INSUBCONTINENT EXCLUSIVE:
The senior citizen savings scheme offers an interest rate of 8.7 per cent per annum, said India Post.Post office, also called as Department
account, recurring deposit account, among others
for the next fiscal.Post office savings accountIndia Post pays interest at the rate of 4 per cent per annum on deposit in its savings
account, according to India Post's website - indiapost.gov.in
The minimum amount required for opening of a savings account with Post office is Rs 20
A post office savings account can be opened by cash only
A cheque facility is available if the account is opened with Rs
500 and for this purpose, maintenance of a Rs
500 as minimum balance is required, according to the India Post website
The minimum balance that is required to be maintained in an account without the cheque facility is Rs
50.Post office recurring deposit (RD) accountPost office Recurring Deposit (RD) account offers an interest rate of 7.3 per cent per annum,
which is compounded quarterly
The minimum amount required for opening a post office recurring deposit account (RD) is Rs 10 per month
While there is no upper limit applicable to the deposit in an RD account, the investor can pick any value in multiples of Rs
725.05 on maturity and can be continued for another five years on a year-to-year basis.Post Office Time Deposit (TD) or Fixed Deposit (FD)
accountPost office time deposit (TD) or Fixed Deposit (FD) account can be opened by cash or cheque
The minimum amount that one requires to open a fixed deposit with the post office is Rs
There is no maximum limit available
Interest is payable annually but is calculated quarterly
Post office fixed deposit for one year, two years, three years, and five years offer 7 per cent, 7 per cent, 7 per cent, and 7.8 per cent
The maximum investment limit is Rs
4.5 lakh in a single account and Rs 9 lakh in a joint account, according to India Post's official website
Nomination facility is available at the time of opening and also after opening of MIS account.Post office senior citizen savings scheme
(SCSS)The senior citizen savings scheme offers an interest rate of 8.7 per cent per annum, which is payable from the date of deposit on
March 31/ September 30/December 31 in the first instance and thereafter, interest shall be payable on March 31, June 30, September 30 and
of Senior Citizen Savings Scheme is five years.Post office public provident fund or PPF accountPPF account offers an interest rate of 8 per
100 but needs to deposit a minimum of Rs
The maximum amount one can deposit in a financial year should not exceed Rs
one year of maturity for further 5 years and so on.Post office National savings certificates (NSCs)National savings certificates (NSCs)
offer an interest rate of 8 per cent per annum
There is no upper limit on NSC investments
146.93 on maturity after five years
National Savings Certificates (NSCs) have a lock-in period of five years, stated India Post.Post office Kisan Vikas Patra (KVP) accountPost
office Kisan Vikas Patra certificates offer an interest rate of 7.7 per cent per annum
A Kisan Vikas Patra account can be opened in a post office against a minimum of Rs 1,000
There is no upper limit on the amount that can be invested in a Kisan Vikas Patra (KVP) account
The interest is compounded annually
The amount invested in a KVP doubles in 112 months (9 years and 4 months).Post office Sukanya Samriddhi AccountThe current interest rate on
It is a government-run account for the girl child and requires a minimum and maximum investment of Rs 1,000 and Rs
1,50,000 in a financial year respectively
stated by India Post on its official website.Find LIVE Budget 2019, updates, latest news, videos, key highlights, reactions, tax and policy
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