Post Office Savings Scheme 2024: The post office saving schemes includes several level products and offer risk free investment returns. Around 1.54 lakh post offices spread all over the country operate these schemes. The maximum deposit for the senior citizen saving scheme has been enhanced from rupees 15 to 30 lakhs. the maximum deposit limit for the monthly saving scheme is enhance from 4.5 lakh to 900000 for a single account and from 9 lacs to 15 lakhs for a joint account.
For example the government operates the PPF scheme we are 8200 public sector banks and post offices in each city this investments are government bank and those provide guaranteed returns.
Investment in post offices schemes looks forward to create a copper for emergency purposes and achieve goals. They also tax benefits up to 1.5 lakh under 80c of the income tax act. The various schemes offered by the post offices are discussed below.
| Scheme | Interest Rate (Applicable from 01/04/2023) | Minimum Investment | Maximum Investment | Eligibility | Tax Implications |
| Post Office Savings Account | 4% per annum (p.a.) | Rs. 500 | No limit | Resident Indian, minor and major | Tax-free interest up to Rs 50,000 |
| Post Office Time Deposit Account (TD) | One-year – 6.9% p.a. Two-year – 7.0% p.a. Three-year – 7.0% p.a. Five-year – 7.5% p.a. (Compounded Quarterly) |
Rs 1,000 | No limit | Resident Indian, minor and major | -Tax benefits up to 5 years under Section 80C on deposits -TDS to be deducted on interest earned for more than Rs 40,000 p.a.(Rs 50,000 in case of senior citizens) |
| Post Office Monthly Income Scheme Account (MIS) | 7.4% per annum payable monthly | Rs 1,000 | For single account- Rs 9 lakh Joint account accounts- Rs 15 lakh |
Resident Indian, minor and major | -Interest earned is taxable, and no deduction under Sec 80C for deposits made. -TDS to be deducted on interest earned for more than Rs 40,000 p.a.(Rs 50,000 in case of senior citizens) |
| Senior Citizen Savings Scheme (SCSS) | 8.2% p.a. (Compounded Quarterly) | Rs 1,000 | Maximum deposit over the lifetime allowed at Rs 30 lakh | Individuals of age> 60 years or age between 55 and 60 for retired civilian or defense employees | – Tax benefit under Section 80C for deposits – TDS to be deducted on interest earned for more than Rs 50,000 p.a. |
| 15-year Public Provident Fund Account (PPF) | 7.1% p.a. (Compounded annually) | Rs 500 per financial year | Rs 1.5 lakh per financial year | Resident Indian, minor and major | Tax rebate under Section 80C for deposits (maximum Rs 1.5 lakh p.a.) interest is tax-free. |
| National Savings Certificates (NSC) | 7.7% p.a. (Compounded annually) | Rs 1,000 | No limit | Resident Indian, minor and major | Tax rebate under section 80C for deposits (maximum Rs 1.5 lakh p.a.) |
| Kisan Vikas Patra (KVP) | 7.5% p.a. (Compounded annually) | Rs 1,000 | No limit | Resident Indian, minor and major | Interest is taxable, but no tax on the amount received on maturity |
| Sukanya Samriddhi Accounts | 8% p.a. (Compounded annually) | Rs 250 per financial year | Rs 1.5 lakh per financial year | Girl Child – up to 10 years from birth | Investment (up to Rs 1.5 lakh exempt under Section 80C), interest and amount received on maturity is tax-free |
Post Office Savings Scheme 2024 |
Post Office Savings Scheme 2024: Saving Schemes under Post Office are as follows:
- The minimum deposit to open a post office savings account is rupees 500.
- The domestic customer can open the account in single joint ownership.
- An interest rate of 4% will be given to the customers on deposits in the post office account.
- You can available cheque book ATM card E-Banking and mobile banking services and other services with the account on request interest is credited at the end of each financial year.
- Individuals individuals can avail after rupees 10000 deductions from the total income under section 80TTA of the income tax act.
