POST OFFICE SAVINGS BANK – SCHEMES AND INTEREST RATES (from 01.04.2013)

POST OFFICE SAVINGS BANK – SCHEMES AND INTEREST RATES  (from 01.04.2013)
Sl. No	SAVINGS SCHEME	DEPOSIT PERIOD	INTEREST RATE	DEPOSIT LIMITS	FEATURES & TAX CONCESSIONS
1	Savings Account (SB)	-	4 % per annum (Interest will be added to the A/c on 1st April of every year)	Minimum Balance: Rs.50-  (for Ordinary A/c) & Rs.500-  (for Cheque A/c)	Savings Account with the facility of making Deposits and withdrawals whenever the depositor wants through cash/cheque. Can be used for crediting the interest of MIS/SCSS/TD Accounts and for debiting the monthly RD deposit amount every month automatically.
2	Recurring Deposit (RD)	5 Years	8.3 % Quarterly Compound Interest (Approximately Equal to 9.48% p.a simple interest) For example: Maturity for denomination of Rs.100-   will be Rs.  7,445- Rs.200-   will be Rs.14,891- Rs.500-   will be Rs.37,227-	Minimum Denomination: Rs.10- per Month Maximum: No limit Deposit can be made in multiple of Rs.5-	Monthly deposit scheme with fixed denomination. Suitable for Salaried people and for Monthly saving investors Penalty fee @Re.1 for Rs.50- denomination will be collected for one default month if the monthly deposit not made within the last date. Account cannot be continued if it has six default months. Rebate amount will be given for advance deposit for 6/12 months. A/c Can be closed after 3 years only (with SB rate of Interest) 50% amount in the A/c can be taken as loan after 1 year if eligible. A/c can be extended with or without deposits for further period of 1/2/3/4/5 years.
3	Monthly Income Scheme (MIS)	5 Years	8.4 % per annum (Payable every Month) For Example: Rs.1050- p/m for Deposit Rs.1,50,000- Rs.3150- p/m for Deposit Rs.4,50,000-	Maximum : Rs.4,50,000- (for Single A/c)   & Rs.9,00,000- (for Joint A/c) Deposit can be made in multiple of Rs.1500-	Useful scheme for pensioners and people those who want to get Monthly income on their deposits. No bonus from 01.12.2011 A/c can be closed after 1 year with deductions. For higher interest: If the Monthly Interest is automatically credited into RD account every month, total returns will be around 10.4% p.a
4	Senior Citizen Savings Scheme (SCSS)	5 Years	9.2 % per annum  Payable Quarterly, (4 times in a year) (Quarterly interest shall be payable on the Last working day of March, June, September, December)	Maximum Limit: Rs.15,00,000- Deposit can be made in multiple of Rs.1000- Amount exceeding Rs.99, 000- should be made by Cheque only.	Useful for pensioners/Senior citizens who want to get periodical income from their deposit amount. (Deposit also eligible for Income tax rebate) Minimum Age:  60 Years and For persons who retired on VRS : 55 Yrs Single and Joint A/c (with spouse only) can be opened. A/c can be closed after 1 year with deductions. TDS will be deducted on interest earned if the interest is more than Rs.10, 000/- p.a.  (If form 15-G/H is given every year TDS will not be deducted)
5	Time Deposit (TD)	1 year 2 year 3 year 5 year	Below mentioned interests are Quarterly Compound interests and payable every year. Quarterly              Equivalent Compound            Simple Interest Interest  8.2 % QCI       =  8.46 % p.a  8.2 % QCI       =  8.46 % p.a  8.3 % QCI       =  8.56 % p.a  8.4 % QCI       =  8.67 % p.a	Deposit can be made in multiple of Rs.200- No maximum limit on deposits	Useful scheme for persons who want to deposit their Money for a specific period like 1/2/3/5 years Can be closed after 6 months only with SB rate of Interest. If the A/c (except 1 yr T.D) closed after one year, 1 % interest will be deducted on the interest rate of Completed year TD. 5 year TD amount eligible for income tax benefit under section 80C.
6	Public Provident Fund (PPF)	15 years	8.7 % per annum * (compounded yearly) Note: * Interest rate that changes from time to time will be applicable for the balance in the A/c	Minimum amount: Rs.500- per Financial Year. Maximum deposit: Up to Rs.1, 00,000- in a financial year.	Useful scheme for Income Tax payers as the PPF Deposits qualify for deduction from income under Sec. 80C of IT Act. Interest is completely tax-free. One Withdrawal is permissible every year from 7th financial year. Loan facility available from 3rd financial year. PPF can be opened by any adult in his/her name and in the name of a Minor as a Guardian. Maximum 12 deposits can be made in a year
7	National Savings Certificate (NSC VIII issue)	5 year	8.5 % half-yearly compound interest (payable at the time of maturity) which is equivalent to simple interest rate of 10.32 % p.a	Certificates Available in Rs.100-, Rs 500-, Rs.1000-,Rs. 5000-, Rs.10000- Denominations No maximum limit on investment.	Useful scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec. 80C of IT Act. Can be encashed on maturity only (i.e., after 5 years). Loan can be taken by pledging the NSC bonds at nationalized banks. Maturity amount for Rs.10,000- NSC will be Rs.15,162- after 5 years
8	National Savings Certificate (NSC IX issue)	10 year	8.8 % half-yearly compound interest (payable at the time of maturity) which is equivalent to simple interest rate of 13.65 % p.a	Certificates Available in Rs.100-, Rs.500-, Rs.1000- ,Rs.5000-,Rs.10000- Denominations No maximum limit on investment	Useful scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec. 80C of IT Act. Can be encashed on maturity only (i.e., after 10 years). Loan can be taken by pledging the NSC bonds at Nationalized banks Maturity amount for Rs.10,000- NSC will be Rs.23,660- after 10 years

