INSUBCONTINENT EXCLUSIVE:
Post office monthly income scheme account can be opened by cash or cheque.India Post offers a number of saving schemes ranging from Post
Office savings account to Kisan Vikas Patra (KVP) account, as mentioned on its official website- indiapost.gov.in
Post office pays an interest rate of up to 8.3 per cent on these saving schemes
India Post has a network of more than 1.55 lakh post offices across the country and offers a variety of banking and remittance services,
other than mailing services
The post office savings scheme includes recurring deposit (RD), fixed deposit (FD), monthly income scheme (MIS), among others.Post Office
Savings accountPost office saving accounts can be opened by cash only
The post office pays an interest rate of 4 per cent per annum on deposits in its savings account
The minimum amount for opening of a savings account is Rs 20
For a non-cheque facility account, the minimum balance to be maintained is Rs 50
Cheque facility is available if an account is opened with Rs 500 and for this purpose minimum balance of Rs 500 in an account is to be
maintained, according to the India Post website
Interest earned is tax free up to Rs 10,000 per year from financial year 2012-13.5-Year Post Office Recurring Deposit account (RD)Post
Office Recurring Deposit account can be opened by cash as well as cheque
In case of cheque, the date of deposit shall be date of presentation of cheque, said India Post
Minimum amount for opening of post office recurring deposit account (RD) is Rs 10 per month or any amount in multiples of Rs 5
The post office pays an interest rate of 6.9 per cent per annum on its recurring deposit account, which is compounded on a quarterly basis
On maturity, a recurring deposit of Rs
10 per month fetches a return of Rs
Fixed Deposit (FD) account can be opened by cash or cheque
In case of cheque, the date of realization of cheque in government account should be date of opening of account, said India Post
Interest is payable annually but is calculated quarterly
The interest rate ranges from 6.6 per cent to 7.4 per cent, according to India Post
The minimum amount that one requires to open a fixed deposit with the post office is Rs
200.Post Office Monthly Income Scheme Account (MIS)Post office monthly income scheme account can be opened by cash or cheque
In case of cheque, the date of realization of cheque in government account should be date of opening of account
The post office offers an interest rate of 7.3 per cent per annum
The interest is payable on a monthly basis, said India Post
The minimum amount required to set up a monthly income account is Rs
Maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account, said India Post.Kisan Vikas Patra accountThe
minimum amount required for opening of Kisan Vikas Patra (KVP) account is Rs 1,000 in multiples of Rs 1,000
There is no maximu limit, said India Post
The post office pays an interest rate of 7.3 per cent on deposits in KVP certificates
The interest is compounded on an annual basis
The amount deposited in the Kisan Vikas Patra doubles in a period of 118 months, according to India Post
KVP can be purchased from any departmental post office.
