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Sunday, 20 September 2020

Post Office Saving Scheme 2020: Application Form (PPF, NSC, FD Interest Rate)

  Propertrick       Sunday, 20 September 2020

Short Brief : डाकघर बचत योजना (पोस्ट ऑफिस सेविंग स्कीम) आवेदन फॉर्म – [Apply Online] Post Office Saving Scheme 2020 – Dakghar Bachat Yojana Online (PPF, NSC, FD Interest Rate) Registration, Application Form, Eligibility, Features, Benefits and Check Online Application Status at Official Website https://ift.tt/2mswD9i.

Short Scheme Details
Name of Scheme: Post Office Saving Scheme

Application Status: Active

Scheme Benefit: PPF, NSC, FD Interest Rate

Table of Content
Published on: 07/03/2020
Updated on: 09/20/2020

पोस्ट ऑफिस सेविंग स्कीम 2020: Post Office Saving Scheme, PPF, NSC,FD Interest Rate, News Updates

Post Office Small Saving Schemes Latest Updates 07/03/2020: निश्चित आय के लिए निवेश करने वालों के लिए एक अच्छी खबर है. केंद्र सरकार ने एक ताजा फैसले में पोस्ट ऑफिस यानी छोटी बचत योजनाओं पर ब्याज की दर में कोई कटौती नहीं की है. ताजा फैसले में वित्त वर्ष 2020-2021 के जुलाई-सितंबर तिमाही के लिए ब्याज दर में कोई बदलाव नहीं किया गया है|

पोस्ट ऑफिस की विभिन्न योजनाओं (Post Office Small Saving Yojana) पर मिलने वाला ब्याज

बचत खाता- 4 फीसदी
एक वर्ष के लिए जमा- 5.5 फीसदी
दो वर्ष के लिए जमा- 5.5 फीसदी
तीन साल के लिए जमा- 5.5 फीसदी
पांच साल के जमा- 6.7 फीसदी
5 साल के लिए रेकरिंग डिपॉजिट– 5.8 फीसदी
5 साल के सीनियर सिटिजन सेविंग स्कीम- 7.4 फीसदी
5 साल के लिए मासिक आय योजना- 6.6 फीसदी
5 साल के राष्ट्रीय बचत सर्टिफिकेट (NSC)- 6.8 फीसदी
पब्लिक प्रोविडेंट फंड (PPF)- 7.1 फीसदी
किसान विकास पत्र (KVP)- 6.9 फीसदी
सुकन्या समृद्धि योजना (Sukanya Samriddhi Yojana)- 7.6 फीसदी

Post Office Saving Scheme 2020 Apply Online

Summary: The Post-office savings schemes are offered by the Department of Post under the Ministry of Communication of the Government of India. As a government-backed savings schemes, these are very easy to enroll and require limited documentation. Moreover, these schemes carry minimum risk as compared to the other investment options.

Indian post saving scheme options are spread across different types of savings and investment products to cater to various investors. The financial products are – savings deposit, recurring deposit, fixed deposit, monthly scheme, saving certificates, etc. Investors can choose from these options as per their financial goals.

All Candidates who are willing to apply online application then download official notification and read all eligibility criteria and application process carefully. We will provide short information about “Post Office Saving Scheme 2020” like Scheme Benefit, Eligibility Criteria, Key Features of Scheme, Application Status, Application process and more.

Post Office Saving Scheme 2020 – Overview
Name of Scheme Post Office Saving Scheme
in Language डाकघर बचत योजना
Name of Ministry Ministry of Communication of the Government of India
Launched by Post Office Department
Beneficiaries People of India
Major Benefit PPF, NSC, FD Interest Rate
Scheme Objective Provide Interest Rate on Saving Account
Scheme under State Government
Name of State All India
Post Category Scheme/ Yojana
Official Website https://ift.tt/2mswD9i
Important Links
Event Links
 KYC Norms Click Here
Post Office Saving Scheme 2020 Official Website

Post Office Savings Schemes Latest Announcement

  • The government has decided to keep the interest rates on small savings schemes or post office schemes unchanged for the July-September quarter of FY 2020-21.
  • This was announced via a Department of Posts circular dated July 1, 2020.
  • According to the circular, for the second quarter of FY 2020-21, the Public Provident Fund (PPF) will continue to earn 7.10 per cent.
  • The Senior Citizens Savings Scheme (SCSS) will continue to earn 7.40 per cent, and post office time deposits will fetch 5.5-6.7 per cent.
  • The interest rates will be applicable for the period July 1, 2020 to September 30, 2020.

Types of Post-Office Savings Scheme

  • Post-office savings account
  • National Savings Recurring Deposit Account
  • National Savings Monthly Income Account
  • National Savings Time Deposit Account
  • National Savings Certificates (VIII Issue) Account
  • Public Provident Fund Account
  • Sukanya Samriddhi Account
  • Kisan Vikas Patra Account

Post Office Savings Account

Account can be opened by cash only and Cheque facility/ATM facility are available. Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13. Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another. One account can be opened in one post office.

4.0% per annum on individual / joint accounts.

Minimum INR 500/- for opening

5-Year Post Office Recurring Deposit Account (RD)

Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque. Nomination facility is available at the time of opening and also after opening of account. Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of account. Account can be transferred from one post office to another. Any number of accounts can be opened in any post office

From 01.04.2020, interest rates are as follows:-

  • 5.8​ % per annum (quarterly compounded)

Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.

Post Office Time Deposit Account (TD)

Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account. Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another. Any number of accounts can be opened in any post office. Single account can be converted into Joint and Vice Versa. Minor after attaining majority has to apply for conversion of the account in his name.

Interest payable annually but calculated quarterly.

Minimum INR 1000/- and in multiple of 100. No maximum limit.

