India Post Office Saving Scheme

The department of Indian postal service is the largest and leading network in India. The main features of India post office are delivering mails, saving schemes, insurance, retail service, money transfer and etc. One of the main features of Indian postal service is online tracking system of delivering mails. So that user can find speed post tracking, registered post tracking of a consignment can be find within seconds.

Department of India posts touch the lives of every Indian citizen. It provides services to the customers on value for money basis, speed, secure and reliable. One of the main feature of India post service are savings schemes like savings bank, recurring deposit, time deposit, monthly savings scheme and etc.

The brief description of savings scheme is given below:

India Post Savings Account

The main features of postal savings account are given below:

  • Minimum amount to open account is Rs 20.
  • To open this account, you have to pay cash. There is no other method is allowed.
  • Minimum balance for non cheque is Rs 50 and for cheque facility it is Rs 500.
  • Interest rate is 4% per annum on individual or joint accounts (This will be monitored by India post office).
  • Interest earned is tax free up to Rs 10000 per year from the financial year 2012 – 2013.
  • Nomination facility available.
  • Account transferred from one post office to another post office.
  • Between two CBS post offices everyone can do inter post office transactions.
  • ATM or Debit cards are issued for savings bank accounts.
india post office savings scheme

5 – Year India Post Recurring Deposit Account

The main features of postal 5 – year recurring deposit account are given below:

  • Cash or cheques are allowed to open this account.
  • Interest rate is 7.1% per quarterly compounded from the date 01-07-2017 (This will be monitored by India post office).
  • Nomination facility available.
  • Account transferred from one post office to another post office.
  • Single account of India post office can be converted into joint accounts.
  • Joint account of India post office can be converted into single account.
  • Deposit will be minimum Rs 10 per month or any amount in multiples of Rs 5 and no maximum limit.
  • If you advance deposit, then there is rebate. This advance deposit is at least 6 installments.
  • Only one cash withdrawal is allowed after one year. This is up to 50% of total amount.

India Post Time Deposit Account

The main features of postal time deposit accounts are given below:

  • Individuals are allowed to open this account and they use cash or cheque as payment to open account.
  • Time deposit minimum amount is Rs 200 or any amount in multiples thereof and no maximum limit.
  • Interest rate for 1, 2, 3 and 4 years are 6.8%, 6.9%, 7.1 % and 7.6% per annum respectively (This will be monitored by India post office).
  • Nomination facility available.
  • Account transferred from one post office to another post office.
  • Both single account and joint account converted to each other.
  • Post office will now allow to closure of any term deposit up to 6 months period from the date of opening account.
  • Interest payable quarterly from the date 01-07-2017.

India Post Monthly Income Scheme

The main features of postal monthly income scheme are given below:

  • Using the cash or cheque as payment method any individual can open this account.
  • Nomination facility available.
  • Account transferred from one post office to another post office.
  • Single post office account can be converted into joint post office account.
  • In the same way joint post office account can be converted into single post office account.
  • Minimum amount is Rs 1500 or any amount in multiples thereof.
  • Maximum investment limit is Rs 4.5 Lac in single account and Rs 9 Lac in joint account.
  • Interest rate is 7.5% per annum from the date 01-07-2017. And it is payable monthly (This will be monitored by India post office).
  • Maturity period is 5 years from the date 01-12-2011.
  • Accounts opened from 08.12.2007 to 30.11.2011, an extra bonus of 5% of principal amount will be given on maturity.
  • No bonus is payable on deposits made on or after 1.12.20011.

India Post Senior Citizens Savings Scheme

The main features of postal senior citizens savings scheme are given below:

  • Account can be opened by an individual of the age 60years or more.
  • Account can be opened by cash for the amount below Rs 1 Lac and above by cheque only.
  • Nomination facility available.
  • Account transferred from one post office to another post office.
  • Maturity period is 5 years.
  • Depositor may open more than one account by individually or jointly with spouse.
  • Only one deposit account in multiple of Rs 1000 and maximum not exceeding Rs 15 Lac.
  • Interest rate is 8.3% per annum from the date 01-07-2017 (This will be monitored by India post office).
  • Interest is payable on 31st March, 30th June, 30th September and 31st December on every year.
  • Premature closure is allowed after one year on deduction of amount equal to 1.5% of the year and after 2 years, it will be 1%.
  • TDS is deducted, if the interest is more than Rs 10000 per annum.
India Post Kisan Vikas Patra

The main features of postal Kisan Vikas Patra scheme are given below:

  • Amount invested doubles in 115 months.
  • Nomination facility available.
  • Denominations of India currency Rs 1000, 5000, 10000, and 50000 are available to purchase these certificates.
  • India currency of Rs 1000 is the minimum deposit. And no maximum limit.
  • Interest rate is 7.5% per annum from the date 01-07-2017 (This will be monitored by India post office).
  • Across any post office in India, you can purchase these certificates.
  • You can transfer these Kisan Vikas Patra certificate to another person.
  • You can also transfer these Kisan Vikas Patra certificate from one post office to another post office.
  • These can be enchased after 2 and ½ years from the date of issue.
India Post National Savings Certificate

The main features of postal National savings certificate are given below:

  • Minimum deposit is Rs 100 and there is no maximum limit.
  • These national savings certificates are available in the denominations of India currency Rs 100, 500, 1000, 5000 and 10000.
  • 5 years National Savings certificate (VIII issue) interest rate is 7.8% compounded annually but payable monthly (This will be monitored by India post office).
  • This certificate can be purchased at any Indian post office.
  • Certificate can be transferred from one person to another person at only one time from the date of issue to date of maturity.
  • Certificate can be transferred from one post office to another post office at only one time from the date of issue to date of maturity.
  • Deposits are undergoing for tax rebate.

India Post Sukanya Samriddhi Account

The main features of postal Sukanya Samriddhi account are given below:

  • This is launched on 22.01.2015 for the purpose of Girl child.
  • Legal guardian or natural guardian can open the account in the name of child.
  • Nomination facility is not allowed.
  • Minimum amount for opening account is Rs 1000 and after deposit will be in multiples of Rs 100.
  • The maximum amount of Rs 150000 is used as investment in this scheme for a financial year.
  • Mode of deposit is cash of cheque or draft.
  • Interest rate is 8.3% per annum from the date 01-07-2017 (This will be monitored by India post office).
  • After the maturity of 21 years, this can closed. Before 21 years it is not possible.
  • Interest is paid after 21 years from the date of opening account.
  • Premature closure is available in some special conditions. Please contact your account opening post office.
  • Deposits are undergoing for tax rebate.

Department of Indian postal service is heart of every Indian citizen. It touches lives of citizens with speed, secure, safe and reliable. The main features are speed post tracking, savings schemes, insurance and etc. These are explained in the above article. So clearly read before going to choose any scheme.