Post Office Savings Bank Scheme & its Salient Features.

In this article I will be listing out some of the important post office Savings Scheme and its features.

RD (Recurring Deposit Account)

Deposits can be done by any one of the following mode :

  1. cash
  2. check or demand draft(Account should open after realization of check)
  3. Pay order
  4. By automatic transfer

Accounts may be the following type

  1. Single
  2. Joint A-to be opened by 2 adults and payable to both jointly or to a survivor.
  3. Joint B-to be opened by 2 adults and payable to either of the depositor or survivor.
  4. Guardian in the name of minor or minor who as attained the age of 10.
  5. Guardian of a person of the unsound mind.

TD (Time Deposit Account)

TD account has 4 types.

  1. 1year TD
  2. 2year TD
  3. 3year TD
  4. 5year TD

Accounts may be the following type

  1. Single
  2. Joint A-to be opened by 2 adults and payable to both jointly or to a survivor.
  3. Joint B-to be opened by 2 adults and payable to either of the depositor or survivor.
  4. Guardian in the name of minor or minor who as attained the age of 10.
  5. Guardian of a person of the unsound mind.

Deposits can be done by any one of the following mode :

  1. cash
  2. check or demand draft(Account should open after realization of check)
Time Interest
After 1 year before 2 years1year TD int-1 (7.5%-1)=6.5%
After 2 years before 3 yearsTDint-1 (7.5%-1)=6.5%
After 3 years3 year TDint-1 (8%-1)=7%
After 4 years3 year TDint-1 (8%-1)=7%

Further for completed months in this case, will be SB rate of interest.

Short method to get interest on calculator for only TD accounts.

Interest/400+1*===*Principle amount
Eg.  (7.5/400+1*===*10000) is equals to 10771.35   
Now subtract this amount from the principle amount
10771.35-10000=771.35 this is the interest for 1year TD.

PPF (Public Provident Fund Account)

Deposits can be done by any one of the following mode :

  1. Cash
  2. Check or demand draft (Account should open after realization of check)

MIS (Monthly Income Scheme)

Accounts may be the following type

  1. Single
  2. Joint A - to be opened by 2 or 3 adults and payable to both jointly or to a survivor.
  3. Joint B - to be opened by 2 or 3 adults and payable to either of the depositor or survivor.
  4. Guardian in the name of minor or minor who as attained the age of 10 o a person of unsound mind.

Deposits can be done by any one of the following mode :

  1. Cash
  2. Check or demand draft(Account should open after realization of check)

Senior Citizen Savings Scheme

Saving Bank Account

Accounts may be the following type

  1. Single
  2. Joint A-to be opened by 2 adults and payable to both jointly or to a survivor.
  3. Joint B-to be opened by 2 adults and payable to either of the depositor or survivor.
  4. Guardian in the name of minor or minor who as attained the age of 10.
  5. Guardian of a person of the unsound mind.
  6. Pension Account.

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