Apart from delivering letters, Indian Post, under the Department of Posts (DoP), hosts a number of services, to help Indian citizens with money savings. The India Post offers nine types of government-run small savings schemes, which starts at the minimum investment of Rs 20.
In addition to the services, India Post also provides interest at the rates varying from 4 to 8.6 per cent per annum on different investments in these post office schemes. The interest earned per account is credited to the respective account in the quarter ending September 30.
According to the official website of indiapost.gov.in, you can either start a post office account under these schemes against a minimum investment of Rs. 20-Rs. 1,000, or open a Monthly Income Scheme account with a minimum investment of Rs. 10 per month.
1. Post Office Savings Account: A Post Office Savings Account can be opened with a minimum investment of Rs 50 and can fetch an interest at the rate of 4.0 percent per annum on individual / joint accounts.
2. National Savings Recurring Deposit Account: To open a National Savings Recurring Deposit Account with India Post, an account holder can make an investment of minimum Rs 10 per month or any amount in multiples of Rs 5. The 5-Year Post Office Recurring Deposit Account (RD) can earn an interest at a rate of 7.2 percent per annum (quarterly compounded).
3. National Savings Time Deposit Account: For Post Office Time Deposit Account (TD), one has to make a minimum investment of Rs 200 and the interest rate for 1-year, 2-year and 3-year account is 6.9 percent, while for a 5-year account, it is 7.7percent.
4. National Savings Monthly Income Account: To open a Post Office Monthly Income Scheme Account (MIS), one can invest in multiples of Rs 1500. While the maximum investment limit for an individual account is Rs 4.5 lakh, for a joint account it is Rs 9 lakh. The interest is earned at 7.6 percent per annum and is payable monthly.
5. Senior Citizens Savings Scheme Account: With a minimum one-time investment of Rs 1000 and maximum not exceeding Rs 15 lakh, Senior Citizens Savings Scheme Account pays an interest of 8.6 percent per annum.
6. Public Provident Fund Account: An account holder can open a PPF Account with India Post with just Rs 100, with minimum deposit of Rs 500 in a financial year and maximum deposit of Rs 1, 50,000, and earns an interest of 7.9 percent per annum.
7. National Savings Certificates (VIII Issue) Account: The Savings Certificate Account can be opened with a minimum deposit of Rs 100, and can fetch an interest of 7.9 percent per annum, which grows to Rs 146.9, 3 after 5 years.
8. Kisan Vikas Patra Account: This account can be opened with a minimum investment of Rs 1000, at an interest rate of 7.6 percent compounded annually. The investment amount doubles in 112 months (9 years & 4 months).
9. Sukanya Samriddhi Account: The Sukanya Samriddhi Account can be opened with a minimum balance of Rs 1000, with rate of interest 8.4 percent per annum.
For more information on these accounts, visit
https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
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