TYPES OF SAVING SCHEMES

• Post Office Savings Account​​​
• National Savings Recurring Deposit Account
• National Savings Time Deposit Account
• National Savings Monthly Income Account
• Senior Citizens Savings Scheme Account​
• Public Provident Fund Account 
• National Savings Certificates (VIII Issue) ​Account​
• Kisan Vikas Patra Account
• ​Sukanya Samriddhi Account
• Schedule of Fee

Post Office Savings Account

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Minimum INR 500/- for opening

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Salient features including Tax Rebate

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Account may be opened by

(i) a single adult

(ii) Joint Account (Maximum 2 adults)

(iii) Minor above 10 years of age

(iv) A guardian on behalf of a minor/Person of unsound mind

Post Office Savings Account

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• Account can be opened by cash only
• Minimum balance to be maintained in an account is INR 500/- , if balance Rs. 500 not maintained, a maintenance fee of one hundred (100) rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed
• Cheque facility/ATM facility are available
• 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

Post Office Savings Account

• Account can be transferred from one post office to another
• One account can be opened in one post office.
• At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active, else account became silent (Dormant)
• Minor after attaining majority has to apply for conversion of the account in his name
• Intra Operable Netbanking/Mobile Banking facility is available
• Online Fund transfer between Post Office Savings Accounts/Stop Cheque/Transaction View facility is available through Intra Operable Netbanking/Mobile Banking
• Facility to link with IPPB Saving Account is available
• Funds Transfer (Sweep in/Sweep out) facility is available with IPPB Saving Account.

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National Savings Recurring Deposit Account

​​5-Year Post Office Recurring Deposit Account (RD)

​Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.

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Salient features including Tax Rebate

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Account may be opened by

(i) a single adult

(ii) Joint Account (Maximum 3 adults)

(iii) Minor above 10 years of age

(iv) A guardian on behalf of a minor/Person of unsound mind

5-Year Post Office Recurring Deposit Account (RD)

• Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque
• Nomination facility is available at the time of opening and also after opening of account
• Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of account
• Account can be transferred from one post office to another
• Any number of accounts can be opened in any post office
• 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 @ 1 Rs for every 100 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
• ​There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100

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5-Year Post Office Recurring Deposit Account (RD)

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• Minor after attaining majority has to apply for conversion of the account in his name
• One loan 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
• Protected Savings Scheme is applicable for the account of denomination Rs 100/-
• Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
• Online Deposit facility is available through IPPB Saving Account
• Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office

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National Savings Time Deposit Account

Post Office Time Deposit Account (TD)

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Minimum INR 1000/- and in multiple of 100. No maximum limit.

Period :1Yr A/c,2 Yr A/c,3 Yr A/c,5 Yr A/c

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Salient features including Tax Rebate

Account may be opened by

(i) a single adult

(ii) Joint Account (Maximum 3 adults)

(iii) Minor above 10 years of age

(iv) A guardian on behalf of a minor/Person of unsound mind.

Post Office Time Deposit Account (TD)

• 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
• 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.
• The annual interest may be credited to the savings account of the account holder at his option

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Post Office Time Deposit Account (TD)

• TD account can be extended by giving an application in account office
• Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
• Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
• The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
• Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking

National Savings Monthly Income Account

Post Office Monthly Income Scheme Account (MIS)

In multiples of INR 1000/-

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.

Salient features including Tax Rebate

Account may be opened by

(i) a single adult

(ii) Joint Account (Maximum 3 adults)

(iii) Minor above 10 years of age

(iv) A guardian on behalf of a minor/Person of unsound mind.

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Post Office Monthly Income Scheme Account (MIS)

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• 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 (Rs. 4.5 Lakh)
• 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

Post Office Monthly Income Scheme Account (MIS)

• Interest can be drawn through auto credit into savings account standing at same post office, or ECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices
• Can be prematurely en-cashed after one 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. (Discount means deduction from the deposit.)
• A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011
• Interest shall be payable to the account holder on completion of a month from the date of deposit
• If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

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Senior Citizens Savings Scheme Account​

Senior Citizen Savings Scheme (SCSS)

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There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.

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Interest amount 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.

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Salient features including Tax Rebate

• An individual of the Age of 60 years or more may open the account.
• An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits
• Maturity period is 5 years (husband/wife)

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• A retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of 50 years subject to the fulfilment of other specified conditions
• Maturity period is 5 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.
• 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.

