POSTAL BANKING SCHEMES
Senior Citizen Savings Scheme (SCSS)
National Savings Certificates (NSC)
Savings Account
Any individual can open an account.
Cheque facility available.
| Type of Account | Maximum Limit |
| Single Account | Rs. 1 lakh |
| Joint Account | Rs. 2 lakh |
Group Account, Institutional Account, other Accounts like Security Deposit account & Official Capacity account are not permissible
Rate of interest 3.5% per annum
Income Scheme (MIS)
Safe & sure way to get a regular monthly income.
Specially suited for retired employees/ Senior Citizens or any one with high sum for investment.
Rate of interest 8%.
Maturity Period - Six Years.
5% Bonus on Maturity.
Post maturity Interest at the rate applicable from time to time (at present 3.5%)
Auto credit facility to SB Account.
| Type of Account | Minimum limit | Maximum limit |
| Single | Rs. 1500/- | Rs. 4.5 lakhs |
| Joint | Rs. 1500/- | Rs. 9 lakhs |
Deposit in Monthly Income Scheme and invest interest in Recurring Deposit to get 10.5% (approx) interest.
Above scheme operates automatically, if you open a saving bank account and give a request for automatic transfer of Monthly Income Scheme interest to Recurring Deposit through Saving Bank account.
Recurring Deposit
Any individual (a single adult or two adults jointly) can open an account.
Advance Deposits earn rebate.
Four defaults are allowed.
Defaults can be paid within two months.
Part withdrawal facility available.
Premature closure allowed after three years.
Pay Roll Savings Scheme is also available for employees of various Establishments.
| Type of Account | Minimum Deposit | Maximum Deposit |
| Individual Account | Rs. 10/- and in multiples of Rs. 5/- thereafter | No limit. |
Post Office Savings Schemes
Any individual (a single adult or two adults jointly) can open an account.
Group Accounts, Institutional Accounts and Misc. account not permissible.
Trust, Regimental Fund or Welfare Fund not permissible to invest.
1 Year, 2 Year, 3 Year and 5 Year TD can be opened.
2, 3 & 5 Year TD Accounts can be closed after one year at a discount.
Rate of interest – 6.25%, 6.50% 7.25%, 7.5% compounded Quarterly for 1,2,3 & 5 years TD account respectively.
The investment under this scheme quality for the benefit of section 80C of the Income Tax Act, 1961 from 01.04.2007.
| Type of Account | Minimum Deposit | Maximum Deposit |
| 1,2,3 & 5 Year TD | Rs.200/- and in multiples of Rs. 200/- thereafter | No limit. |
Post Office Savings Bank - The safest investment
"Save today-Smile tomorrow "
"Pay Day is your Savings Day”
A new avenue of investment and return for Senior Citizen
The account may be opened by an individual,
Who has attained age of 60 years or above on the date of opening of the account.
Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
No age limit for the retired personnel of Defense services provided they fulfill other specified conditions.
The account may be opened in individual capacity or jointly with spouse.
Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.
The individual may open one or more account in the multiple of Rs.1000/-, subject to a maximum limit of Rs.15 lakh. Further, more than one account cannot be opened in the same post office during a calendar month.
No withdrawal shall be permitted before the expiry of a period of five years from the date of opening of the account. The depositor may extend the account for a further period of 3 years
Premature closure of account is permitted
After one year but before 2 years on deduction of 1 ½ % of the deposit.
After 2 years but before date of maturity on deduction of 1% of the deposit.
In case of death of the depositor before maturity, the account shall be closed and deposit refunded without any deduction along with interest.
Interest @ 9% per annum from the date of deposit on quarterly basis. Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
Interest rounded off to the nearest multiple of rupee one.
Post Maturity Interest at the rate applicable to the deposits under.
Post Office Savings Accounts from time to time is admissible for the period beyond maturity.
Nomination facility is available in the Scheme.
The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
Monthly Income Scheme (MIS) and Senior Citizen Saving Scheme (SCSS) are the best for Senior Citizens who desire monthly/quarterly interest. Invest in MIS / SCSS and transfer interest into RD account through SB account through written request and earn a combined interest of 10.5 % (approx.). This is the safest investment option for the Senior Citizens.
15 Years Public Provident Fund
Ideal investment option for both salaried as well as self employed classes.
Non-Resident Indians (NRIs) not eligible.
Investment up to Rs. 70,000 per annum qualified for IT
Rebate under section 80 C of IT Act.
Loan facility available from 3rd financial year upto 5th financial year.
Withdrawal permitted from 6th financial year.
Free from court attachment.
An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons
Investment doubles in 8 years 7 months.
Encashment at any time after expiry of 2 ½ Years from the date of issue of certificate at any Post Office
NRIs & HUF not eligible
Nomination facility is available.
Post maturity interest is also admissible at the rate applicable from time to time (at present 3.5%)
| Type of Account | Minimum limit | Maximum limit |
| Public Provident Fund (Individual account on his behalf or on behalf of minor of whom he is the guardian) | Rs. 500/- in a financial year | Rs. 70,000/- in a financial year |
National Savings Certificates (NSC)
Scheme specially designed for Government employees, Businessmen and other salaried classes who are IT assesses.
No maximum limit for investment.
No tax deduction at source.
Certificates can be kept as collateral security to get loan from banks.
Investment up to Rs. 1,00,000/- per annum qualifies for IT Rebate under section 80C of IT Act. Trust and HUF cannot invest.
PPF – A good way of saving for your old age.
Buy National Savings Certificates (NSC) & Kisan Vikas Patras (KVP) every month for six years –Reinvest on maturity and relax - On retirement it will fetch you monthly pension as the NSC/KVP matures.
Postal Life Insurance
Postal Life Insurance was started in 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18-10-1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits.
Now Postal Life Insurance is open for employees of all Central and State Government Departments, Nationalized Banks, Public Sector Undertakings, Financial Institutions, Local Bodies like Municipalities and Zila Parisads, Educational Institutions aided by the Government etc.
Rural Postal Life Insurance
On 24th March, 1995, the benefits of Postal Life Insurance were extended to rural populace of the country under the banner of Rural Postal Life Insurance
Postal Life Insurance Schemes
SANTHOSH ( ENDOWMENT ASSURANCE)
SURAKSHA (WHOLE LIFE ASSURANCE )
SUVIDHA ( CONVERTIBLE WHOLE LIFE ASSURANCE )
SUMANGAL ( ANTICIPATED ENDOWMENT ASSURANCE )
YUGAL SURAKSHA ( JOINT LIFE ENDOWMENT ASSURANCE)
CHILDREN POLICY
Rural Postal Life Insurance Schemes
GRAM SANTOSH ( ENDOWMENT ASSURANCE )
GRAM SUVIDHA ( CONVERTIBLE WHOLE LIFE ASSURANCE )
GRAM SUMANGAL ( ANTICIPATED ENDOWMENT ASSURANCE )
GRAM PRIYA ( 10 YEARS RPLI )
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