Post Office Savings Scheme 2021:Post Office Savings Scheme Application | Post Office Saving Scheme Application Form | Post Office Savings Scheme (PPF, NSC, FD interest rate) | Post Office Saving Scheme.
As you all know, like the bank, the post office in our country also runs many saving schemes. These saving schemes make it easy for people to save money. Today we are going to provide you all the important information related to the Post Office Saving Scheme 2020 through this article . Such as the process of applying for post office saving scheme, purpose, type of post office saving scheme, eligibility, benefits etc. If you want to know all the important information related to the Post Office Saving Scheme 2020 , then you are requested to read this article till the end.
Table of Contents
- What is the Post Office Savings Scheme?
- Purpose of post office saving scheme
- Key Highlights of Post Office Saving Scheme
- Post Office Saving Scheme 2020
- Post Office Saving Schemes Taxability
- Post office saving scheme fees
- Post Office Saving Scheme Minimum and Maximum Limit
- Benefits and features of post office saving scheme
- Types of post office saving scheme
- Post Office Saving Account :
- Post Office Time Deposit Scheme:
- Sukanya Samriddhi Scheme:
- National Saving Certificate:
- Public Provident Fund:
- Senior Citizen Saving Scheme:
- Kisan Vikas Patra:
- Post Office Recurring Deposit:
- Post Office Monthly Income Scheme:
- Post Office Savings Scheme Eligibility
- Procedure for applying for post office saving scheme
- PPF, NSC, FD interest rate (1 July 2020 to 30 September 2020)
What is the Post Office Savings Scheme ?
You must have heard the name of India Post. India Post controls the country’s postal chain. But apart from controlling the postal chain, India Post also runs a lot of deposit saving schemes for investors. Which we know as Post Office Saving Scheme or Post Office Savings Scheme . Investors in Post Office Savings Scheme provide investors with high interest rate plus tax benefits. Tax exemption is given under section 80C of the Income Tax Act. The post office runs a number of savings schemes. Such as Public Provident Fund, Sukanya Samriddhi Yojana, National Saving Certificate etc. We will tell you about all these schemes in this article.
Purpose of post office saving scheme
The main objective of the post office saving scheme is to promote a sense of saving among the people. For this, the government has made provision for high interest rate as well as tax exemption for the investors investing in the Post Office Saving Scheme 2020 . Investors will become financially stronger through this scheme. Not only one, many schemes have been started in the Post Office Savings Scheme which has been started keeping in mind the people of all categories. An attempt has been made to have some scheme for all classes of people. So that more and more people invest in post office saving scheme.
Key Highlights of Post Office Saving Scheme
|What is the article about||Post office saving scheme|
|Kiss launch scheme||Indian government|
|Beneficiary||Citizens of India|
|an objective||Promote the habit of saving within the people by providing high interest rate and tax exemption.|
|Official website||click here|
|Whether the scheme is available||available|
Post Office Saving Scheme 2020
The central government has revised the interest rates of post office savings schemes for the quarter of 1 July 2020 to 30 September 2020. The new interest rates on post office plans have remained unchanged for this quarter. Checking of new interest rates for Time Deposit (TD), Public Provident Fund (PPF), Sukanya Samriddhi Account, Senior Citizen Savings Scheme (SCSS), Recurring Deposit (RD), National Savings Certificate (NSC, Kisan Vikas Patra (KVP) Do), Monthly Income Scheme (MIS), PO Savings Account Schemes. People of the country can check the table 2020 of the new interest rates of the post office savings schemes applicable to the various post offices applicable for the period from 1 July 2020 to 30 September 2020. Refers to the current rate of the schemes.