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​Senior Citizen Savings Scheme (SCSS)

• 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.
• *Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.
• Premature closure is allowed,�(i) If closed before 1 year , no interest will be payable, if paid already will be recovered.�

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​Senior Citizen Savings Scheme (SCSS)

• (ii) after one year on deduction of an amount equal to1.5% of the deposit to be deducted�(iii) after 2 years 1% of the deposit to be deducted.
• .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 50,000/- p.a
• ​​Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

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Public Provident Fund Account ​

15 year Public Provident Fund Account (PPF )

• Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year.
• Deposits can be made in lump-sum or in ​installments.
• Salient features including Tax Rebate
• An individual can open account with INR 500/- and a deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/- (including amount deposited in minor account opened on behalf of guardian).
• Any account in which the account holder, having deposited five hundred rupees in the initial year, fails to deposit the minimum amount in the following years, shall be treated as discontinued and that account may be revived during its maturity period on payment of a fee of fifty rupees along with arrears of minimum deposit of five hundred rupees for each year of default

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15 year Public Provident Fund Account (PPF )

• Joint account cannot be opened and only one account can be opened by a citizen in India
• 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 is 15 years but the same can be extended within one year of maturity for further 5 years and so on

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15 year Public Provident Fund Account (PPF )

• Maturity value can be retained without extension and without further deposits also
• Premature closure is can be allowed after 5 years from the end of the year in which the account was opened subject to the following conditions. 1% interest will be deducted from the date of account opening�(i) In case of life threatening disease of account holder, spouse or dependent children.�(ii) In case of higher education of account holder or dependent children.�(iii) ​In case of change of resident status of account holder
• Deposits qualify for deduction from income under Sec. 80C of IT Act
• Interest is completely tax-free
• Online Deposit facility is available through Intra Operable

15 year Public Provident Fund Account (PPF )

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• Netbanking/Mobile Banking..
• Online Deposit facility is available through IPPB Saving Account..
• No attachment under court decree order
• The PPF account can be opened ​in all depart​mental post offices
• Loan can be taken after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made
• Withdrawal can be taken after the expiry of five years from the end of the year in which the account was opened.

National Savings Certificates (VIII Issue) ​Account​

5 Years National Savings Certificate (VIII Issue)

Minimum of Rs. 1000/- and in multiples of Rs. 100/- No Maximum Limit

Salient features

Certificate may be purchased by

(i) a single adult

(ii) Joint A Account (Maximum 3 adults)

(ii) Joint B Account (Maximum 3 adults)

(iv) Minor above 10 years of age

(iv) An adult on behalf of a minor.

(v) A guardian on behalf of a person of unsound mind

2. NSC will be issued in the shape of Passbook w.e.f. 01.07.2016

3. Deposits qualify for tax rebate under Sec. 80C of IT Act.

4. The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.

*In case of NSC VIII , transfer of certificates from one person to another can be done only once from date of issue to date of maturit

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Kisan Vikas Patra (KVP )

​Minimum of Rs. 1000/- and in multiples of Rs. 100/- No Maximum Limit.

Salient features

Certificate can be purchased by

(i) a single adult

(ii) Joint A Account (Maximum 3 adults)

(ii) Joint B Account (Maximum 3 adults)

(iv) Minor above 10 years of age

(i) An adult on behalf of a minor.

(ii) A guardian on behalf of a person of unsound mind

• KVP will be issued in the shape of Passbook w.e.f. 01.07.2016
• 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 encashed after 2 & 1/2 years from the date of issue

Sukanya Samriddhi Accounts

• Rate of interest calculated on yearly basis ,Yearly compounded.
• Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

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Salient features including Tax Rebate

• 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.

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Sukanya Samriddhi Accounts

• If minimum Rs 25​0/- 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 amount required for deposit for that year.
• Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account
• 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 on the occasion of marriage (1 month before and 3 month from date of marriage)
• Online Deposit facility is available through Intra Operable Netbanking and IPPB Saving Account.

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Schedule of Fee

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• Issue of duplicate pass book - Rs. 50.
• Issue of statement of account or deposit receipt-Rs. 20 in each case.
• ​Issue of pass book in lieu of lost or mutilated certificate –Rs. 10 per registration.
• Cancellation or change of nomination –Rs. 50
• Transfer of account – Rs. 100
• Pledging of account – Rs. 100
• Issue of cheque book in Savings Bank Account – No fee for upto10 leaf's in a calendar year and thereafter at Rs. 2 per cheque leaf.
• Charges on dishonor of cheque-Rs. 100

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• T​ax as applicable on the above service charges shall also be payable​