Post Office Monthly Income Scheme Account (MIS)

Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account. Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh). Single account can be converted into Joint and Vice Versa. Minor after attaining majority has to apply for conversion of the account in his name.

From 01.04​.2020, interest rates are as follows:-
  • 6​.6​ % per annum payable monthly.
  • In multiples of INR 1000/-
  • Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
  • An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
  • For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.

Senior Citizen Savings Scheme (SCSS)

  • From 01.04.2020 , interest rates are as follows:- 7.4 ​% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.
  • There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.

An individual of the Age of 60 years or more may open the account. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits

15 year Public Provident Fund Account (PPF )

An individual can open account with INR 500/- and a deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/- (including amount deposited in minor account opened on behalf of guardian).

  • From 01.04.2020, interest rates are as follows:- 7.1 % per annum (compounded yearly).
  • Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year. Deposits can be made in lump-sum or in ​installments.

National Savings Certificates (NSC)

The maturity period has been fixed for 5 years to invest in the scheme. And 6.8 percent interest rate has been fixed for the investors in this scheme. The minimum amount to invest in this scheme has been fixed at ₹ 100 and no maximum amount has been fixed.

Kisan Vikas Patra (KVP )

This scheme is for the farmers of the country. An interest rate of 6.9 percent has been fixed under this scheme. The tenure of this scheme is 9 years 4 months. The minimum amount to invest in this scheme is ₹ 1000 and no maximum amount has been fixed.

Sukanya Samriddhi Accounts

Rate of interest 7.6​​% Per Annum(with effect from 01-04-2020 ),calculated on yearly basis ,Yearly compounded. Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year.

A legal Guardian/Natural Guardian can open account in the name of Girl Child. 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. Account can be opened up to age of 10 years only from the date of birth.

Open Account : Post Office Saving Scheme

How to open an account in post office and its requirements?

To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS)submit Account Opening Form (AOF) duly filled in with KYC documents and deposit slip(SB 103) in desired Post Office.

Step to Apply Post Office Saving Scheme 2020 : Complete Application Process

Step 1- Visit the Nearest Post Office.

Step 2- Collect the any scheme Form through Office Counter you want to apply.

Step 3- Read Application Form Carefully and Fill now.

Step 4- Now fill the required details (Mention all the details such as name, father/ husband name, date of birth, gender and other information) and upload documents.

Step 5- Now you have to submit this form back to the post office.

Step 6- Then, you can apply in the post office saving scheme.

Step 7- To get more information about post office savings schemes, visit the official website

Eligibility Criteria & Important Document

Beneficiary Guidelines & Required Document to Apply Online

  • Applicant must be a permanent resident of India.
  • Aadhaar Card
  • Pan Card
  • Passport size photograph
  • mobile number
  • Proof of Residence

Major Benefits

Beneficiary Benefits

  • Regardless of any related parameters, all post office savings schemes are government-backed.
  • The Ministry of Finance updates the interest rates of the post office saving scheme in every 3 months.
  • Post office saving schemes have interest rates ranging from 4% to 9%.
  • Minimal documentation and simple application procedures offered by the post office provide you with easy enrolment to any of the saving schemes.
  • Tax efficiency is another highly acknowledged feature of post office saving scheme.
  • Provision for tax exemption has been made to the investor under Section 80C of the Income Tax Act by investing in the post office saving scheme.
  • Most of the post office saving schemes are long term investments which can run up to 15 years.
  • Postal investments are designed to cover investors from every corner of the country and across different economic strata.

Salient Features of Post Office Saving Schemes

Salient features including Tax Rebate

PPF, NSC, FD interest rate (1 July 2020 to 30 September 2020)

Here is a look at the interest rates on various small savings schemes for the second quarter of FY 2020-21:

Interest rates of various post office deposit schemes

Post Office Savings Scheme Name Interest Rate for 1 July to 30 September 2020 Compounding Frequency Description about Post Office Scheme
Savings Deposit Scheme Account 4% Annually Post Office Savings Bank Account (PO-SB) Scheme Details
1 Year Time Deposit 5.5% Quarterly PO Fixed / Time Deposit (TD) Scheme Account Details
2 Year Time Deposit 5.5% Quarterly
3 Year Time Deposit 5.5% Quarterly
5 Year Time Deposit 6.7% Quarterly
Recurring Deposit (5 years) 5.8% Quarterly PO Recurring Deposit Account (RD) Details
Senior Citizen Savings Scheme (5 years) 7.4% Quarterly and Paid Senior Citizens Savings Scheme Account Details
Monthly Income Scheme Account (5 years) 6.6% Monthly and Paid Monthly Income Scheme (MIS) Account Details
National Savings Certificate (5 years) 6.8% Annually National Savings Certificate Scheme Details
Public Provident Fund Scheme 7.1% Annually PPF Post Office Account Details
Kisan Vikas Patra 6.9% (maturity in 10 years 4 months) Annually KVP Scheme Account Details
Sukanya Samriddhi Account Scheme 7.6% Annually SSA Account Details

Source: Department of Posts circular

Schedule of Fee

  • Issue of duplicate pass book – Rs. 50.
  • Issue of statement of account or deposit receipt-Rs. 20 in each case.
  • ​Issue of pass book in lieu of lost or mutilated certificate –Rs. 10 per registration.
  • Cancellation or change of nomination –Rs. 50
  • Transfer of account – Rs. 100
  • Pledging of account – Rs. 100
  • Issue of cheque book in Savings Bank Account – No fee for upto10 leafs in a calendar year and thereafter at Rs. 2 per cheque leaf.
  • Charges on dishonour of cheque-Rs. 100

T​ax as applicable on the above service charges shall also be payable​

Source : https://ift.tt/2gkx8oB, https://www.india.com/, https://ift.tt/1PKwoAf

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