025).
• Interest Rate: 7.5% per annum (quarterly compounded)
• Deposit Limits:
  • Minimum: ₹1,000
  • Maximum: ₹2 lakh total across all MSSC accounts, 3-month gap between accounts
• Tax Treatment:
  • Interest is taxable, TDS if >prescribed limit (15G/H exempt)
  • No Section 80C benefit
• Opening Procedure: Form with KYC at post office.
• Detailed Features:
  • 2-year tenure
  • 40% withdrawal after 1 year, Premature closure after 6 months (-2%).

11. PM CARES for Children Scheme (2021)

NOTE: Scheme closed for new accounts post-28.02.2022.

• Eligibility: Children under 18 who lost parents/legal guardian to COVID-19 (11.03.2020 - 28.02.2022)
  
• Interest Rate: MIS rate on ₹10 lakh (monthly stipend till age 23)
  
• Deposit Limits: ₹10 lakh lump-sum (from PM CARES Fund at age 18)
• Tax Treatment: Amount received under PM CARES for Children Scheme is fully tax-exempt under Section 10(46)
• Opening Procedure: District Magistrate opens as joint holder with Form + death certificates.
• Detailed Features:
  • Converts to single account at age 18
  • Monthly income till age 23
  • District Magistrate operates till age 18