Savings Account (SB)
1. Minimum
Rs.500 and deposits in multiple of Rs.10
2.
Withdrawal not less than Rs.50/- by presenting pass book.
3. Minimum
balance Rs.500
4. Existing
depositor should make good the difference amount (if balance is less than Rs.500)
within 1 year from this order.
5. If
depositor fails, account maintenance fee of Rs.100 shall be deducted on last
working day of financial year and account automatically closed if balance
becomes NIL.
6. Rate of
interest 4%
7. Cheque
book with 10 leaves will be issued free if charge in a year. Subsequent
cheque book - Rs.2/- per cheque.
8. No
transactions for 3 complete years will be treated as Silent. Can be revived.
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Sukanya Samriddhi Account
(SSA)
1. Can open in the name of girl child who has not attained the age of
10 years.
2. Initial deposit Rs.250/- and deposit in multiple of Rs.50/-
3. In a financial year minimum deposit Rs.250/- maximum deposit
Rs.1,50,000
4. Deposit for 15 years
5. Interest 8.4 % per annum
6. Premature Closure - on death of account holder, death of guardian,
extreme compassionate grounds, undue hardship in continuing the account.
7. Premature Closure after 5 years (except death of account holder)
8. Withdrawal - max 50% of the amount in deposit for education after
passing 10th std or 18 years of age whichever is earlier. One WDL per
year for a maximum of 5 years.
9. Closure - 21 years from the date opening or at the time of
marriage.
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Public Provident Fund
Account (PPF)
1. Initial deposit Rs.500/- and deposits in multiples of Rs.50
2. In a financial year minimum deposit Rs.500 and maximum Rs.1,50,000
3. If minimum deposit is not made in a year, shall be treated as
discontinued.
4. Revival fee Rs.50/- along with arrears of minimum deposit of
Rs.500 for each year of default
5. Interest 7.9% per annum
6. Loans - On expiry of 1 year from the end of year of account
opening but before expiry of 5 years. Not exceeding 25% of amount at credit.
7. Loan with interest to be repaid before expiry of 36 months plus 2
months. Interest rate 1%. If not repaid within 36 months then 6%
interest.
8. Withdrawal - after expiry of 5 years from the end of year it was
opened. 50% of balance.
9. Closure - after 15 years from the end of year of opening.
10. Can retain account after maturity without making further deposit
for any period with same rate of interest.
11. Can extend account with further deposits for 5 years.
12. Premature Closure - for treatment of life threatening disease,
higher education and change of residency status. After expiry of 5 years.
Interest will be 1% less than the applicable interest.
13. On death of depositor, account to be closed and nominee cannot
continue.
14. Shall not be liable to attachment under any order or decree of
any court.
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Senior Citizen Scheme
(SCSS)
1. Opening - 60 years of age or 55 years who retired on
superannuation (within one month of retirement) or 50 years for Defence
Personnel.
2. Any number of accounts and shall not exceed the maximum limit.
3. Minimum deposit Rs.1000 and in multiples of Rs.1000 not exceeding
15 lakhs rupees.
4. Interest 8.6% per annum.
5. Interest payable on first working day of
April/July/October/January.
6. Premature Closure - if closed before 1 year, interest paid shall
be recovered. If closed after 1 year & before expiry of 2 years, 1.5 % of
deposit deducted. If closed after 2 years, 1% will be deducted.
7. Closure - After expiry of 5 years and 8 years if the account is
extended.
8. On death, spouse can continue the account, if eligible conditions
of the scheme met.
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Monthly Income Scheme
(MIS)
1. Initial deposit Rs.1000 and in multiples of Rs.1000. Maximum Rs.
4.5 lakhs for single account and 9 lakhs for joint account.
2. Interest 7.6 per annum.
3. Premature Closure- after expiry of 1 year and before 3 years, 2%
of deposit will be deducted. After expiry of 3 years 1% will be
deducted.
4. Closure - after 5 years
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Recurring Deposit (RD)
1. Minimum deposit Rs.100. Multiples of Rs.10
2. Subsequent deposit to be paid upto 15th of every month if account
is opened before 16th. Upto last working day, if account is opened after
15th.
3. If there are not more than 4 defaults in monthly deposits, can
extend the maturity period by as many months as number of defaults and
deposit the defaulted instalments during the extended period.
4. If more than 4 defaults, then account shall be treated as
discontinued. Revival within a period of 2 months from the 4th month of
default.
5. Revival fee Re.1 for every Rs.100 for each month.
6. Advance deposits- 6 or more deposits Rs.10 for Rs.100
denomination. 12 or more deposits, 40 rupees for every 12 deposits and
10 rupees for the balance, if any, not less than 6 deposits.
7. Premature Closure after 3 years with SB rate of interest
8. Maturity- after 60 monthly deposit. Rs. 7231.38 for Rs.100
denomination.
9. Can extend for further 5 years with further deposits or without
deposit with same rate of interest.
10. Loan - 50% of balance after one year. Interest 2% above RD
interest.
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NSC VIII Issue
1. Minimum Rs.1000/- and multiples of Rs.100.
2. Maturity 5 years. For Rs.1000 maturity value will be Rs. 1462.54.
3. Can be pledged.
4. No premature closure except on death of depositor, forfeiture,
order by court.
5. Account may be transferred from one person to another.
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Time Deposit (TD)
1. One, Two, Three and Five years accounts
2. Minimum deposit Rs.1000 and in multiples of Rs.100.
3. Can be extended with same rate of interest
5. Rate of interest
One year 6.9%
Two year 6.9 %
Three year 6.9%
Five year 7.7%
6. Premature Closure after 6 months with SB rate of interest
7. Can be pledged.
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Kisan Vikas Patra (KVP)
1. Minimum Rs.1000/- and multiples of Rs.100.
2. Maturity 9 years 5 months. Deposit made will be doubled.
3. Can be pledged.
4. No premature closure except on death of depositor, forfeiture,
order by court.
5. Account may be transferred from one person to another.
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Monday, December 16, 2019
Postal Savings Scheme at a glance - after Gazette notification dtd 12.12.2019
at
7:41 PM