Post Office Saving Schemes Procedure

Organization: 
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)

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.

 

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