INSUBCONTINENT EXCLUSIVE:
Post office scheme: India Post provides nine savings schemes, including the FD, RD and PPF accountsOne can access a range of banking
services at a post office: from a savings bank account (Post Office Savings Account) to a fixed deposit (under the Post Office Time Deposit
Under Government of India's small savings schemes portfolio, the post office offers nine types of investment/deposit options
operates a network of more than 1.5 lakh post offices across the country
investment options at the post office)Post office savings account interest ratesDeposit in a post office savings account fetches interest at
Office Savings Account can be opened against a minimum deposit of Rs 20
the post office offer interest rates in the range of 7 per cent to 8.7 per cent.Savings schemeInterest ratePost Office Savings
Account4%National Savings Recurring Deposit Account7.30%National Savings Time Deposit Account7-7.8%National Savings Monthly Income
Account7.30%Senior Citizens Savings Scheme8.70%Public Provident Fund8%National Savings Certificates8%Kisan Vikas Patra7.70%Sukanya
Samriddhi8.50%(Source: indiapost.gov.in)( SBI, India Post fixed deposit maturity options compared)A comparison of lock-in periods and
Savings Account-Minimum Rs 20 for opening accountNational Savings Recurring Deposit Account5 yearsMinimum Rs 10 per month, no maximum
limitNational Savings Time Deposit Account1/2/3/5 yearsMinimum Rs 200, no maximum limitNational Savings Monthly Income Account5 yearsRs
1,500 - Rs 4.5 lakh in single account/Rs 9 lakh in joint accountSenior Citizens Savings Scheme5 yearsRs 1,000 - Rs 15 lakhPublic Provident
Fund15 yearsRs 500 - Rs 1.5 lakh per financial yearNational Savings Certificates5 yearsMinimum Rs 100, no maximum limitKisan Vikas Patra2.5
yearsMinimum Rs 1,000, no maximum limitSukanya Samriddhi-Rs 1,000 - Rs 1.5 lakh per financial year(Source: indiapost.gov.in)The savings
schemes of Time Deposit, Recurring Deposit, Monthly Income, Senior Citizens, PPF, NSC and Kisan Vikas Patra come with a lock-in period -
also known as maturity period - of one year to 15 years, according to the India Post website.( Five types of savings, current accounts one
can operate in a post office)Post office certificate-based investment schemesOne can set up a variety of bank accounts at the post office
How post office National Pension System (NPS) account works)Post office savings schemes income tax benefitsInvestment in three of these
small savings schemes offered by the post office is eligible for a deduction in taxable individual income up to Rs
1.5 lakh in a financial year under Section 80C of the Income Tax Act
These post office schemes are: National Savings Time Deposit (five years), Public Provident Fund (15-year) and Senior Citizen Savings
Investment choices available under NPS explained)Investment in NPS (all citizen model) is eligible for an additional tax benefit up to
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