Individual of age> 60 years or age >55 years who have opted for VRS or superannuation Maximum deposit over the lifetime allowed at Rs 15 lakh
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Interest earned is taxable and no deduction under Sec 80C for deposits made. Tax benefits up to 5 years under section 80C on depositsįor one account holders – Rs 4.5 lakh Joint account holders – Rs 9 lakh Tax-free interest up to Rs 50,000 from the financial year 2018-19įirst year – 5.5% p.a. Comparison of the various Post office savings schemes Scheme The deposit can be made for a maximum of 15 years from the date of opening the account. The guardian can operate the account until the girl child attains 18 years of age. The interest is calculated on a yearly basis and compounded annually. The minimum deposit required is Rs.250 and a max of Rs.1.5 lakh per financial year. The account must be opened and operated by parents or guardians. Only girl children below the age of 10 years are eligible to get the benefits of this account. This is a government scheme dedicated to the financial well-being of the girl child. Please note that the tenure of the account varies with the variation in the interest rate. And the tenure of the account is 124 months (10 years and 4 months). As per the rates applicable to quarter 4 of the fiscal year 2020-21, the applicable interest rate is 6.9% p.a. The minimum deposit for this account is Rs.1,000. The attraction of this scheme is that over the tenure of the account, your investment will be doubled. The certificate can be pledged or transferred as security to the housing finance company, banks, government companies, and others. With an interest rate of 6.8% p.a., the interest gets compounded annually and is paid out only at maturity.Īn individual can open any number of accounts under the scheme. There is no maximum deposit defined for this account. NSC comes with a tenure of five years where you need to make a minimum deposit of Rs.1,000. Also, the interest earned on this account is tax-free. Though the tenure of the account is 15 years, you only have to pay Rs.500 per financial year to keep the account active. The minimum deposit required to open the account is Rs.500 and the upper limit is Rs.1.5 lakh. Many salaried individuals prefer PPF as an investment and retirement tool as the scheme offers income tax deductions up to Rs.1.5 lakh per financial year. Retired civilian employees aged between 55 years and 60 years and retired defence employees aged between 50 years and 60 years of age can also open the account subject to investing the retirement benefits within one month from the date of receipt of the benefits.ġ5-Year Public Provident Fund Account ( PPF) Individuals above the age of 60 years are eligible to open this account. The scheme offers an interest rate of 7.4% p.a.
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The deposit can range from Rs.1,000 up to Rs.15 lakh. This is a government-backed retirement scheme that allows you to make a deposit of a lump sum in one instalment. Premature closure beyond one year can attract penalties. You cannot prematurely close the account before completing one year. You can get monthly fixed income from the scheme. You can deposit a sum of Rs.1,000 up to Rs.4.5 lakh in a single account and up to Rs.9 lakh in a joint account. Post Office Monthly Income Scheme Account (MIS) For a tenure of up to 3 years, the rate is 5.5% p.a.
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The interest is calculated quarterly but is payable on an annual basis. The minimum deposit allowed in this account is Rs.1,000. There are four possible tenures for Post Office Time Deposit Accounts you can choose from, i.e. You can get a loan of up to 50% against the deposit you have already made in the account after completing 12 instalments without defaulting. You can agree to a fixed monthly deposit payment starting from Rs.100 and earn interest at 5.8% p.a. You can avail of a cheque book, ATM card, e-banking and mobile banking services, and other services with the account on request.ĥ-Year Post Office Recurring Deposit Account (RD)Īs the name suggests, the tenure of this RD account is fixed for five years. The account can be opened in single or joint ownership by domestic customers. The minimum deposit to open a Post Office Savings Account is Rs.500. Savings schemes under Post Office investments Post Office Savings Account For example, the PPF scheme PPF is operated via 8200 branches of public sector banks in addition to the post offices in each city. These schemes are operated via 1.54 lakh post offices spread all over the country. Admissions (Session 2021-22).The Post Office Saving Schemes include several products that offer reliability and risk-free returns on investment.