LorPost Office Savings Account (SB) — Scheme Details
Post Office Savings Account (SB)
Scheme Snapshot
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Post Office Savings Account (SB) |
| 2 | Interest Rate | 4.0% p.a. (credited annually) |
| 3 | Minimum & Maximum Limits | Min to open: ₹500. Min balance: ₹500. No maximum limit. |
| 4 | Who Can Open? | Single adult; Joint (max 2); Guardian for minor/unsound mind; Minor (10+ years) in own name. |
| 5 | Restrictions | Only one single account per individual. One account for each minor/unsound mind person. |
| 6 | Not Allowed | Conversion single ↔ joint not permitted. |
| 7 | Nomination | Compulsory at opening; can nominate up to 4 persons (changeable later). |
| 8 | Deposit & Withdrawal Rules | Min deposit subsequent: ₹10. Min withdrawal: ₹50. Transactions in whole rupees. Balance should not fall below ₹500. |
| 9 | Interest Calculation Rules | Calculated on minimum balance between 10th and last day of month. Credited annually. |
| 10 | Tax Benefit | Interest up to ₹10,000 is exempt under Section 80TTA. |
| 11 | Silent/Dormant Account | No transaction for 3 consecutive financial years → account becomes silent/dormant; requires KYC & application to revive. |
| 12 | Additional Facilities Available | Cheque book, ATM/Debit card, eBanking, Mobile banking, Aadhaar seeding, APY, PMSBY, PMJJBY. |
| 13 | Pledge | Not applicable / Not allowed as pledge. |
Recurring Deposit (RD)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Recurring Deposit (RD) |
| 2 | Interest Rate | 6.7% p.a. (Quarterly compounded) — rate as notified |
| 3 | Minimum & Maximum Limits | Min deposit: ₹100 per month (multiples of ₹10). No maximum limit. |
| 4 | Who Can Open? | Single adult; Joint (up to 3); Guardian for minor/unsound mind; Minor (10+ years). |
| 5 | Restrictions | Multiple RD accounts allowed; default rules apply for non-payment. |
| 6 | Not Allowed | Premature closure before 3 years (except as per rules). |
| 7 | Nomination | Available and advisable. |
| 8 | Deposit & Withdrawal Rules | Monthly deposits; defaults charged ₹1 per ₹100 denomination per month; after 4 continuous defaults account discontinued unless revived. |
| 9 | Interest Calculation Rules | Quarterly compounding; interest as per notified frequency. |
| 10 | Tax Benefit | No specific 80C benefit for standard RD. |
| 11 | Silent/Dormant Account | Account may become discontinued or dormant if not revived after defaults. |
| 12 | Additional Facilities Available | Loan facility after 12 installments; advance deposit allowed (rebates available). |
| 13 | Pledge | Not commonly pledgeable (check local post office rules). |
Time Deposit (TD)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Time Deposit (TD) |
| 2 | Interest Rate | 1 yr — 6.9%; 2 yr — 7.0%; 3 yr — 7.1%; 5 yr — 7.5% p.a. (quarterly comp.) |
| 3 | Minimum & Maximum Limits | Min deposit: ₹1,000 (multiples of ₹100). No maximum. |
| 4 | Who Can Open? | Single, Joint (up to 3), Guardian for minor/unsound mind, minor (10+ years). |
| 5 | Restrictions | Premature closure not allowed within 6 months. |
| 6 | Not Allowed | Frequent part-tenure changes after opening; tenure fixed at opening. |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | Deposits in allowed tenures; interest payable annually or credited as chosen; pre-closure rules apply. |
| 9 | Interest Calculation Rules | Quarterly compounding; payable/credit annually or at maturity as per scheme variant. |
| 10 | Tax Benefit | 5-year TD eligible under Section 80C. |
| 11 | Silent/Dormant Account | NA (TD matures by date). Check post office for inactivity rules. |
| 12 | Additional Facilities Available | Can be pledged as security to specified entities; extension on maturity allowed. |
| 13 | Pledge | Allowed (to specified banks/Govt bodies/housing finance companies etc.) |
Monthly Income Scheme (MIS)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Monthly Income Scheme (MIS) |
| 2 | Interest Rate | 7.4% p.a. (payable monthly) |
| 3 | Minimum & Maximum Limits | Min deposit: ₹1,000; Max single: ₹9,00,000; Joint (up to 3): ₹15,00,000 |
| 4 | Who Can Open? | Single adult; Joint up to 3; Guardian for minor/unsound mind; Minor 10+ (with guardian). |
| 5 | Restrictions | Total individual share across MIS accounts ≤ ₹9 lakh. |
| 6 | Not Allowed | Credit of MIS interest into RD directly (workaround via SB possible). |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | Interest paid monthly by credit to SB/ECS; account matures in 5 years; premature closure rules apply. |
