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From Passport Services To Small Saving Schemes –List Of Financial, Other Services Offered By Post Offices To Customers | Personal Finance News

November 29, 2024

From Passport Services To Small Saving Schemes –List Of Financial, Other Services Offered By Post Offices To Customers | Personal Finance News

Post Office Savings

Account (POSA)

For regular savings, withdrawals etc.

Min. balance – Rs 500/- and Rs zero in case of Basic Savings Account

ATM / Internet & Mobile Banking Facility / NEFT & RTGS

Post office Savings Accounts with India Post Payment Bank account linkage for UPI, IMPS etc.

Recurring Deposit (RD)

Min. instalment (per month): Rs 100/- and thereafter any amount in the multiple of Rs 10/-

Max. instalment: No limit

Term: 5 Years and extendable for another 5 years

Time Deposit (TD)

1/2/3/5 Year(s)

Min. Deposit (Single): Rs 1000 /- or in the multiple of Rs 100/-

Max. Deposit: No limit

Income Tax exemption for investment in 5 Year TD

Extension – Twice after completion of term

Monthly

Income Scheme (MIS)

For source of monthly income

Min. Deposit: Rs 1,000/- or in its multiple

Max. Deposit: Rs 9.0 lakh /- (individual); Rs 15 lakh (in Joint)

Term – 5 Years

Senior Citizens Savings Schemes (SCSS)

Special scheme for Senior Citizens

For source of quarterly income

Min. Single Deposit: Rs. 1,000/- or in its multiple

Max. Deposit: Rs. 30,00,000/-

Term – 5 Year and extendable after the expiry of each block period of three years

Public Provident Fund (PPF)

Min. Initial Deposit: Rs 500/-

Max. Deposit: Rs 1,50,000/- in a Financial Year

Min. Subsequent deposit in the multiple of Rs 50/-

Income Tax exemption for investment

Tax free Interest

Term – 15 Years and extendable further

Sukanya Samriddhi Yojana Account (SSA)

Special Scheme for girl children

Min. Initial Deposit: Rs 250/-

Max. Deposit: Rs 1,50,000/- in a Financial Year

Min. Subsequent deposit in the multiple of Rs 50/-

Income Tax exemption for investment

Tax free Interest

Term – 21 Years

National

Savings Certificate – VIII Issue (NSC)

Minimum investment – Rs 1,000/-

Maximum investment: No limit – In multiples of Rs 100/-

Income Tax exemption for investment

Term – 5 years

Kisan Vikas Patra (KVP)

Minimum investment – Rs 1,000/-

Maximum investment: No limit – In multiples of Rs 100/-

Maturity – Double the amount of investment

Mahila Samman Savings Certificate (MSSC)

Special Scheme for Women and girl children

Investment is allowed from 01.04.2023 to 31.03.2025

Minimum investment – Rs 1,000/-

Maximum investment: Rs 2 Lakh per individual – In multiples of Rs 100/-

3 months-time-gap between the opening of accounts

Term – Two years

Lockup period – 6 months

PM Cares for Children Scheme 2021

Special scheme for the beneficiaries identified by Ministry of Women and Child Development

Initially, 4515 accounts were opened and funded

Investment differs based on the age of child and maturity amount is Rs10 Lakh

MIS Interest is payable on 10 Lakh from the age of 18 to 23

Maturity at the age of 23 of the account holders.

India Post Payment Bank (IPPB)

Savings and current accounts

Virtual Debit Card

Domestic Money Transfer services

Bill and utility payments

Insurance services for IPPB customers

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