Very Informative. The Postal Service’s Five-Year Strategic Plan, covering the iscal years (FYs) 2017 to 2021, is intended to provide our stakeholders, including Congress, our employees, our business partners, our customers and the American people, with: A comprehensive mission statement covering the major functions and operations of the Postal Service. What are the norms for issuing a Cheque Books? NSC is popular government-backed saving option that provides guaranteed returns with tax savings. Pls share such posts on your FB which might be useful to your friends too. Job card issued by MNREGA signed by the State Government officer 5. Claim in case of without nomination (up to 5 lakh) can be settled after 6 month of death of the depositor.​. Public Provident Fund (PPF) 6. The interest of many post office rates increased from 2011 December onwards. POST OFFICE RD calculator online - Calculate POST OFFICE RD Interest rate using POST OFFICE Recurring Deposit calculator 2020. Cheque books are issued in respect of Post Office Savings Account. Luckily GOI has retained the interest rates from Jul-20 onwards. While investing your money in mutual funds and stocks can as well double your money, and probably in less time, but the risks associated with these schemes keep the vulnerable and small investors away. – Senior Citizen Savings Scheme (SCSS): An individual of the age of 55 years or more but less … A legal Guardian/Natural Guardian can open account in the name of Girl Child. 4. After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. Minimum balance to be maintained in respective Post Office Savings Account should be Rs. 80C of IT Act. The application may be given in either of the offices. 10/- denomination, 0.020 rs for each month of default) maximum 4 defaults are allowed. Suresh KP i.e. After 5 years only in case of Severe Illness, Higher Education and NRI status. 15 lakh in Post Office Term Deposit Scheme for five years, you would earn interest at 6.7% per year for 5 years. 50. *In case of NSC VIII , transfer of certificates from one person to another can be done only once from date of issue to date of maturity, At the time of transfer of Certificates from one person to another, old certificates will not be discharged. (Discontinued account cannot be extended). Senior Citizen Savings Scheme. Joint account can be opened with spouse only and first depositor in Joint account is the investor. On the occasion of marriage of girl child after age 18. Post office fixed deposit account can be invested into across four tenures - one year, two years, three years and five years. Respective HO will revive the accounts.​. 1. One account can be opened in one post office. Account can be closed after completion of 21 years. INR 1000/- grows to INR 1389.49 ​after 5 years. 1000 Dn. 1,50,000/- in a financial year. Company/Local Authority. (c) Can extend his/her account for further block of 5 years and so on (within one years of maturity) by submitting prescribed extension form at concerned Post Office. Application in the prescribed form or manuscript application may be given by affixing prescribed fee in the form of postage stamp. If you have Post office Fixed deposits and you have moved to a new location, you can submit SB 10(b) form at post office so that they can shift your account too. Post office saving schemes are safe to invest as these small saving schemes are offered and backed up by Govt of India. Post Office Fixed Deposit Interest Rates in 2020. INR. For Joint Account, KYC documents for all joint holders to be submitted. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. -> The deposit shall mature on the maturity period prescribed by the Ministry of Finance from time to time as applicable on the date of deposit. A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children. The increase in the interest of bank deposit is visible in theinterest of post office deposit also. After 5 years only in case of Severe Illness, Higher Education and NRI status. These interest rates are applicable now in 2020. Are there any charges for the use of ATM Card ? The committee had suggested that the interest rates of these schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity. 2. If the investment is sold within 1 year of purchase, tax is 15%. ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​, If you have registered under any of the following category, you need to sign-in as registered user, National Savings Recurring Deposit Account, National Savings Certificate (VIIIth Issue). If the monthly installment is not credited for any particular month, then it becomes a default. 3) Post office 5 years Tax Saving FD is generally invested for tax saving purpose. Individual growth stocks like Apple and Microsoft are good candidates. Post office Fixed deposits are considered as one of the safest investment options as they are backed up by the Govt of India. Content owned and updated by Department of Posts, Ministry of Communications, Government of India. Fund transfer between Post Office Savings Accounts. For revival, one application from  the customer with KYC documents is required. 2 per cheque leaf. Post office offers premature withdrawal of your fixed deposits. T​ax as applicable on the above service charges shall also be payable​. If you can earn 14.4% per year on your investments for 5 years, you will double your money. -> Only one account can be opened in India either in Post Office or in any bank in the name of a girl child. Charges in respect of different types of ATM transactions are given below. me, have written 1800+ articles on this Blog. 2) Interest rates on these Post Office FDs would vary based on the tenure. 8) You can open any number of post office FDs. Withdrawal can be taken after the expiry of five years from the end of the year in which the account was opened. Content owned and updated by Department of Posts, Ministry of Communications, Government of India. 10000 deposit), 6.6(Monthly int. An advantage of NSCs is that you can claim tax exemptions under section 80C of the Income Tax Act. Interest rates on this FDs as of now is 6.7% per annum. 10 per registration, Issue of cheque book in Savings Bank Account – No fee for upto10 leafs in a calendar year and thereafter at Rs. PPF. In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. He has been analyzing financial markets in the last 20 years.He can be reached at [email protected] Basic Saving Account – In this plan, the subscriber gets 4% interest on their savings. View/Print of transaction details of all Small Savings Schemes linked account of the customer. 10 for 6 month and Rs. This will be applicable for both CBS and non CBS, *There is rebate on advance deposit of at least 6 installments, Rs. 4) You can open Post Office FD for as low as Rs 100. Minimum INR 100/- per month or any amount in multiples of INR 10/-. 8) How would post office FD calculator work? The rate of interest is decided by the government every financial year and the latest rate of interest for Jan 2019 is 8%. There is a default fee of Rs 0.05 for every Rs 5 of deposit. Premature closure permissible after 3 years - only SB rate is permissible, Premature closure permissible after 6 months, Premature closure permissible after 1 year, Free (Both Financial & Non Financial) with a limit of 5 Financial transactions per day, Financial & Non Financial Transactions - Rs 20 + Applicable GST, Only one account can be opened by an individual as a single account, Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind, In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed, Conversion of single to joint account or vice versa is not allowed, Nomination is mandatory at the time of opening of account, Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name, To avail below facilities on your PO Savings Account, kindly download and submit respective form at concerned Post Office. 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