| 9 | Interest Calculation Rules | Simple interest, paid monthly; paid amount does not earn interest. |
| 10 | Tax Benefit | No special tax benefit; interest is taxable. |
| 11 | Silent/Dormant Account | NA (interest paid monthly). Check post office for inactivity rules. |
| 12 | Additional Facilities Available | Auto-credit to SB, ECS credit, transfer between CBS post offices. |
| 13 | Pledge | Allowed (subject to rules) |
Senior Citizen Savings Scheme (SCSS)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Senior Citizen Savings Scheme (SCSS) |
| 2 | Interest Rate | 8.2% p.a. (payable quarterly) |
| 3 | Minimum & Maximum Limits | Min deposit: ₹1,000; Max across accounts: ₹30,00,000 |
| 4 | Who Can Open? | Individuals aged 60+; retirees 55–60 within 1 month of retirement benefits; retired defence 50–60 within 1 month. |
| 5 | Restrictions | Single deposit at opening. Only one primary account per eligible person. |
| 6 | Not Allowed | Multiple deposits beyond limit; ineligible persons cannot open. |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | Single deposit at opening (multiples of ₹1,000). Interest paid quarterly. Premature closure penalties apply. |
| 9 | Interest Calculation Rules | Quarterly payout; interest not compounded if left in account. |
| 10 | Tax Benefit | Principal eligible under Section 80C (subject to overall limit). TDS applies if interest > ₹50,000 unless Form 15G/15H submitted. |
| 11 | Silent/Dormant Account | NA — check home post office for inactivity handling. |
| 12 | Additional Facilities Available | Extension after maturity (3 years); can be auto-credited; nominee/joint operations per rules. |
| 13 | Pledge | Allowed in certain cases (subject to rules) |
Public Provident Fund (PPF)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Public Provident Fund (PPF) |
| 2 | Interest Rate | 7.1% p.a. (compounded annually — rate notified periodically) |
| 3 | Minimum & Maximum Limits | Min deposit per FY: ₹500. Max: ₹1,50,000 per FY (aggregate across accounts). |
| 4 | Who Can Open? | Resident individual; Guardian for minor or person of unsound mind. |
| 5 | Restrictions | Only one PPF account allowed across Post Office and Banks combined. |
| 6 | Not Allowed | Premature closure before 5 years except under specified conditions. |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | Deposits can be lump-sum or in up to 12 installments per FY. Withdrawals permitted after 5 years under rules. |
| 9 | Interest Calculation Rules | Calculated on lowest balance between 5th and last day of month. Credit at FY end. |
| 10 | Tax Benefit | Eligible for deduction under Section 80C. Interest and maturity proceeds are tax-free. |
| 11 | Silent/Dormant Account | If ₹500 not deposited in FY, account becomes discontinued. Revival allowed by paying default years amount + ₹50 per year. |
| 12 | Additional Facilities Available | Loan facility (after 2nd financial year); partial withdrawals rules; transfer between PO and bank. |
| 13 | Pledge | Not allowed (PPF cannot be pledged). |
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Sukanya Samriddhi Account (SSA)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Sukanya Samriddhi Account (SSA) |
| 2 | Interest Rate | 8.2% p.a. (compounded annually — as notified) |
| 3 | Minimum & Maximum Limits | Min deposit: ₹250. Max aggregate deposit per FY: ₹1,50,000. |
| 4 | Who Can Open? | Guardian (parent/legal guardian) for a girl child under 10 years. One account per girl; max two per family (exceptions apply). |
| 5 | Restrictions | Operated by guardian until girl turns 18; deposits allowed for 15 years from opening. |
| 6 | Not Allowed | More than one account per girl child; deposits beyond FY limit. |
| 7 | Nomination | Nomination facility per standard rules (via guardian). |
| 8 | Deposit & Withdrawal Rules | Deposits allowed up to 15 years from opening; withdrawal up to 50% for higher education after girl turns 18 or passes 10th class. |
| 9 | Interest Calculation Rules | Interest calculated on lowest balance between 5th and last day; credited at FY end. |
| 10 | Tax Benefit | Eligible under Section 80C; interest is tax-free. |
| 11 | Silent/Dormant Account | If ₹250 not deposited in FY, account defaults; revival permitted before 15 years with fees. |
| 12 | Additional Facilities Available | Transfer between bank and post office allowed; nominee/joint rules apply. |
| 13 | Pledge | Not allowed. |
Eligibility for Withdrawal
Account holder must have:
Attained 18 years of age, OR
Passed 10th standard, whichever is earlier.
