POST OFFICE SAVINGS BANK – SCHEMES AND INTEREST RATES* (From 01.07.2017 to 30.09.2017) Sl. No 1

SAVINGS SCHEME

DEPOSIT PERIOD

Savings Account

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INTEREST RATE 4 % Simple interest •

(SB)

2

Recurring Deposit

5 Years

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Monthly Income Scheme

5 Years

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Senior Citizen Savings Scheme

5 Years

Maturity amount after 5 years for monthly denomination of ➢ Rs.1000- will be Rs.72,123➢ Rs.500- will be Rs.36,062-

Maximum Balance: No limit

Maximum: No limit Deposit can be made in multiple of Rs.5Minimum: Rs.1,500Maximum : Rs.4,50,000- (Single A/c) Rs.9,00,000- (Joint A/c)

Monthly Interest for deposit of Rs. 1, 00,500- is Rs. 628Monthly Interest for deposit of Rs.4,50,000- is Rs.2813-

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Deposit can be made in multiple of Rs.1500Minimum: Rs.1,000-

8.3 % Simple interest (Interest Payable every Quarter) •

Minimum Balance: Rs.50- (for Ordinary A/c) & Rs.500- (for Cheque A/c)

Minimum Denomination: Rs.10- per Month

7.5 % Simple interest (Interest payable every Month)

(MIS)

4

Interest will be credited on completion of financial year based on the balance maintained in the SB A/c

7.1 % Quarterly compound interest

(RD)

3

DEPOSIT LIMITS

Quarterly Interest for deposit of Rs.1,00,000- is Rs.2075-

Maximum Limit: Rs.15,00,000-

(SCSS) Deposit can be made in multiple of Rs.1000-.

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Time Deposit

Account Term

TD Quarterly compound interest

Equivalent simple interest p.a.

Annual Interest for Rs.10000-

1 year

6.8 %

6.98 %

Rs.698

2 year

6.9 %

7.08 %

Rs.708

3 year

7.1 %

7.29 %

Rs.729

5 year

7.6 %

7.82 %

Rs.782

(TD)

6

Public Provident Fund

15 years

7.8 % per annum * (compounded yearly) Note: • * Interest rate that changes from time to time will be applicable for the balance in the A/c and interest will be credited in the account itself.

(PPF)

Minimum: Rs.200Maximum Limit: No limit Deposit can be made in multiple of Rs.200-

Minimum amount: Rs.500- per Financial Year. (Minimum Rs.100 for opening of A/c) Maximum deposit: Up to Rs.1, 50,000in a financial year.

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Sukanya Samriddhi Account (SSA)

8

9

National Savings Certificate (NSC VIII issue) Kisan Vikas Patra (KVP) ➢ ➢ ➢

21 years from Date of opening (or) Marriage of Girl Whichever is earlier

5 year

115 Months

8.3 % per annum * (compounded yearly) Note: • * Interest rate that changes from time to time will be applicable for the balance in the A/c and interest will be credited in the account itself.

Minimum amount: Rs.1000- per Financial Year. (Minimum Rs.1000 for opening of A/c) Maximum deposit: Up to Rs.1, 50,000in a financial year.

7.8 % Annually compound interest (payable at the time of maturity)

Minimum : Rs.100Maximum: No limit

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Deposit can be made in multiple of Rs.100Minimum : Rs.1000Maximum: No limit

Maturity value for Rs.10,000- NSC will be Rs.14,558- after 5 years 7.5 % Annually compound interest •

Maturity value for Rs.10,000- KVP will be Rs.20,000- after 115 mon.

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Deposits and withdrawals permitted through cash/cheque. Can be used for crediting the interest of MIS/SCSS/TD Accounts and for crediting maturity proceeds. Can be used for debiting RD deposit /APY/PMJJBY/PMSBY premium. Ru-pay Debit card/ATM card facility is available without charges. No restrictions on transactions using India post ATMs. Limited free transactions can be done in Bank ATMs also. Useful scheme for salaried people and others who wish to invest amount every month with fixed denomination. Rebate amount will be given for advance deposit for 6/12 months. A/c Can be closed after 3 years only (with SB rate of Interest) 50% amount in the A/c can be taken as loan after 1 year if eligible. A/c can be extended with or without deposits for further period of 1/2/3/4/5 years. Useful scheme for pensioners and people those who want to get Monthly income on their deposits. Monthly interest can be withdrawn across counter (or) auto credited into SB Account. No bonus from 01.12.2011 Premature closure is allowed after one year on deduction of an amount equal to 2% of the deposit & after 3 years 1% of the deposit For higher interest: Credit the MIS A/c’s Monthly Interest in SB A/c and auto transfer the said amount to RD account every month. Useful for pensioners/Senior citizens who want to get periodical income from their deposit amount. (Deposit amount is eligible for Income tax rebate) Minimum Age: 60 Years and For persons who retired on VRS : 55 Yrs Single and Joint A/c (with spouse only) can be opened. Account can be opened by cash for the amount below Rs.1 lakh and for Rs.1 lakh and above by Cheque only Quarterly interest shall be payable on the first working day of April, July, October, January Premature closure is allowed after 1 year on deduction of an amount equal to 1.5% of the deposit & after 2 years 1% of the deposit TDS will be deducted on interest earned if the interest is more than Rs.10, 000/- p.a. (If form 15-G/H is given every year, TDS will not be deducted) Useful scheme for persons who want to deposit their Money for a specific period like 1/2/3/5 years Can be closed after 6 months only with SB rate of Interest If the A/c (except 1 yr T.D) is closed after one year, 1 % interest will be deducted on the interest rate of Completed year TD. 5 year TD amount eligible for income tax benefit under section 80C. In CBS Post offices when any TD account is matured, the same TD account will be automatically renewed for the period for which the account was initially opened. Interest rate applicable on the day of maturity will be applied for renewed account. Useful scheme for Income Tax payers as the PPF Deposits qualify for deduction from income under Sec. 80C of IT Act. Interest is completely tax-free. One Withdrawal is permissible every year from 7th financial year. Loan facility available from 3rd financial year. A/c can be opened in all departmental Post offices and deposits can be made in any CBS post offices (except single hand S.Os.) Deposit can be made in a lump-sum / maximum of 12 installments in a financial year. After 15 years, PPF Can be extended for another block of 5 years Useful for meeting expenses of Girl child’s education/ marriage. A/c can be opened in name of Girl child whose age is less than 10 years (Can be opened by natural guardian/legal guardian) Subsequent deposits can be made in multiples of Rs.100-. No limit on number of deposits subject to max. of Rs.150000/- in a fin. year. Deposits have to be made for 15 years. Maximum of 50 % balance amount in the Account can be taken as Withdrawal for higher education purpose after the age of 18 years Deposits made in SSA scheme are eligible for Income tax exemption under section 80C of IT act. Useful scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec. 80C of IT Act. Can be encashed on maturity only (i.e., after 5 years). Loan can be taken by pledging the NSC at nationalized banks. Deposit amount will be doubled after 9 year & 7 months. Certificate can be en-cashed prematurely only after 2 year, 6 months (applicable interest as per rules will be payable).

Deposit can be made in multiple of Rs.1000-

SB, RD, MIS,TD, NSC, KVP can be opened by any single adult, Joint adults, a minor through Guardian, a minor above 10 years himself Nomination facility is available for all types of accounts except minor accounts Inter Post office transactions can be done among all CBS post offices

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