Small Savings Schemes

Kisan Vikas Patra

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
Kisan Vikas Patra Money doubles in 8 years & 7 months.
Facility for premature encashment as per the table given below:-
Rs. 1,000/- denomination certificate.
No limit on investment.
Available in denominations of Rs. 100/-, Rs. 500/-, Rs. 1000/-, Rs. 5000/-, Rs. 10,000/-, in all Post Offices and Rs. 50,000/- in all Head Post Offices.
A single holder type certificate may be issued to :
  1. An adult for himself or on behalf of a minor or to a minor; can also be purchased jointly by two adults
  2. a trust
Period Amount payable Inclusive of interest
2 years 6 months or more but less than 3 years 1170.51
3 years or more but less than 3 years 6 months 1207.95
3 years 6 months or more but less than 4 years 1267.19
4 years or more but less than 4 years 6 months 1310.80
4 years 6 months or more but less than 5 years 1355.90
5 years or more but less than 5 years 6 months 1435.63
5 years 6 months or more but less than 6 years 1488.49
6 years or more but less than 6 years 6 months 1543.30
6 years 6 months or more but less than 7 years 1649.13
7 years or more but less than7 years 6 months 1713.82
7 years 6 months or more but less than 8 years 1781.06
8 years or more but less than 8 years 7 months 1850.93

Post Office Monthly Income Account

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
Post Office Monthly Income Account
8% per annum payable i.e. Rs. 80/- will be paid every month on a deposit of Rs 12000/-. In addition 10% bonus is also payable on maturity i.e. Rs. 1200/- will be paid as bonus after 6 years for deposit of Rs. 12000/-.
In multiple Rs. 1000/- Maximum Rs. 3 lakhs in Single account and Rs. 6 lakhs in joint account.
Maturity period is 6 years. Can be prematurely encashed after one year at 3.5% discount. However, no such deduction shall be made if the account is closed after three years from the date of opening of such account. Interest & bonus deductible under Sec. 80-L of I.T. Act.

15 Years Public Provident Fund Account

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
15 YEARS PUBLIC PROVIDENT FUND ACCOUNT
8% per annum from 1.3.2003 compounded yearly.
Minimum Rs. 500/-. Maximum Rs. 70,000/- in a financial year. Deposits can be made in lumpsum or in 12 instalments.
Deposits quality for Income Tax Rebate under Sec. 88-of I.T. Act. Interest is completely tax free. Withdrawal is permissible every year from 7th financial year. Loan facility available from 3rd financial year. No attachment under court decree order.

Post Office Time Depost Account

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
Post Office Time Depost Account Interest payable annually but calculated quarterly.
Period Rate
1-Year 6.25%
2-Year 6.50%
3-Year 7.25%
4-Year 7.50%
Minimum Rs. 200/-, and in multiple thereof. No maximum limit.
Account may be opened by individual, trust, regimental fund & welfare fund. 2,3 & 5 years account can be closed after 1 year at discount. Account can also be closed after six months but before one year without interest. Interest is deductible under Section 80-L of I.T. Act.

5-Years Post OfficE RecurrinG Deposit Account

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
5-Years Post Office Recurring Deposit Account
On maturity Rs. 10/- account fetches Rs. 728.90. Can be continued for another five years on year to year basis.
Minimum Rs. 10/- per month or any amount in multiples of Rs. 5/-. No maximum limit.
One withdrawal upto 50% of the balance allowed after one year. Full maturity value allowed on R.D. Accounts restricted to that of Rs. 50/- denomination in case of death of depositor subject to fulfillment of certain conditions. 6 & 12 months advance deposits earn rebates. Interest earned is deductible under section 80-L of I.T. Act.

Post Office Savings Account

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
POST OFFICE SAVINGS ACCOUNT
3.5 % per annum on individual /Joint and group accounts. 3% per annum on public accounts.
Minimum Rs. 50/- Maximum Rs. 1,00,000/-for an individual account. Rs. 2,00,000/- for joint account. No limit on group, Institutional or official capacity accounts.
Cheque facility available. Interest is completely tax free.

National Savings Certificate(VIII Issue)

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
National Savings Certificate(VIII Issue) Interest compounded six monthly but payable at maturity. Rs. 100/-grows to Rs. 160.10 Annual accrual of interest on investment of Rs. 100/- is as under and in proportion for other denominations.
1st year Rs. 8.16
2nd year 8.83
3rd year Rs. 9.55
4th year Rs. 10.33
5th year Rs. 11.17
6th year Rs. 12.08

can be encashed after 6 years only

Minimum Rs. 100/- No maximum limit Available in denominations of Rs. 100/-, 500/-, 1000/-, 5000 & Rs. 10,000/-.
A single-holder type certificate can be purchased by
  1. an adult for himself or on behalf of a minor or to a minor
  2. A Trust Deposit qualify for tax rebate under Sec. 88 of I.T. Act. The Interest accruing annually but deemed to be reinvested will also qualify for tax rebate under Sec-88 of I.T. Act. Such interest is deductible under Sec. 80-L of I.T. Act.

Deposit Scheme For Retiring Govt. Employees-1989

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
Deposit SchemE For Retiring Govt. Employees-1989
7% per annum payable half yearly on 30th june and 31st December
Minimum Rs. 1000/- and in multiple thereof. Maximum not exceeding the total retirement benefits.
Interest earned is completely tax free. Only one account can be opened by Retired Central/State Govt. employee in own name or jointly with the spouse. The account can be opened within three months from the date of receiving the retirements benefits. The scheme will be operated through branches of SBI and its subsidiaries and selected branches of Nationalized Banks of Distt. Hqrs. Entire balance or part thereof can be withdrawn after the expiry of 3 years from the date of deposit. Only one withdrawal in multiples of Rs. 1000/- can be made in a calendar year. Premature encashment can be made after one year from the date of deposit but before the expiry of 3 years in which case the interest on the amount so withdrawn will be payable at 4% from the date of deposit upto the date of withdrawal. The excess interest paid will be adjusted at the time of such withdrawal.

Deposit Scheme For Retiring Employees of Public Sector Companies 1991

Scheme Interest Payable, Rates , Periodicity etc. Denominations & Investment limits Salient Features Including Tax Rebate
Deposit Scheme For Retiring Employees of Public Sector Companies 1991
7% per annum payable half yearly on 30th June and 31st December.
Minimum Rs. 1000/- each in multiples thereof. Maximum not exceeding the total retirement benefits.
Interest earned is completely tax free. Only one account can be opened by Retired Public Sector Company employee in own name or jointly with the spouse. Account can be opened with in 3 months from the date of receiving the retirements benefits. The scheme will be operated through branches of SBI and its subsidiaries and selected branches of Nationalized banks at Distt. Hqrs. Entire balance or part thereof can be withdrawn after the expiry of 3 years from the date of deposit. Only one withdrawal in multiples of Rs. 1000/- can be made in respect of deposit in a calendar year. Premature encashment can be made after one year from the date of deposit but before the expiry of 3 years in which case interest on the amount so withdrawn will be payable at 4%from the date of deposit upto the date of withdrawal. The excess interest paid will be adjusted at the time of such withdrawal.