Withdrawal can be up to 50% of the balance at the end of the previous financial year.
Purpose of Withdrawal
Only for educational expenses (tuition fee, admission charges, etc.).
Proof required – admission offer letter or fee slip from the educational institution.
Mode of Withdrawal
Can be made in:
One lump sum, OR
In instalments – but:
Not more than one per year.
Maximum of 5 years allowed.
Restriction on Amount
Withdrawal amount must not exceed the actual requirement for education at the time of admission.
National Savings Certificate (NSC) — VIII Issue
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | National Savings Certificate (NSC) — VIII Issue |
| 2 | Interest Rate | 7.7% p.a. (compounded annually, payable at maturity — rate as notified) |
| 3 | Minimum & Maximum Limits | Min certificate: ₹1,000. No maximum limit. |
| 4 | Who Can Open? | Single adult; Joint (up to 3); Guardian for minor/unsound mind; Minor 10+ years in own name. |
| 5 | Restrictions | Cannot be encashed before maturity except in specified cases (death/forfeiture by pledgee/court order). |
| 6 | Not Allowed | Premature encashment generally not allowed. |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | Single deposit; maturity after 5 years; payable at maturity to holder/nominee. |
| 9 | Interest Calculation Rules | Compounded annually; interest credited at maturity. |
| 10 | Tax Benefit | Eligible for Section 80C deduction. |
| 11 | Silent/Dormant Account | NA — NSC is certificate-based; follow post office rules for lost/uncashed certificates. |
| 12 | Additional Facilities Available | Can be pledged as security; transferable; duplicate certificates process exists. |
| 13 | Pledge | Allowed to specified entities (banks, Govt bodies) with acceptance letter. |
Kisan Vikas Patra (KVP)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Kisan Vikas Patra (KVP) |
| 2 | Interest Rate | 7.5% p.a. (compounded annually) — amount doubles in 115 months (as per notified rate) |
| 3 | Minimum & Maximum Limits | Min investment: ₹1,000; No maximum limit. |
| 4 | Who Can Open? | Single adult; Joint (up to 3); Guardian for minor/unsound mind; Minor 10+ years. |
| 5 | Restrictions | Cannot be encashed before 30 months (2 years 6 months) except in specific cases. |
| 6 | Not Allowed | Premature closure before 2 years 6 months (except death/court/forfeiture by pledgee). |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | Single deposit; maturity as per doubling period (115 months approx.). |
| 9 | Interest Calculation Rules | Compounded annually; maturity amount per notified rate at time of deposit. |
| 10 | Tax Benefit | No Section 80C benefit; interest taxable. |
| 11 | Silent/Dormant Account | NA — certificate-based; follow post office rules. |
| 12 | Additional Facilities Available | Transfer & pledge allowed to specified organizations; duplicate certificate process exists. |
| 13 | Pledge | Allowed (to specified entities with acceptance). |
Mahila Samman Savings Certificate (MSSC)
| S.No | Field | Details |
|---|---|---|
| 1 | Scheme Name | Mahila Samman Savings Certificate (MSSC) |
| 2 | Interest Rate | 7.5% p.a. (quarterly compounded; paid at maturity — as notified) |
| 3 | Minimum & Maximum Limits | Min: ₹1,000. Max: ₹2,00,000 (aggregate per person). |
| 4 | Who Can Open? | A woman in her own name; guardian for minor girl child. |
| 5 | Restrictions | Time-limited scheme; must follow scheme notification; gap of 3 months between opening accounts per rules. |
| 6 | Not Allowed | Deposits above ₹2,00,000 for same person across accounts. |
| 7 | Nomination | Available |
| 8 | Deposit & Withdrawal Rules | 40% of eligible balance can be withdrawn after 1 year; maturity after 2 years; premature closure conditions per scheme. |
| 9 | Interest Calculation Rules | Quarterly compounding; paid at maturity. |
| 10 | Tax Benefit | No 80C benefit (unless specifically notified). |
| 11 | Silent/Dormant Account | NA (check local scheme rules for inactivity) |
| 12 | Additional Facilities Available | Subject to scheme specific provisions; check post office notification. |
| 13 | Pledge | Not allowed (generally) |