by Here throughout this article, describing about main three schemes provide by India post. The key features, eligibility criteria, benefits and more details of schemes such as National Savings Recurring Deposit Account(RD),Sukanya Samriddhi Account and Public Provident Fund Account(PPF) are illustrated through the given below paragraphs.
National Savings Recurring Deposit Account(RD): The National Savings Recurring Deposit Account (RD), also known as the 5-Year Post Office Recurring Deposit Account (RD), offers an interest rate of 6.7% per annum, compounded quarterly, effective from 01.01.2024.
For opening an account and maintaining a balance:
– The minimum amount required to open the account is INR 100 per month, or any amount in multiples of INR 10.
– There is no maximum limit on the balance that can be retained in the account.
This scheme provides flexibility in deposit amounts while ensuring a competitive interest rate, encouraging regular savings over a five-year period.
Sukanya Samriddhi Account (SSA) : Sukanya Samriddhi Account (SSA) offers an interest rate of 8.2% per annum, effective from 01-01-2024, compounded yearly. The account can be opened with a minimum deposit of INR 250 and allows for a maximum balance of INR 1,50,000 in a financial year. Additional deposits can be made in multiples of INR 50, with no limit on the number of deposits in a month or financial year.
Deposits can be made via cash or cheque, with the deposit date considered as the date of clearance for cheque payments. The minimum monthly deposit amount is INR 100, with subsequent deposits required to be in multiples of INR 10.
If the account is opened by the 15th of a calendar month, subsequent deposits should be made by the 15th of each month. For accounts opened between the 16th and the last working day of the month, subsequent deposits are accepted until the last working day of that month.
Provident Fund Account(PPF): The Public Provident Fund Account (PPF) is a 15-year scheme offering an interest rate of 7.1% per annum, compounded yearly, effective from 01.01.2024. The account requires a minimum initial deposit of INR 500 and allows for a maximum balance of INR 1,50,000 in a financial year.
Deposits can be made either as lump-sum payments or in installments. Here are the deposit guidelines:
(i) Minimum deposit of INR 500 per financial year and a maximum deposit of INR 1.50 lakh per financial year.
(ii) The maximum limit of INR 1.50 lakh includes deposits made in the account holder’s own account and in accounts opened on behalf of minors.
(iii) Deposits can be made in any number of installments within a financial year, in multiples of INR 50, up to a maximum of INR 1.50 lakh.
(iv) Accounts can be opened with cash or cheque. For cheque payments, the date of realization of the cheque in the Government account will be considered as the date of opening the account or subsequent deposit.
(v) Deposits qualify for deductions under section 80C of the Income Tax Act.
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