| Savings >> Small Saving Schemes >> Post Office Schemes |
| 1. Post Office Monthly Income Schemes |
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| Interest Payable, Rates Periodicity etc. |
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| 8% per annum payable monthly i.e. Rs. 130/- will be paid every month on a deposit of Rs. 12,000/-. In addition a bonus 10% also payable on maturity i.e. Rs. 1,200/- will be paid as bonus after 6 years for deposit of Rs. 12,000/- |
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| Investment Limits & Denominations |
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| Minimum Rs. 6000/-. Maximum Rs. 3 lakhs in single account and Rs. 6 lakhs in joint account. |
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| Salient Features Including Tax Rebate |
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| Maturity period is 6 years. Can be prematurely encashed after one year at 8% discount. However, no such deduction shall be made if the account is closed after three years from the date of opening of such account. Interest is exempt under Sec. 80-L of I.T. Act. |
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| 2. Post Office Time Deposit |
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| Interest Payable, Rate Periodicity etc. |
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| Interest payable annually but calculated quarterly. |
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| Investment Limits & Denominations |
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| Minimum Rs. 50/-, no maximum limit |
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| Salient Features Including Tax Rebate |
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| Account may be opened by individual, Trust, Regimental fund and welfare fund. 2, 3 & 5 year account can be closed after one year at a discount. Account can be closed after six months but before one year without interest. Interest exempt from tax under section 80-L of I.T. Act. Deposits are exempt under Section 5(1) of Wealth Tax Act |
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| 3. 5 - Year Post Office Recurring Depos it Account |
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| Interest Payable, Rate Periodicity etc. |
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| 12.5% per annum compounded quarterly, payable at maturity. Rs. 10/- account fetches Rs. 833.40. Could be continued for another 5 years on year to year basis with interest |
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| Investment Limits & Denominations |
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| Minimum Rs. 10/- per month or any amount in multiples of Rs. 5/-. No maximum limit. |
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| Salient Features Including Tax Rebate |
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| ne withdrawal upto 50% of the balance allowed after one year. Full maturity value allowed on R.D.Accounts restricted to that of Rs. 50/- denomination in case of death of depositor subject to fulfilment of certain conditions. 6 months & 12 months advance deposits earn rebate. Interest earned is exempt under Sec. 80-L of I.T.Act. |
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| 4. Post Office Savings Account |
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| Interest Payable, Rate Periodicity etc. |
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| 5.5% per annum on individual / joint and group accounts. 5% per annum on public accounts and Security Deposits Account for purchase of motor vehicle or tractor and 3% per annum on other accounts |
| Investment Limits & Denominations |
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| Minimum Rs. 20/-. Maximum Rs. 50,000/- for an individual account Rs. 100,000/- for joint account. No limit on group / institutional or official capacity accounts. |
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| Salient Features Including Tax Rebate |
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| Cheque facility available. Cheques are also accepted by schedule banks. Interest is completely tax free. |
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