Scheme:- Post Office
Savings Account
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Interest
payable, Rates, Periodicity etc.
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4.0% per annum on
individual/ joint accounts.
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Minimum
Amount for opening of account and maximum balance that can be retained
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Minimum INR 20/- for
opening.
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Salient
features including Tax Rebate
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· 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 3500/- per year in single and INR 7000/- in
Joint account up to 2011-12 and up to INR 10,000/- per year either in single
or joint account for 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.
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Interest
payable, Rates, Periodicity etc.
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From
1.4.2014, interest rates are as follows:-
8.4%
per annum (quarterly compounded)
On
maturity INR 10/- account fetches INR ....... Can be continued for
another 5 years on year to year basis.
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Minimum Amount for opening of account and maximum
balance that can be retained
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Minimum
INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.
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Salient features including Tax Rebate
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·
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.Default fee will be charged @ 0.05 paise for denomination of Rs.5/- account.
· If
subsequent deposit is not made up to the prescribed day, a default fee is
charged for each default. 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.
· 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 upto 50% of the balance allowed after one year.
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.
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Interest
payable, Rates, Periodicity etc.
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Interest payable annually but calculated quarterly.
From 1.4.2014, interest rates are as follows:-
Period Rate
1yr.A/c 8.40%
2yr.A/c 8.40%
3yr.A/c 8.40%
5yr.A/c 8.50%
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Minimum Amount for opening of account and maximum
balance that can be retained
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Minimum INR 200/- and in multiple thereof. No maximum
limit.
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Salient features including Tax Rebate
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· 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.
·
2,3 & 5 year account can be closed after 1 year at discount. Account can also be closed after six months
but before one year with interest @post office savings account.
The investment under 5 Years TD
qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from
1.4.2007.
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Interest payable, Rates, Periodicity etc.
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From
1.4.2014, interest rates are as follows:-
8.40%
per annum payable monthly.
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Minimum Amount for
opening of account and maximum balance that can be retained
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In
multiples of INR 1500/-.
Maximum
investment limit is INR 4.5 lakhs in single account and INR 9 lakhs 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.
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Salient features including Tax Rebate
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· 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.
· Interest
can be drawn through auto credit into savings account standing at same post
office, through PDCs or ECS.
· Can
be prematurely encashed 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.)
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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.
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Interest
payable, Rates, Periodicity etc.
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From
1.4.2014, interest rates are as follows:-
9.20% 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. |
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Minimum Amount for opening of account and maximum
balance that can be retained
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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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Salient features including Tax Rebate
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.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.
· 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.
· 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.
·
Interest can be drawn through auto credit into savings account standing at
same post office, through PDCs or Money Order.
· Premature
closure is allowed after one year on deduction of 1.5% interest & after 2
years 1% interest (Discount means deduction from 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/- 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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Interest payable, Rates, Periodicity etc.
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From
1.4.2014, interest rates are as follows:-
8.70%
per annum (compounded yearly)
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Minimum Amount for
opening of account and maximum balance that can be retained
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Minimum
INR. 500/- Maximum INR. 1,00,000/- in a financial year. Deposits can be made
in lump-sum or in 12 installments.
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Salient features including Tax Rebate
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An
individual can open account with INR 5/- but has to deposit minimum of INR
500/- in a financial year and maximum INR 1,00,000/-
·
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 is 15 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.
· Deposits
qualify for deduction from income under Sec. 80C of IT Act.
· 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.
No attachment under court decree
order.
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Scheme:- Kisan
Vikas Patra :- Discontinued from 01.12.2011
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National
Savings Certificates (NSC)
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Interest
payable, Rates, Periodicity etc.
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From 1.4.2014, interest rates are as follows:-
8.5% compounded six monthly but payable at maturity. INR.
100/- grows to INR 151.62 after 5 years.
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Minimum Amount for opening of account and maximum
balance that can be retained
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Minimum INR. 100/- No maximum limit available in
denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/-.
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Salient features including Tax Rebate
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A single holder type certificate can be purchased by, an
adult for himself or on behalf of a minor or by a minor.
· Deposits qualify for tax rebate under Sec. 80C of
IT Act.
· The interest accruing annually but deemed to
be reinvested under Section 80C of IT Act.
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Interest
payable, Rates, Periodicity etc.
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8.80%
compounded six monthly but payable at maturity. INR 100/- grows to INR 236.60
after 10 years.
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Minimum Amount for opening of account and maximum
balance that can be retained
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Minimum
INR. 100/- No maximum limit available in denominations of INR. 100/-, 500/-,
1000/-, 5000/- & INR. 10,000/-.
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Salient features including Tax Rebate
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·
A single holder type certificate can be purchased by, an adult for himself or
on behalf of a minor or by a minor.
· Deposits
qualify for tax rebate under Sec. 80C of IT Act.
· The
interest accruing annually but deemed to be reinvested under Section 80C of
IT Act.
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http://www.indiapost.gov.in/POSB.aspx
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