Post Office Savings Scheme 2024, 5 Years Recurring Account 2024 |
Post Office Savings Scheme 2024: Post office 5 years recurring account deposit 2024 are as follows:
- The tenure of recurring deposit account is fixed for 5 years in post offices.
- You can start a fixed monthly deposit payment from rupees 100 and 6.5% per annum.
- The interest is compounded quarterly.
- You can get a loan of up to 50% against deposit available in the account after completing 12 installments without defaulting.
Post Office Savings Scheme 2024, Time Deposit Account of Post Office |
Post Office Savings Scheme 2024: Time Deposit Account of Post Office are as follows-
There are 410 news for post office time deposit accounts you can choose from one year 2 years 3 years and 5 years down the time.
The minimum deposit for time deposit account is rupees 1000.
The interest rate is calculated every 3 months but is given yearly i.e, from 1st July 2023 to 30th September
For period of 1 year 6.9% of interest rate is calculated. For the period of 1 year 7% of rate of interest is calculated. 7% rate of interest for 3 year account to be given to customers who are account holders.
7.5% rate of interest to be given to account holders in 5 years.
The investment in the 5 year maturity will qualify for section 80C deduction.
The post office TD account can also be pledge as a security to scheduled or cooperative banks.
Money deposited cannot be withdrawn before the expiry of 6 months from the date of deposit.
Post Office Savings Scheme 2024 Monthly Income Scheme |
Post Office Savings Scheme 2024: Details of Monthly Income Scheme are as follows:
You can deposit a sum of rupees 1000 up to 9 lakh in a single account and after Rs.15 lakh in a join account.
You can earn an interest rate of 7.4% per annum and get monthly monthly fixed income for the scheme.
The maturity period for post office monthly income scheme is 5 years.
You cannot close the account which will be at a prematurity level before completing 1 year premature closer beyond 1 year will attract penalties.
If you invest up to the maximum amount of 9 lakh in post office monthly income scheme account for a term of 5 years you will receive monthly interest of 5325 every month up to the end of tenure you will get deposit amount of 9 lakh at the end of term 5 years.
The interest income in post office term deposit and recurring deposit is received the end of the year but interest for post office monthly income scheme is received on monthly during the tenure of scheme.
Post Office Savings Scheme 2024 Senior Citizen Savings Scheme |
Post Office Savings Scheme 2024: Details of Senior Citizen Savings Scheme are as follows:
- This is a government-backed retirement scheme that allows you to make a lump sum deposit, i.e. one installment.
- The deposit can range from Rs 1,000 up to Rs 30 lakh.
- The account can be opened individually or jointly with spouse only.
- The scheme offers an interest rate of 8.2% p.a. for Q2 FY 2023-24. The interest is payable quarterly.
- Individuals above the age of 60 are eligible to open this account.
- Retired civilian employees aged between 55 years and 60 years and retired defense employees aged between 50 years and 60 years can also open the account subject to investing the retirement benefits within one month from the date of receipt of the benefits.
- The investment under this scheme qualifies for deduction under Section 80C of the Income Tax Act.
Post Office Savings Scheme 2024 15-Year Public Provident Fund Account |
Post Office Savings Scheme 2024: Details of Public Provident Fund Account are as follows:
- Many salaried individuals prefer PPF as an investment and retirement tool as the scheme offers income tax deductions up to Rs 1.5 lakh per financial year under Section 80C.
- The minimum deposit required to open the account is Rs 500, and the upper limit is Rs 1.5 lakh.
- The account tenure is 15 years from the date of opening the account. You only have to pay Rs 500 per financial year to keep the account active.
- The scheme offers an interest rate of 7.1% p.a. compounded annually. Also, the interest earned on this account is tax-free.
- The amount invested in PPF can be claimed as deduction under Section 80C of the Income Tax Act.
- The investor can extend the account for further five years block.
Post Office Savings Scheme 2024 National Saving Certificate |
Post Office Savings Scheme 2024: Details of National Saving Certificate are as follows:
- NSC comes with a tenure of five years, where you need to make a minimum deposit of Rs 1,000.
