Post Office Recurring Deposit Account

  • Account can be opened by an individual, two adults jointly and minor through guardian.
    • A depositor can have more than one account in his name or jointly with another in the same post office or in different post   offices.
    • Minimum amount of deposit is Rs.500/-.and No maximum limit
    •.Amount of deposit made at a time of opening the account shall not be change
    •.The maturity period of the account is 5years but the amount payable on maturity can be retained for a further period upto 5 years with regular monthly deposits.
    • In an account which has not becomes a discontiuned account , deposits for not less than six monthly instalments may be in    advance in any calender month at the option of the depositor and rebate at prescribed rate will be admissible.
    • The rate of rebate on adavance deposits for six month made in any calender month is one rupee for an account of Rs   denomination. The rate of rebae ofr advance depiosits of 12 deposits of 12 or more deposits in any calender month is Rs 4/- for   every 12 deposits but advance deposits less than six month no rebate will be allowed.
    • Where the account has not become a discontinued account, withdrawal not exceeding 50% of the deposits made in the   account may be allowed @ 9.5% P.A after the account has been operation for at least one year and 12 monthly deposits have   been made in the account. Only one withdrawal is allowed during the period of account .
    • The amount of withdrawal can be paided in lump sum or in  instalments.
    • The withdrawal is not permissible from a dicontinued account.
    • There is no ceiling on deposit monthly installement can be paid in advance and in that case a suitable rebeat is allow
    •.The holder of the account may premature close the account after 3 years from the date of opening the account provided that the interstest at the rate aplicable to Saving Account shall be payable on such pre mature closer of account .
    • Accounts are transferable from one Post office to any Post office in India.
    • Facility of redeposit on maturity of an account.
    • Any number of accounts can be opened and No T.D.S.
    .• Rebate under section 80-C is not admissible and Interest income is taxable.
    • Nomination facility available.

Kisan Vikas Patra

Two adults, individuals, and minor through guardian can purchase
• Non-resident Indian,HUF Companies, Trusts, Societies or any other Institutions are not eligible to purchase
• A depositor can have more than one account in his name or jointly with another in the same post office or in different post   offices.
• Minimum amount of deposit is Rs.1000/-.and No maximum limit.

  • Certificates can be pledged as security against a loan to banks/ financial Institutions
  • Rebate under section 80-C is not admissible and Interest income is taxable.
    • Nomination facility available.

National Saving Certificate

• Two adults, individuals, and minor through guardian can purchase
• Non-resident Indian,HUF Companies, Trusts, Societies or any other Institutions are not eligible to purchase
• Certificates can be pledged as security against a loan to banks/ financial Institutions.
• A Tax saving investment under Sec 80C and No premature encashment.
• Annual interest earned is deemed to be reinvested and qualifies for tax rebate for the first 5 years under section 80 C of the Income Tax Act.
• Facility of reinvestment on maturity
• Nomination facility is available.

Post Office Monthly Income Scheme

• Account can be opened by an individual or two adults jointly.
• Maximum amount is Rs. 9.00 lakhs in a single account and Rs. 15 lakhs in a joint account
• Premature encashment facility after one year.
• Facility of automatic credit of monthly interest to saving account of post office or Bank.
• A separate account is opened for each deposit.
• Any number of accounts can be opened subject to the maximum prescribed limit.
• Facility of reinvestment on maturity of an account.
• Interest not withdrawn does not carry any interest.
• Nomination facility is available.
• Rebate under section 80 C is not admissible.
• Most suitable scheme for those who need regular monthly income.

Post office Time Deposits

Main Features Of  The Scheme

• Account can be opened by an individual, two adults jointly and minor through guardian.
• Minimum amount of deposit is Rs.1000/-.and No maximum limit
•.Account can be closed after 6 months .
• Accounts are transferable from one Post office to any Post office in India.
• Facility of redeposit on maturity of an account.
• No interest is payable on undrawn interest amount.
• Any number of accounts can be opened and No T.D.S.
• Two, three and Five years accounts can be closed after one year at a discounted rate of interest.
• Account can be pledged as security against a loan to banks/ Government institutions.
• Rebate under section 80-C is not admissible and Interest income is taxable.
• Nomination facility available.