All You Need To Know About Small Savings Schemes Available In Post Office

India Post currently offer a range of financial services at designated post offices, including the nine types of small savings schemes. For the quarter ending September 30, the Post Office Term Deposit, the Post Office Recurring Deposit, Sukanya Samriddhi and six other schemes offer annual returns to the tune of 4-7.6 per cent. The interest rates applicable to the government-run small saving schemes are reviewed on a quarterly basis. Of these, the Time Deposit scheme comes in four options of maturity, ranging from one year to five years, according to India Post's website - indiapost.gov.in..Here are some key details of each of these schemes:.Post Office Savings Account.This account can be set up with a deposit of Rs 500, which is the also the minimum account balance required to avoid penalty. .National Savings Time Deposit Account.The account can be opened by cash or cheque, and can be extended beyond the term by submitting an application in the branch..National Savings Recurring Deposit Account.This scheme is just like a fixed deposit, except the investment is divided into monthly payments of equal amount instead of one lump sum. .National Savings Monthly Income Account.This scheme enables the depositor to receive interest every month against a deposit. A maximum investment of Rs. 4.5 lakh is allowed. .Senior Citizens Savings Scheme Account.This scheme comes with a maturity period - or lock-in period - of five years. The account can be opened against a cash payment up to Rs 1 lakh and cheque payment above Rs 1 lakh..Public Provident Fund Account .This account has a maturity period of 15 years, which can be extended for five years at a time. The minimum deposit required to invest in the PPF account is Rs 500, and Rs 500 every financial year..National Savings Certificates Account.This certificate-based scheme requires a minimum investment of Rs 1,000. Investment of Rs 1,000 in the NSC grows to Rs 1,389.49 over five years..Kisan Vikas Patra Account.The KVP certificates can be purchased against a minimum investment of Rs 1,000. Investment in this scheme doubles within 124 months (10 years and four months)..Sukanya Samriddhi Account.A guardian can open this account in favour of girl children up to 10 years of age. Investment of a minimum Rs 250, and a maximum of Rs 1,50,000 per a financial year, is permitted. .Interest Rates .table.tble_poffice { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; margin-bottom:20px; } table.tble_poffice th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_poffice td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 22px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.tble_poffice, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table.tble_poffice, thead, tbody, th, td, tr { font-size: 14px; } table.tble_poffice th { padding: 4px; } table.tble_poffice td { padding: 4px; } .itctc_main { overflow-x:scroll;overflow-y:hidden;} } table.tble_poffice td:nth-child(2), table.tble_poffice td:nth-child(3) { text-align: center; } /*Media Query END*/ . Post Office Scheme Interest Rate Post Office Savings Deposit 4.00% One-Year Time Deposit* 5.5% Two-Year Time Deposit* 5.5% Three-Year Time Deposit* 5.5% Five-Year Time Deposit* 6.7% Five-Year Recurring Deposit 5.8% Five-Year Senior Citizen Savings Scheme 7.4% Five-Year Monthly Income Scheme 6.6% Five-Year National Savings Certificate 6.8% Public Provident Fund Scheme 7.1% Kisan Vikas Patra 6.9% Sukanya Samriddhi Account Scheme 7.6% (Source: India Post) .* The time deposit savings scheme is available in four maturity period options: one year, two years, three years and five years.

All You Need To Know About Small Savings Schemes Available In Post Office

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP