Post office Savings Schemes and its Main Features
Scheme
Features
Savings Account
Type- Single/Minor/Joint of two or three/Pension/SANCHAIKA /NAREGS
First dep.- Cash, Min. 50/-Max. Single-100000/- Joint-200000/-
Cheque A/c-Min. - Rs. 500/-
----------------------------------------------------------
One A/c in One PO
----------------------------------------------------------
Closure- At any time
----------------------------------------------------------
Nomination facility
--------------------------------------------------------
Interest rate-3.5 P.A . From 1.3.2003
----------------------------------------------------------
Introduction Compulsory in Individual A/c s
R .D. Account
Term-5 years
Type-Single/Minor/Joint of two
Min. 10/- , More in multiples of 5 , Max. No limit
---------------------------------------------------------
Loan - after 12 deposits & 12 months, 50% of Balance
Pre mature Closure- After 3 years @ 3.5 P.A
Rebate on advance deposits, default fee on late deposits
----------------------------------------------------------
Amount- Rs. 728.90 on an Account ofRs. 10/-PM
--------------------------------------------------------
Can be extended further for complete years up to a max. of 5 years
T.D. Account- 1/2/3/5 years
Type- Single/Minor/Joint of two
----------------------------------------------------------
Min. 200/- , More in multiples of 200 ,Max. No limit
Pledge facility
Interest paid annually, Agency-SAS
----------------------------------------------------------
Pre mature Closure- After 6 months: conditions apply
----------------------------------------------------------
Post Maturity interest- up to a max. Of 2 years
---------------------------------------------------------
Interest-1Yr.-6.25,2Yrs.-6.50,3Yrs.-7.25,5Yrs-7.50 %
compounded Quarterly.
On lapse of a period after maturity, can be reinvested from back date , Max.
----------------------------------------------------------
Benefit of 30 months period. Conditions apply
MONTHLY INCOME SCHEME
Type- Single/Minor/Joint of two & Three
Min. 1500/- , More in multiples of 1500 ,Max. Single-4.5 Lac, Joint-9.0 Lac
Term-6 years, Agency-SAS
----------------------------------------------------------
Pre mature Closure- After 1 year: conditions apply
--------------------------------------------------------
Post Maturity interest- up to a max. Of 2 years
---------------------------------------------------------
INTEREST- 8% P.A., PAID MONTHLY
----------------------------------------------------------
Automatic payment of interest in Savings A/c , Post dated cheques,Electronic cheque clearance
----------------------------------------------------------
PUBLIC PROVIDENT FUND
Term-15 years, Type- Single & Minor
Min.-5/-, 500/-Max.-70000/-in a Financial year
Max. Deposits in a financial year-12
-------------------------------------------------------
Loan after 1 year but before 5 years
-------------------------------------------------------
withdrawal after 5 years
--------------------------------------------------------
TAX rebate under 80-c on yearly deposits, interest totally tax free
----------------------------------------------------------
Loan – 25% of balance of second preceding year, Max. 36 instalments, Interest-1%
----------------------------------------------------------
Post Maturity interest- up to a max. of 2 years
----------------------------------------------------------
INTEREST- 8% P.A
---------------------------------------------------------
Can be extended for block of 5 years with or without deposits
---------------------------------------------------------
Transfer from PO to Bank & vice versa
----------------------------------------------------------
W/D- Least of 50 % of balance of preceding first or fourth year less loan if any
Senior Citizen Savings Scheme
Type- Single/ Joint of two, not for NRI
Term-5 yrs., Min. 1000/- , More in multiples of 1000
Max. Single-15 Lac
----------------------------------------------------------
For Sr. Citizens & Persons >= 55 yearsif money invested in one month
Can be extended for three years on application within 1 year
Pre mature Closure- After 1 year: conditions apply
----------------------------------------------------------
Post Maturity interest- up to a max. of 2 years
----------------------------------------------------------
INTEREST- 9% P.A., Paid quarterly, on last day of Mar., Jun., Sep. & Dec.
-------------------------------------------------------
Automatic payment of interest in Savings
I was wondering if you ever considered changing the
ReplyDeletelayout of your blog? Its very well written; I love what youve got
to say. But maybe you could a little more in the way of content
so people could connect with it better. Youve got an awful lot of text for only having 1
or two pictures. Maybe you could space it out better?
Take a look at my page - beginners flooring tips|flooring|flooring tips|flooring articles|laminate flooring|home improvement|home remodelling tips|how to do flooring|how to lay flooring|how to install wooden flooring|beginners flooring tips} how to install wooden flooring how to lay flooring how to lay flooring