From Savings Account To Recurring Deposit: Know All About Your Investment Options At The Post Office

Did you know you can access a variety of banking services at a post office? Other than mailing services, India Post - which operates a network of more than 1.5 lakh post offices across the country, provides a variety of banking services. One can carry out a number of banking-related tasks at a post office: from setting up a savings account under Government of India's small savings schemes to a National Pension System or NPS account (all citizens model), which is a voluntary pension scheme managed by the PFRDA or Pension Fund Regulatory and Development Authority. .While an interest rate of 4 per cent is applicable on the deposit in the savings account, investment in the other savings schemes at the post office fetches interest at the rates to the tune of 7 per cent to 8.7 per cent, according to India Post's website - indiapost.gov.in..Post office savings scheme lock-in period.The savings schemes of Time Deposit, Recurring Deposit, Monthly Income, Senior Citizens, PPF, NSC and Kisan Vikas Patra come with a lock-in period - also known as maturity period - of one year to 15 years, according to the India Post website..Here are some of the banking services offered by the post office (India Post):.India Post small savings schemes.One can set up a variety of bank accounts at the post office. These include a savings account, a time deposit or fixed deposit (FD) account, a recurring deposit (RD) account, a Sukanya Samriddhi account and a Public Provident Fund (PPF) account. The post office also offers certificate investment schemes such as Kisan Vikas Patra and National Savings Certificate (NSC)..Here are the interest rates applicable to the nine small savings schemes for the quarter ending June 30:.table.irctc3 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; } table.irctc3 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; text-align: center; } table.irctc3 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; text-align: center; } table.irctc3 th:nth-child(1), table.irctc3 td:nth-child(1) { width: 20%; text-align: left; } table.irctc3 th:last-child, table.irctc3 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.irctc3 { display: table; min-width: 280px; max-width: 100%; } table.irctc3 th, table.irctc3 td, table.irctc3 th:nth-child(n+1), table.irctc3 td:nth-child(n+1) { display: table-cell; line-height: normal; } . Savings scheme Interest rate Maturity period Investment limit Post Office Savings Account 4% - Minimum Rs 20 for opening account National Savings Recurring Deposit Account 7.30% 5 years Minimum Rs 10 per month, no maximum limit National Savings Time Deposit Account 7-7.8% 1/2/3/5 years Minimum Rs 200, no maximum limit National Savings Monthly Income Account 7.30% 5 years Rs 1,500 - Rs 4.5 lakh in single account/Rs 9 lakh in joint account Senior Citizens Savings Scheme 8.70% 5 years Rs 1,000 - Rs 15 lakh Public Provident Fund 8% 15 years Rs 500 - Rs 1.5 lakh per financial year National Savings Certificates 8% 5 years Minimum Rs 100, no maximum limit Kisan Vikas Patra 7.70% 2.5 years Minimum Rs 1,000, no maximum limit Sukanya Samriddhi 8.50% - Rs 1,000 - Rs 1.5 lakh per financial year (Source: indiapost.gov.in) .Post office savings schemes income tax benefits.Investment in three of these small savings schemes offered by the post office is eligible for a deduction in taxable individual income up to Rs. 1.5 lakh in a financial year under Section 80C of the Income Tax Act. These post office schemes are: National Savings Time Deposit (five years), Public Provident Fund (15-year) and Senior Citizen Savings Scheme.

From Savings Account To Recurring Deposit: Know All About Your Investment Options At The Post Office

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