Senior Citizen Savings Scheme

Senior Citizen Savings Scheme:

• 9% interest per annum payable quarterly.
• Minimum Deposit: Rs 1000 and multiples thereof.
• Maximum Limit : 15 Lakhs.
• The scheme is for 5 years and can be extended for a further period of 3 years.
• Premature closure facility is available after 1 year with nominal penelaty.
• Risk free investment.
• Individual aged of 60 years and above can invest.
• Retiring employees aged 55 years and above can invest under scheme.
• No TDS.
• Joint account can be opened with spouse.

To Read FAQ’s on Senior Citizen Saving Scheme Click here.

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Post Office Time Deposits

Post Office Time Deposits:

Interest payable Annually but calculated quaterely at following rates:

        Duration            Interest Rates

• 1 Year                      6.25%
• 2 Years                   6.50%
• 3 Years                   7.25%
• 5 years                    7.50%

1. Minimum amount of deposit is Rs.200/-.
2. No maximum limit.
3. Account can be closed after 6 months but before one year without any interest.
4. Facility of redeposit on maturity of an account.
5. No interest is payable on undrawn interest amount.
6. Account can be opened by an individual, two adults jointly and minor through guardian.
7. A Minor who has attained the age of 10 years can open the account in his/her own name to be operated directly.
8. Non Resident Indian / HUF can not open the account.
9. Any number of accounts can be opened.
10. Two, three and Five years accounts can be closed after one year at a discounted rate of interest.
11. Deposits not drawn on maturity are eligible to saving account interest rate for a maximum period of two years.
12. Account can be pledged as security against a loan to banks/ Government institutions.
13. Accounts are transferable from one Post office to any Post office in India.
14. Rebate under section 80-C is not admissible.
15. Pledged as security against a loan to banks/ Government institutions
16. Interest income is taxable.
17. Deposits are exempt from wealth tax
18. No T.D.S.

FAQ’s On Time Deposit Small Savings Click here

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Kisan Vikas Patra

Kisan Vikas Patra

• Minimum Investment Rs. 500/- No maximum limit.
• Rate of interest 8.40% compounded annually.
• Money doubles in 8 years and 7 months.
• Two adults, Individuals and minor through guardian can purchase.
• Companies, Trusts, Societies and any other Institution not eligible to purchase.
• Non-Resident Indian/HUF are not eligible to purchase.
• Facility of encashment from 2 ½ years.
• Maturity proceeds not drawn are eligible to Post office Savings account interest for a maximum period of two years.
• Facility of reinvestment on maturity.
• Patras can be pledged as security against a loan to Banks/Govt. Institutions.
• Patras are encashable at any Post office before maturity by way of transfer to desired Post office.
• Patras are transferable to any Post office in India.
• Patras are transferable from one person to another person before maturity.
• Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced patras.
• Nomination facility available.
• Facility of purchase/payment of Kisan vikas Patras to the holder of Power of attorney.
• Rebate under section 80 C not admissible.
• Interest income taxable but no TDS.
• Deposits are exempt from Wealth tax.

Faq’s on KVP here.

For Buy Prchase Renew Online Kisan Viksa Patra here. Ask for New Latest Interest Rates and Returns on KVP.