Post Office Saving Schemes Taxability
|Types of schemes||Taxability|
|Kisan Vikas Patra||Investment up to a maximum of ₹ 150000 is exempted under Section 80C of the Income Tax Act.|
|Post office time deposit||A tax deduction of Rs 1.5 lakh per year will be provided under Section 80C of the Income Tax Act.|
|Post Office Recurring Deposit Account 5 years||The interest paid under this scheme is fully taxable.|
|Post Office Savings Account||Interest and maturity amount earned under Section 80C of the Income Tax Act is tax free. And there is also a tax deduction of Rs 1.5 lakh.|
|Senior Citizen Saving Scheme||Tax exemption up to ₹ 150000 under section 80A and TDS rebate up to ₹ 50000 on interest.|
|Sukanya Samriddhi Account||Tax rebate up to ₹ 50000 on interest.|
|Post office monthly income scheme||There is no exemption under this scheme and the interest is also fully taxable.|
|National saving certificate||Tax exemption of Rs 1.5 lakh under Section 80C.|
|Public provident fund||TDS earned on interest but maturity amount tax free.|
Post office saving scheme fees
|Issue of duplicate passbook||₹50|
|Taking account statement or deposit receipt||₹20|
|Issuance of passbook in lieu of lost or mutilated certificate||₹10|
|Cancellation of nomination||₹50|
|Issue of check book in savings bank account||No fees up to 10 checks then ₹ 2 per check.|
|Fee for check dis-owner||₹100|
Post Office Saving Scheme Minimum and Maximum Limit
|Scheme names||Minimum limit||Maximum limit|
|Post office saving account||₹500||No maximum limit|
|National Saving Recurring Deposit Account||₹100||No maximum limit|
|National Savings Time Deposit Account||₹1000||No maximum limit|
|National Saving Monthly Income Account||₹1000||₹ 450000 in single account and ₹ 900000 in joint account|
|Senior Citizen Saving Scheme Account||₹1000||₹ 1500000|
|Public provident fund account||₹500||₹ 150000 in 1 year|
|National Saving Certificate Account||₹1000||No maximum limit|
|Kisan Vikas Patra Account||₹1000||No maximum limit|
|Sukanya Samriddhi Account||₹ 250||₹ 150000 in 1 year|
Benefits and features of post office saving scheme
- Investing in the Post Office Savings Scheme will motivate people to save money.
- The economic situation of directors will improve by saving money.
- It is very easy to apply in the post office saving scheme.
- Very few documents are required to apply in the Post Office Savings Scheme .
- The post office saving scheme is a long term investment scheme.
- Post office saving schemes have interest rates ranging from 4% to 9%.
- The Post Office Savings Scheme is a government scheme which is completely risk free.
- Provision for tax exemption has been made to the investor under Section 80C of the Income Tax Act by investing in the post office saving scheme.
- Different schemes have been introduced for people of all classes.
Types of post office saving scheme
Post Office Saving Account :
The Post Office Saving Account is just like a bank account. The post office saving account has an interest rate of 4%. Which is fully taxable. It is mandatory to keep a minimum amount of ₹ 50 in a post office saving account.
Post Office Time Deposit Scheme:
There are different tenure options for investing in post office time deposit scheme. The minimum amount to invest in the scheme has been fixed at ₹ 200. Accounts opened in this scheme can be transferred to another. This account is divided into four work periods. If you make a 1-year deposit, an interest rate of 5.5% has been kept, for 2 years a rate of 5.5 percent has been kept and for 3 years also an interest rate of 5.5 percent has been kept. But if you deposit for 5 years, then the interest rate of 6.7% is kept.
Sukanya Samriddhi Scheme :
This scheme has been put to benefit girls. An interest rate of 7.6 percent has been fixed under this scheme. And the minimum amount to invest in this scheme is ₹ 1000 and the maximum amount is ₹ 1,50,000. Which is for a circular year. Under this scheme, it is mandatory to invest minimum amount of 15 years from account opening.
National Saving Certificate:
The maturity period has been fixed for 5 years to invest in the scheme. And 6.8 percent interest rate has been fixed for the investors in this scheme. The minimum amount to invest in this scheme has been fixed at ₹ 100 and no maximum amount has been fixed.
