Post Office Savings Scheme
Indian Post Office provides the facility to the citizens of India to participate in many savings schemes. Through these schemes, efforts are made to strengthen the economic aspect for the future. So that more and more people can take advantage of it. All the schemes issued in the post office are decided by the guidelines of the Central Government , due to which the interest in it is better than others. The government also provides tax exemption under section 80C in some schemes. The government decides their interest every quarter. Information about post office savings schemes is being given on this page.
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Post Office
| scheme | Rate of interest | the minimum | Maximum |
| Senior Citizen Savings Scheme (SCSS) | 8.70 | 1000 | 1.5 million |
| Sukanya Samriddhi | 8.50 | 250 | 1.50 lakh |
| ppf | 8.00 | 500 | 1.50 lakh |
| National Savings Certificates (NSC) | 8.00 | 100 | No limits |
| time deposit | 7.00 – 7.80 | 200 | No limits |
| Post Office Monthly Income Scheme | 7.70 | 1500 | 4.5 lakh |
| Farmer Vikas Patra | 7.70 | 1000 | No limits |
| Recurring Deposit | 7.30 | 10 | No limits |
| savings deposit | 4.00 | 20 | No limits |
Schemes
Post office savings schemes are as follows-
1.Senior Citizen Savings Scheme (SCSS)
Senior citizens can join the Senior Citizen Savings Scheme. Senior citizen means that all those who are 60 years of age or more can participate in this savings scheme. Regular interest income can be obtained through this scheme. Interest on this scheme is provided on quarterly basis. There is a provision of five years lock-in in SCSS. But after one year, after paying the penalty, you can withdraw it. A maximum investment of Rs 15 lakh can be made in this scheme. In this the account can be opened singly or jointly. Amount more than one lakh can be deposited only through cheque . The government also provides tax exemption under section 80C.
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2.Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is being operatedunder the ‘Beti Bachao Beti Padhao’ campaign. This scheme has been given the tax status of Exempt-Exempt-Exempt (EEE). This means that tax exemption will be provided on all three – the amount invested, interest and maturity amount. Until the daughter turns 10, her parents can open an account under this scheme. The Sukanya Samriddhi Yojana provides benefits exclusively to two daughters from a single family. Its maturity can be achieved when the daughter turns 21. If the minimum amount is not deposited in a financial year, some amount has to be paid as penalty.
Also read: What is Beti Bachao Beti Padhao Scheme?
3.Public Provident Fund (PPF)
Public Provident Fund is considered to be the best option for investment, this scheme has also been given EEE status by the Central Government . This scheme has a lock-in period of 15 years. In this, partial withdrawal can be made in the seventh year. Loan facility has been provided for the third year.
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4.National Savings Certificates (NSC)
National Savings Certificates have a five-year lock-in period. Investment in this can be made by a single person or a minor. In this, tax exemption is provided under section 80C.
5.Post Office Time Deposit (POTD)
Fixed deposits can be made in Post Office Time Deposit for a period of one, two, three and five years. Minors above 10 years of age can also participate in this scheme. Tax exemption is provided under section 80C on the amount received after five years.
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6.Post Office Recurring Deposit (RD)
Money can be deposited in Post Office Recurring Deposit every month/quarter/half year or annually. Its duration is 5 years. If you fail to pay four consecutive installments, your account is closed. It can be started again within two months.
7.Post Office Savings Account
Like a bank, a savings account can also be opened in the post office. It can be opened with only Rs 20. Its maximum limit has not been determined. If you do not avail the facility of cheque, then it is mandatory for you to maintain a minimum balance of Rs 50 in your account. If you want to avail the check facility, you will have to maintain a minimum balance of Rs 500.
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8.Kisan Vikas Patra (KVP)
Kisan Vikas Patra is the best option to double your amount. Under this, after the prescribed time limit, twice the amount deposited is provided.
Also read: What is Kisan Vikas Patra (KVP) Scheme?
9.Post Office Monthly Income Scheme (POMIS)
Through the Post Office Monthly Income Scheme, you are provided interest amount every month. The duration of this scheme is 5 years. After one year, it can be made premature by paying some penalty. For interest, a savings account has to be opened in the post office, in which interest is allotted every month.
Also read: What is Monthly Average Balance?
Here we have provided information about Post Office Savings Scheme, if you have any question in your mind related to this information, or want to get any other information related to it, then you can ask through the comment box. Yes, we are waiting for your feedback and suggestions.
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