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Postal service

Offering you a complete choice of services which include 6 Years National Savings Certificate 8th Issue, Post Office Time Deposit Scheme, Senior Citizens Scheme and Public Provident Fund.

Salient Features
  • Rs. 1000/- grows to Rs. 1509/- in five years.

  • Minimum investment Rs. 500/-

  • Maximum no limit.

  • Certificates can be pledged as security against a loan to banks/ financial Institutions.

  • A Tax saving investment under Sec 80C

  • Individual or minor can apply

  • Rate of interest 8.40%p.a. compounded half yearly

  • Two adults, individuals, and minor through guardian can purchase.

  • Companies, Trusts, Societies or any other Institutions are not eligible to purchase.

  • Non-resident Indian/HUF cannot purchase.

  • No premature encashment.

  • Annual interest earned is deemed to be reinvested and qualifies for tax rebate for the first 5 years under section 80 C of the Income Tax Act.

  • Maturity proceeds not drawn are eligible to Post Office Savings Account interest for a maximum period of two years.

  • Facility of reinvestment on maturity.

  • Facility of encashment of certificates through banks.

  • Certificates are encashable at any Post Office in India before maturity by way of transfer to desired Post Office.

  • Certificates are transferable to any Post office in India.

  • Certificates are transferable from one person to another person before maturity.

  • Duplicate certificate can be issued for in case the orginal one gets lost, stolen, destroyed, mutilated or defaced certificate.

  • Nomination facility is available.

  • Facility of purchase/payment to the holder of Power of Attorney.

  • Tax Saving instrument - Rebate admissible under section 80 C of the Income Tax Act.

  • Deposits are exempt from Wealth Tax.

  • New type of NSCs with a maturity of 10 years bearing a rate of interest of 8.70% would also be issued.

  • This reduction in the term from 6 to 5 years means you would have your money locked in for lesser time. If you want to stay invested for longer, you can invest in the 10 year NSCs.

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Salient Features
  • Minimum amount of deposit is Rs.200/-.

  • No maximum limit.

  • Account can be closed after 6 months but before one year without any interest.

  • Facility of redeposit on maturity of an account.

  • No interest is payable on undrawn interest amount.

  • Account can be opened by an individual, two adults jointly and minor through guardian.

  • A Minor who has attained the age of 10 years can open the account in his/her own name to be operated directly.

  • Non Resident Indian / HUF cannot open the account.

  • Any number of accounts can be opened.

  • Two, three and Five years accounts can be closed after one year at a discounted rate of interest.

  • Deposits not drawn on maturity are eligible to saving account interest rate for a maximum period of two years.

  • Account can be pledged as security against a loan to banks/ Government institutions.

  • Accounts are transferable from one Post office to any Post office in India.

  • Rebate under section 80-C is not admissible.

  • Interest income is taxable.

  • Deposits are exempt from wealth tax.

  • No T.D.S.

  • Nomination facility available.

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Senior Citizens Scheme

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Salient Features

  • 9% interest per annum payable quarterly.

  • Minimum Deposit: Rs 1000 and multiples thereof.

  • Maximum Limit : 15 Lakhs.

  • The scheme is for 5 years and can be extended for a further period of 3 years.

  • Premature closure facility is available after 1 year with nominal penelaty.

  • Risk free investment.

  • Individual aged of 60 years and above can invest.

  • Retiring employees aged 55 years and above can invest under scheme.

  • A tax saving instrument

  • Joint account can be opened with spouse.

  • Best Return

  • Very Safe investment - A central govt scheme
Objective Of The Scheme

We are all well aware that interest rate on Small Saving Scheme has been reduced to 5% in the last four years. The decline in interest rate was initiated from January 2000.

The interest rate on December 31, 1999 in Monthly Income Scheme was 13% which came down to 8% with effect form March 31,2003. The decrease in the interest rate had a negative impact on the lives of Senior Citizens. The dwindling interest income was cause of concern and hardship for them .Interest income is a lifetime benefit for the senior citizens. The Budget for 2004-2005 had two beneficial aspects, as far as small Saving Schemes are concerned.

The first one is that rates of interest on small savings have been kept stable with no change in rate of interest in any Post Office scheme. The second benefit came with the introduction of Senior Citizen Saving Scheme-2004 offering a higher rate of interest as compare to any other small savings scheme. The scheme has come into operation from August 2, 2004. The main objective of the scheme is to provide relief to the senior citizens and to check the further decline in their interest income.

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Public Provident Fund

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Salient Features
  • The rate of interest is 8.60% p.a. compounded annually.

  • The minimum deposit is 500/- p.a

  • The maximum is Rs. 1,00,000/- p.a

  • Interest is totally tax free.

  • Tax saving instrument under section 80C.

  • Loan facility available from third year.

  • The Public Provident Fund Scheme is a statutory scheme of the Central Government of India.

  • The Scheme is for 15 years.

  • One deposit with a minimum amount of Rs.500/- is mandatory in each financial year.

  • The deposit can be in lumpsum or in convenient installments, not more than 12 installments in a year or two installments in a month, subject to total deposit of Rs.1,00,000/-.

  • It is not necessary to make a deposit in every month of the year.

  • The amount of deposit can be varied to suit the convenience of the account holders.

  • The account in which deposits are not made for any reason is treated as discontinued, account and such an account cannot be closed before maturity.

  • The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.

  • The account can be opened by an individual or a minor through the guardian.

  • Joint account is not permissible.

  • Those who are contributing to GPF Fund or EDF account can also open a PPF account.

  • A Power of Attorney holder can neither open nor operate a PPF account.

  • The grand father/mother cannot open a PPF on behalf of his/her minor grand son/daughter.

  • The deposits shall be in multiples of Rs.5/- subject to minimum of Rs.500/-.

  • The deposit in a minor account is clubbed with the deposit of the account of the guardian for the limit of Rs. 1,00,000/-.

  • No age is prescribed for opening a PPF account.

  • Interest is not contractual but the rate is notified by the Ministry of Finance, Govt. of India, at the end of each year.

  • The facility of first withdrawal in the 7th year of the account subject, to a limit of 50% of the amount at credit preceding three year balance.

  • Thereafter one withdrawal in every year is permissible.

  • Premature closure of a PPF Account is not permissible except in case of death.

  • Nominee/legal heir of PPF Account holder on death of the account holder cannot continue the account.

  • The account has to be closed in such case.

  • The account holder has an option to extend the PPF account for any period in a block of 5 years at each time.

  • The account holder can retain the account after maturity for any period without making any further deposits.

  • The balance in the account will continue to earn interest at normal rate as admissible till the account is closed.

  • One withdrawal in each financial year is also admissible in such account.

  • A PPF account can be opened either in a Post Office or in a Nationalized Banks.

  • The Account is transferable from one Post Office to another and from Post Office to Bank or from a Bank to a Post office.

  • Account is transferable from one Bank to another bank as well as within the bank to any branch.

  • Deposits in PPF qualify for rebate under section 80-C of Income Tax Act.

  • The interest on deposits is totally tax free.

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