- There is no maximum deposit defined for this account.
- The interest rate of 7.7% p.a. is compounded annually and paid out only at maturity.
- An individual can open any number of accounts under the scheme.
- The certificate can be pledged or transferred as security to the housing finance company, banks, government companies, and others.
- For example, Rs 1,000 invested will grow to Rs 1,403 after five years.
- The amount deposited in this account qualifies for Section 80C deduction.
- NSC can be pledged as a security with scheduled or co-operative banks.
- Currently National Savings Certificate (VIII Issue) is accessible.
Post Office Savings Scheme 2024 Kisan Vikas Patra |
Post Office Savings Scheme 2024: Details of kisan vikas patra are as follows:
- The attraction of this scheme is that you can double your investment over the tenure of the account.
- The minimum deposit for this account is Rs 1,000. As per the rates applicable to the second quarter of the fiscal year 2023-24, the applicable interest rate is 7.5% p.a.
- The account tenure is 120 months (10 years). The amount invested gets doubled in this tenure. Rs 1 lakh invested in KVP will grow to Rs 2 lakh in 120 months.
- Please note that the tenure of the account varies with the variation in the interest rate.
- KVP can be pledged as a security with scheduled or co-operative banks.
Post Office Savings Scheme 2024 Sukanya Samriddhi Accounts |
Post Office Savings Scheme 2024: Details of Sukanaya Samriddhi Account as follows:
- This is a government scheme dedicated to the financial well-being of the girl child.
- SSA can be opened only for girl children below the age of 10 years.
- The account must be opened and operated by parents or guardians till the girl child attains 18 years of age.
- The minimum deposit required is Rs 250 and a maximum of Rs 1.5 lakh per financial year.
- An interest rate of 8% p.a. is applicable. The interest is calculated every year and compounded annually.
- The interest earned is exempt from tax.
- The guardian can operate the account until the girl child attains 18 years of age.
- You can deposit for a maximum of 15 years from the date of opening the account.
- The deposits made in SSA account will qualify for deduction under Section 80C of the Income Tax Act.
Post Office Savings Scheme 2024 How To Open an account |
Post Office Savings Scheme 2024: To open a post office savings scheme account there are two ways as follows:
Through Internet Banking
- Please Visit the Department of Posts (DOP) Internet Banking Website.
- Click the ‘New User Activation’ button.
- Enter the ‘Customer ID’ and ‘Account ID’ and click the ‘Continue’ button. You can also visit your home post office branch, fill out the application form for activating Internet banking and submit with required documents.
- Once Internet banking is activated, enter your user ID and password to log in to your DOP Internet banking.
- Click on the ‘General Service’ tab on the menu and click on the ‘Service Request’ tab.
- Under the ‘Service Request’ section, click the ‘New Requests’ tab.
- Select the type of account you want to open from the multiple options.
- Enter the details on the application form and click the ‘Submit’ button.
Through Mobile App
- Download and log into the ‘India Post Mobile Banking’ app on your mobile from Google Play Store.
- Upon successful login, select the ‘Requests’ tab on the home screen to open a post office saving account.
- Enter the details, such as the deposit amount, tenure, the account from which you want to deposit the money, nominee, and others and submit.
By downloading the application form
- Download and print the relevant application form from the post office official website.
- Attach all the necessary documents.
- Visit your home branch of the post office and submit the documentation to the relevant personnel.
- Pay the minimum amount required to open the account/scheme.
- The post office officials will verify your application, open your account and also give the passbook for the account.
Post Office Savings Scheme 2024 Documents Required |
Post Office Savings Scheme 2024: Post Office Savings Scheme 2024 required documents are as follows:
- Account Opening Form
- KYC Form (For new customer/modification in KYC details))
- PAN Card
- Aadhaar card, if Aadhaar is not made available, the following document may be submitted. Passport, Driving license, Voter’s ID card, Job card issued by MNREGA signed by the state government officer, Letter issued by the National Population Register containing details of name and address.
- Proof of date of birth/birth certificate in case of a minor account.