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Note: SB, RD, TD, MIS, NSC can be opened by Any Single Adult, Joint adults (operated through both / ‘E’ or ‘S’), A minor through Guardian, A minor above 10 years himself

Post office Savings Bank Rules with year

The government savings bank act 1873

The Government Savings certificate Act 1959

The post office Savings Bank General Rules 1981

The post office Savings Account Rules 1981

The Post office Recurring Deposit Rules 1981

The post office Time deposit Rules 1981

National Savings Scheme Rules 1992

Post Office (Monthly Income Scheme)Rules 1987

Indira Vikas Patra Rules 1987

National Savings Certificate (VIII Issue) Rules 1989

Kisan Vikas Patra Rules 1988

National Savings Scheme Rules 1987

The Post office Savings Certificate Rules 1987

The Post office Savings Certificate Rules 1960

Senior Citizens Savings Scheme Rules 2004

Courtesy : http://postalguide100.blogspot.in/

Interest Calculator updated 15/04/2013

Features in this File:

Updated on 15/04/2013:

• In the Link "PPF Interest Calculation", Provision has been added to find out Eligible Loan and Withdrawal amount that can be taken in PPF account.
• In the Link "Print Tables/Forms", Claim Forms for SB/SC and Application for Reinvestment of Maturity value, and Interest Rate Table (in Tamil) and link to access "Indiapost Forms page" are included

Updated on 01/04/2013:

• New Interest rates w.e.f. 01/04/2013 configured for all schemes. 
• Old interest rates can also be calculated by entering the concerned Date of opening 
• RD PMC Calculator can be downloaded from RD "View More" link
• "Print Tables/Forms" link is provided in Main calculator page to Print Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms.
• Updated on 06.11.2012:
• Validation for KVP Date of Purchase (Now Date can be entered only from 01.03.2003 to 30.11.2011)
• Feedback form modified.
• Updated on 31.10.2012
• Option for Entering Date of Opening of Accounts
• Their Respective Maturity/Interest Amounts, A/c periods, Date of maturity,etc.,
• Current status of A/c for Closure/PMC/extn., etc.,
• Reduced Int. for TD, Bonus, Deductions, PMI details,etc.,
• KVP discharge value calc,
• SB,PPF,PMI calc,
• PPF approx maturity value calc,
• Easy Initialisation of Interest rates for schemes, if changed...
• Option to download the latest excel calculator (if any), right from this excel file itself...  

Download

Courtesy : https://sites.google.com/site/posbinterestcalculator/

Senior Citizen's Savings Scheme (SCSS)

Salient Features:

Interest @ 9.3% per annum from the date of deposit on quarterly basis w.e.f. 01.04.2012

Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.

Maturity period is 5 years and can be extended for a further period of 3 years.

Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.

No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.

The account may be opened in individual capacity or jointly with spouse.

TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.

Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.

Interest can be automatically credited to savings account provided both the accounts stand in the same post office.

Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.

No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.

Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

Post Office Time Deposit Scheme

Salient Features:

1 year, 2 year, 3 year and 5 year time deposits can be opened.

Interest payable annually but compounded quarterly:

Period	Rate of Interest
One Year	8.2%
Two Years	8.3%
Three Years	8.4%
Five Years	8.5%

Minimum amount of deposit is Rs 200/- and in multiples of Rs 200/- thereafter. No maximum limit.

Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.

Interest income is taxable.

Facility of redeposit on maturity of an account.

In case of premature closure of 1 year, 2 Year, 3 Year or 5 Year account on or after 01.12.2011 between 6 months to one year from the date of deposit, simple interest at the rate applicable to from time to time to post office savings account shall be payable.

2 year, 3 year or 5 year accounts on or after 01.12.2011 if closed after one year, interest on such deposits shall be calculated at a discount of 1% on the rate specified for respective period as mentioned in the concerned table given under Rule 7 of Post office Time Deposit Rules.

Account can be pledged as security against a loan to banks/ Government institutions.

Any individual (a single adult or two adults jointly) can open an account.

Group Accounts, Institutional Accounts and Misc. account not permissible.

Trust, Regimental Fund or Welfare Fund not permissible to invest.

Public Provident Fund (PPF)

Salient Features:

Interest rate of 8.8% per annum w.e.f. 01.04.2012.

Minimum deposit is 500/- per annum. Maximum deposit is Rs. 1,00,000/- per annum

The scheme is for 15 years.

Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.

Interest is completely tax-free.

Deposits can be made in lumpsum or in 12 installments.

One deposit with a minimum amount of Rs 500/- is mandatory in each financial year.

Withdrawal is permissible from 6th financial year.

Loan facility available from 3rd financial year upto 5th financial year. The rate of interest charged on loan taken by the subscriber of a PPF account on or after 01.12.2011 shall be 2% p.a. However, the rate of interest of 1% p.a. shall continue to be charged on the loans already taken or taken up to 30.11.2011.

Free from court attachment.

Non-Resident Indians (NRIs) not eligible.

An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons.

Ideal investment option for both salaried as well as self employed classes.

National Savings Certificate (NSC)

 Salient Features:

NSC VIII Issue (5 years) – Interest rate of 8.6% per annum w.e.f. 01.04.2012

NSC IX Issue (10 years) - Interest rate of 8.9% per annum w.e.f. 01.04.2012

Minimum investment Rs. 100/-. No maximum limit for investment.

No tax deduction at source.

Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under NSC - section 80C of IT Act.

Certificates can be kept as collateral security to get loan from banks.

Trust and HUF cannot invest.

A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor.

The interest accruing annually but deemed to be reinvested will also qualify for deduction under NSC - section 80C of IT Act.