Public Provident Fund:
Public Provident Fund is a long term investment scheme. The duration of which is 15 years. An interest rate of 7.1 percent has been fixed under this scheme. The minimum amount to invest in this scheme is ₹ 500 and the maximum amount is ₹ 1,50,000.
Senior Citizen Saving Scheme :
This scheme is for investors above 60 years of age. An interest rate of 7.4 percent has been fixed under this scheme. The maximum amount of investment in this scheme has been fixed at Rs 15,00,000.
Kisan Vikas Patra :
This scheme is for the farmers of the country. An interest rate of 6.9 percent has been fixed under this scheme. The tenure of this scheme is 9 years 4 months. The minimum amount to invest in this scheme is ₹ 1000 and no maximum amount has been fixed.
Post Office Recurring Deposit:
It is a monthly investment plan for a period of 5 years. Investors will have to invest in this scheme every month. The rate of interest under this scheme has been kept at 5.8 percent. The minimum amount to invest in this scheme is ₹ 10 and no maximum amount has been fixed.
Post Office Monthly Income Scheme:
Under this scheme, the investor is provided a fixed income every month on his investment. The minimum amount to invest in this scheme has been fixed at Rs 1500. And a maximum amount of Rs 4.5 lakh has been fixed for single holding account and ₹ 9,00,000 joint account. A 6.6 percent interest rate has been fixed under this scheme. The maturity period of this scheme has been kept for 5 years.
Post Office Savings Scheme of eligibility
- To apply for the Post Office Savings Scheme , you must be a permanent resident of India.
- Aadhar Card
- Pan Card
- Passport size photograph
- mobile number
- Proof of residence
Post Office Savings Scheme in application to the process
If you want to apply in the Post Office Saving Scheme 2020 , follow the procedure given below.
- First you have to go to the nearest post office.
- Now the form for any scheme you want to apply will have to be taken from the post office.
- Now you have to fill all the information asked in the form like name, address etc. carefully.
- All required documents have to be attached.
- Now you have to submit this form back to the post office.
- Thus you can apply in the post office saving scheme.
- To get more information about post office savings schemes, visit the official website
PPF, NSC, FD interest rate (1 July 2020 to 30 September 2020)
|Post Office Savings Scheme Name||Interest Rate for 1 July to 30 September 2020||Compounding Frequency||Description about Post Office Scheme|
|Savings Deposit Scheme Account||4%||Annually||Post Office Savings Bank Account (PO-SB) Scheme Details|
|1 Year Time Deposit||5.5%||Quarterly||PO Fixed / Time Deposit (TD) Scheme Account Details|
|2 Year Time Deposit||5.5%||Quarterly|
|3 Year Time Deposit||5.5%||Quarterly|
|5 Year Time Deposit||6.7%||Quarterly|
|Recurring Deposit (5 years)||5.8%||Quarterly||PO Recurring Deposit Account (RD) Details|
|Senior Citizen Savings Scheme (5 years)||7.4%||Quarterly & Paid||Senior Citizens Savings Scheme Account Details|
|Monthly Income Scheme Account (5 years)||6.6%||Monthly & Paid||Monthly Income Scheme (MIS) Account Details|
|National Savings Certificate (5 years)||6.8%||Yearly||National Savings Certificate Scheme Details|
|Public Provident Fund Scheme||7.1%||Yearly||PPF Post Office Account Details|
|Kisan Vikas Patra||6.9% (maturity in 10 years 4 months)||Yearly||KVP Scheme Account Details|
|Sukanya Samriddhi Account Scheme||7.6%||Yearly||SSA Account Details|
- First of all, you have to go to the official website. After visiting the official website, the home page will open in front of you. On this home page, you will see the contact us option below .
- You have to click on this option. After clicking on the option, the next page will open in front of you. On this page you will find all contact numbers.
Toll-Free Enquiry Helpline:- 18002666868