Post Office Saving Schemes
For common people,the post office have been organized many schemes so that some one who wish to save and become billionaire care do.By investing small amount,with including the intereste you will get a big amount after a particular time period.The avialabe schemes are 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 and Sukanya Samriddhi Account.You can seek more details from the official website (link given below).
Post Office Savings Account -Interest payable, is 4.0% per annum on individual / joint accounts .Minimum Amount for opening of account is INR 20/-.Minimum balance to be maintained in a non-Cheque facility account is INR 50/.From financial year 2012-13 ,the interest earned is Tax Free up to INR 10,000/- per year. By two or three adults,a joint account can be opened.
National Savings Recurring Deposit Account – Interest payable, Rates, Periodicity etc. is 7.2 % per annum (quarterly compounded) , On maturity INR 10/- account fetches INR 725.05 . Can be continued for another 5 years on year to year basis.Rs 10/- is the minimum Amount for opening of account and no maximum balance that can be retained.
National Savings Time Deposit Account-For 1yr.A/c Period Interest payable is 6.9% ,For 2yr.A/c Period Interest payable is 6.9%, For 3yr.A/c Period Interest payable is 6.9% and for 5yr.A/c Period ,the Interest payable is 7.7 %.
National Savings Monthly Income Account – Interest payable is 7.6 % per annum payable monthly.Minimum amount for joining is In multiples of INR 100/-, 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.
Senior Citizen Savings Scheme (SCSS)– The interest rate is 8.6 % 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.
Public Provident Fund Account (15 year Public Provident Fund Account (PPF))-Interest payable is 7.9 % per annum (compounded yearly).Minimum INR. 500/- for opening account and Maximum INR. 1,50,000/- in a financial year can be retained.
National Savings Certificates (VIII Issue) Account- In this scheme, the Interest rate is 7.9 % compounded annually but payable at maturity,INR 100/- grows to INR 146.25 after 5 years.Minimum for opening the accounts is Rs. 100/- and in multiples of Rs. 100/-.There is no Maximum Limit
Kisan Vikas Patra Account – Interest payable is 7.6 % compounded annually and the amount Invested doubles in 113 months (9 years & 5 months).Minimum of Rs. 1000/- id to open this account and in multiples of Rs. 1000/- No Maximum Limit to be retained.
Sukanya Samriddhi Account – Rate of interest get from this scheme is Rate of 8.4% Per Annum(with effect from 01-07-2019 ),calculated on yearly basis ,Yearly compounded.Minimum amount needed for opening this account is INR. 250/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum and there is No limit on number of deposits either in a month or in a Financial year