Postal Savings Scheme at a glance - after Gazette notification dtd 12.12.2019

1. Minimum Rs.500 and deposits in multiple of Rs.10

2. Withdrawal not less than Rs.50/- by presenting pass book.

3. Minimum balance Rs.500

4. Existing depositor should make good the difference amount (if balance is less than Rs.500) within 1 year from this order.

5. If depositor fails, account maintenance fee of Rs.100 shall be deducted on last working day of financial year and account automatically closed if balance becomes NIL.

6. Rate of interest 4%

7. Cheque book with 10 leaves will be issued free if charge in a year. Subsequent cheque book - Rs.2/- per cheque.

8. No transactions for 3 complete years will be treated as Silent. Can be revived.

Sukanya Samriddhi Account (SSA)

1. Can open in the name of girl child who has not attained the age of 10 years. 

2. Initial deposit Rs.250/- and deposit in multiple of Rs.50/-

3. In a financial year minimum deposit Rs.250/- maximum deposit Rs.1,50,000

4. Deposit for 15 years

5. Interest 8.4 % per annum

6. Premature Closure - on death of account holder, death of guardian, extreme compassionate grounds, undue hardship in continuing the account.

7. Premature Closure after 5 years (except death of account holder)

8. Withdrawal - max 50% of the amount in deposit for education after passing 10th std  or 18 years of age whichever is earlier. One WDL per year for a maximum of 5 years.

9. Closure - 21 years from the date opening or at the time of marriage.

Public Provident Fund Account (PPF)

1. Initial deposit Rs.500/- and deposits in multiples of Rs.50 

2. In a financial year minimum deposit Rs.500 and maximum Rs.1,50,000

3. If minimum deposit is not made in a year, shall be treated as discontinued. 

4. Revival fee Rs.50/- along with arrears of minimum deposit of Rs.500 for each year of default

5. Interest 7.9% per annum

6. Loans - On expiry of 1 year from the end of year of account opening but before expiry of 5 years. Not exceeding 25% of amount at credit.

7. Loan with interest to be repaid before expiry of 36 months plus 2 months. Interest rate 1%. If not repaid within 36 months then 6% interest. 

8. Withdrawal - after expiry of 5 years from the end of year it was opened.  50% of balance. 

9. Closure - after 15 years from the end of year of opening. 

10. Can retain account after maturity without making further deposit for any period with same rate of interest.

11. Can extend account with further deposits for 5 years.

12. Premature Closure - for treatment of life threatening disease, higher education and change of residency status. After expiry of 5 years. Interest will be 1% less than the applicable interest.

13. On death of depositor, account to be closed and nominee cannot continue.

14. Shall not be liable to attachment under any order or decree of any court.
Senior Citizen Scheme (SCSS)

1. Opening - 60 years of age or 55 years who retired on superannuation (within one month of retirement) or 50 years for Defence Personnel.

2. Any number of accounts and shall not exceed the maximum limit.

3. Minimum deposit Rs.1000 and in multiples of Rs.1000 not exceeding 15 lakhs rupees.

4. Interest 8.6% per annum.

5. Interest payable on first working day of April/July/October/January.

6. Premature Closure - if closed before 1 year, interest paid shall be recovered. If closed after 1 year & before expiry of 2 years, 1.5 % of deposit deducted. If closed after 2 years, 1% will be deducted.

7. Closure - After expiry of 5 years and 8 years if the account is extended.

8. On death, spouse can continue the account, if eligible conditions of the scheme met.

Monthly Income Scheme (MIS)

1. Initial deposit Rs.1000 and in multiples of Rs.1000. Maximum Rs. 4.5 lakhs for single account and 9 lakhs for joint account.

2. Interest 7.6 per annum.

3. Premature Closure- after expiry of 1 year and before 3 years, 2% of deposit will be deducted. After expiry of 3 years 1% will be deducted. 

4. Closure - after 5 years

Recurring Deposit (RD)

1. Minimum deposit Rs.100. Multiples of Rs.10

2. Subsequent deposit to be paid upto 15th of every month if account is opened before 16th. Upto last working day, if account is opened after 15th.

3. If there are not more than 4 defaults in monthly deposits, can extend the maturity period by as many months as number of defaults and deposit the defaulted instalments during the extended period.

4. If more than 4 defaults, then account shall be treated as discontinued. Revival within a period of 2 months from the 4th month of default.

5. Revival fee Re.1 for every Rs.100 for each month.

6. Advance deposits- 6 or more deposits Rs.10 for Rs.100 denomination.  12 or more deposits, 40 rupees for every 12 deposits and 10 rupees for the balance, if any, not less than 6 deposits.

7. Premature Closure after 3 years with SB rate of interest

8. Maturity- after 60 monthly deposit. Rs. 7231.38 for Rs.100 denomination.

9. Can extend for further 5 years with further deposits or without deposit with same rate of interest.

10. Loan - 50% of balance after one year. Interest 2% above RD interest.

1. Minimum Rs.1000/- and multiples of Rs.100. 

2. Maturity 5 years. For Rs.1000 maturity value will be Rs. 1462.54.

3. Can be pledged.

4. No premature closure except on death of depositor, forfeiture, order by court.

5. Account may be transferred from one person to another.

Time Deposit (TD)

1. One, Two, Three and Five years accounts

2. Minimum deposit Rs.1000 and in multiples of Rs.100.

3. Can be extended with same rate of interest 

5. Rate of interest 

One year 6.9%
Two year 6.9 %
Three year 6.9%
Five year 7.7%

6. Premature Closure after 6 months with SB rate of interest 

7. Can be pledged.

Kisan Vikas Patra (KVP)

1. Minimum Rs.1000/- and multiples of Rs.100. 

2. Maturity 9 years 5 months. Deposit made will be doubled.

3. Can be pledged.

4. No premature closure except on death of depositor, forfeiture, order by court.

5. Account may be transferred from one person to another.

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