INSUBCONTINENT EXCLUSIVE:
Post office public provident fund account can be opened by an individual with Rs 100.India Post, the postal system of the country offers
nine saving schemes with different rates of interest
These savings schemes includes- savings account, recurring deposit account, time deposit account, monthly income scheme account, senior
citizen savings scheme, public provident fund account, national savings certificates, Kisan Vikas Patra and Sukanya Samriddhi accounts, as
mentioned on the official website of India Post
An individual of the age of 60 years or more can open senior citizen savings account
Sukanya Samriddhi account can be opened by a legal guardian in the name of a girl child
office senior citizen savings account (SCSS) can be opened by an individual of 60 years or above
An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS (Voluntary Retirement
Scheme) can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and
amount should not exceed the amount of retirement benefits
The post office pays an interest rate of 8.3 per cent on deposits on the senior citizen savings account
There can be only one deposit in the account in multiple of Rs 1,000 where the maximum amount must not exceed Rs 15 lakh, according to India
Post's official website- indiapost.gov.in.Post office public provident fund accountPost office public provident fund account can be opened
by an individual with Rs 100 but he/she must deposit a minimum of Rs 500 in a financial year and maximum of Rs 1,50,000
Deposits can be made in lump-sum or in 12 installments
The PPF account fetches an interest rate of 7.6 per cent
Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.Post office national
savings certificates accountThe national savings certificates account fetches an interest rate of 7.6 per cent
The interest is compounded annually and payable at maturity
The minimum amount required for opening of account is Rs 100
Deposits must be made in the multiples of Rs 100 only
There is no maximum limit mentioned here, said India Post
Deposits qualify for tax rebate under Sec
80C of IT Act.Post office Sukanya Samriddhi accountSukanya Samriddhi account can be opened by a legal guardian in the name of a girl child
A Sukanya Samriddhi scheme account fetches an interest rate of 8.1 per cent
Interest rates are compounded yearly
For a financial year, the minimum amount that can be deposited in this account is Rs 1,000
The maximum amount that can be deposited is Rs 1,50,000
Deposits can be made in lump-sum
