INSUBCONTINENT EXCLUSIVE:
India Post or Department of Posts, which runs the postal network of the country, has a network of more than 1.55 lakh post offices
It offers a number of saving schemes ranging from Post Office savings account to Sukanya Samriddhi accounts, as mentioned on its official
website- indiapost.gov.in
Interest rates on post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised
The lowest interest rate in Indian post office saving schemes is offered on post office saving accounts.Post office savings accountPost
office savings account interest rate is 4 per cent per annum, as mentioned on India Post's official website- indiapost.gov.in
The annual returns on post office savings account are the lowest of all the savings accounts offered by India Post
The minimum amount for opening of a savings account is Rs
For a non-cheque facility account, the minimum balance to be maintained is Rs
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
Interest earned is tax free up to Rs
10,000 per year from financial year 2012-13, according to the India Post website.Post office monthly income scheme or MIS accountThe post
office MIS account offers an annual return of 7.3 per cent
The interest on post office MIS account is payable monthly
The minimum amount required to set up a monthly income account is Rs 1,500
Maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account, said India Post.National savings certificates
(NSCs)National savings certificates (NSCs) offer an interest rate of 8 per cent per annum
NSCs have a lock-in period of five years
This interest is payable annually but compounded quarterly
146.93 on maturity after five years, said India Post
NSC deposits qualify for tax rebate under Section 80C of I-T Act
The minimum amount required for opening NSC account is Rs 100 in multiples of Rs 100.Kisan Vikas Patra (KVP)Kisan Vikas Patra certificates
offer an interest rate of 7.7 per cent per annum
The interest is compounded annually
The amount invested in a KVP doubles in 112 months (9 years and 4 months)
The minimum amount required for opening of Kisan Vikas Patra (KVP) account is Rs 1,000 in multiples of Rs
It is calculated and compounded on a yearly basis
A legal guardian/natural Guardian can open this account in the name of girl child
A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different girl children,
A maximum of 1,50,000 can be deposited in this account in a financial year
There is no limit, however, on the number of deposits
