All You Need To Know About Small Savings Schemes Available In Post Office

Currently, little cost savings plans bring returns in the series of 4-7.6%

India Post presently use a series of monetary services at designated post workplaces, consisting of the 9 kinds of little cost savings plans. For the quarter ending September 30, the Post Office Term Deposit, the Post Office Recurring Deposit, Sukanya Samriddhi and 6 other plans use yearly returns to the tune of 4-7.6 percent. The rates of interest relevant to the government-run little conserving plans are evaluated on a quarterly basis. Of these, the Time Deposit plan is available in 4 alternatives of maturity, varying from one year to 5 years, according to India Post’s site – indiapost.gov.in.

Here are some essential information of each of these plans:

Post Office Savings Account

This account can be established with a deposit of Rs 500, which is the likewise the minimum account balance needed to prevent charge.

National Savings Time Deposit Account

The account can be opened by money or cheque, and can be extended beyond the term by sending an application in the branch.

National Savings Recurring Deposit Account

This plan is similar to a repaired deposit, other than the financial investment is divided into month-to-month payments of equivalent quantity rather of one swelling amount.

National Savings Monthly Income Account

This plan makes it possible for the depositor to get interest monthly versus a deposit. An optimal financial investment of Rs. 4.5 lakh is permitted.

Senior Citizens Savings Scheme Account

This plan features a maturity duration – or lock-in duration – of 5 years. The account can be opened versus a money payment as much as Rs 1 lakh and cheque payment above Rs 1 lakh.

Public Provident Fund Account

This account has a maturity duration of 15 years, which can be extended for 5 years at a time. The minimum deposit needed to purchase the PPF account is Rs 500, and Rs 500 every fiscal year.

National Savings Certificates Account

This certificate-based plan needs a minimum financial investment of Rs 1,000. Financial investment of Rs 1,000 in the NSC grows to Rs 1,389.49 over 5 years.

Kisan Vikas Patra Account

The KVP certificates can be bought versus a minimum financial investment of Rs 1,000. Financial investment in this plan doubles within 124 months (ten years and 4 months).

Sukanya Samriddhi Account

A guardian can open this account in favour of woman kids as much as 10 years of age. Financial investment of a minimum Rs 25 0, and an optimum of Rs 1,50,000 per a fiscal year, is allowed.

Interest Rates

Post Office Scheme	Interest Rate
Post Office Savings Deposit	4.00%
One-Year Time Deposit *	5.5%
Two-Year Time Deposit *	5.5%
Three-Year Time Deposit *	5.5%
Five-Year Time Deposit *	6.7%
Five-Year Recurring Deposit	5.8%
Five-Year Senior Citizen Savings Scheme	7.4%
Five-Year Monthly Income Scheme	6.6%
Five-Year National Savings Certificate	6.8%
Public Provident Fund Scheme	7.1%
Kisan Vikas Patra	6.9%
Sukanya Samriddhi Account Scheme	7.6%
( Source: India Post)

* The time deposit cost savings plan is offered in 4 maturity duration alternatives: one year, 2 years, 3 years and 5 years.

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