The Post Office of India, introduced various Schemes under the Post Office Saving Scheme to assist consumers to save money and take advantage of high-interest rates. Section 80C of the Income Tax Act also relieves you from paying taxes. The post office administers several programmes, including the Samriddhi Yojana and the Sukanya plan. For investing, there are several Post Office savings plans available. This Post Office Savings Scheme will solve many questions regarding how to transfer money from a bank account to a post office account. To facilitate NEFT, RTGS, and online money transfers to any bank account, the Finance Ministry has approved linking PO Savings Accounts with IPPB (full-fledged digital banking). The majority of investors in this Post Office Savings Scheme are senior citizens and women from rural and semi-rural regions because the initial balance requirement for a savings account is only Rs. 500.
Key Highlights of Post Office Saving Scheme
| Conducted By | Government of India |
| Name of Scheme | Post Office Saving Scheme 2024 |
| Objective | To encourage people to save money |
| Benefits | The interest rates vary from 4% to 9% |
| Eligibility Criteria | Applicant must have an account in Post Office |
| Beneficiaries | Indian Citizens |
| Official Website | Official Website |
Objective of Post Office Saving Scheme
The Post Office Savings Scheme’s primary goal is to encourage consumers to save money. For investors that participate in the Post Office Savings Scheme 2023, the government has created provisions for substantial interest rates as well as tax exemptions. Through this strategy, investors will develop strong financial foundations. The Post Office Savings Scheme has several programmes that were developed with individuals of various socioeconomic strata in mind, not just one. To have a plan for every segment of the population, efforts have been undertaken. so that as many individuals as possible participate in the post office savings plan.
Benefits of the Post Office Saving Scheme
- By investing in the Post Office Savings Scheme, people will be encouraged to save money.
- The directors’ financial situation will get better by making savings.
- Applying for the Post Office Savings Scheme is fairly simple.
- Application materials for the Post Office Savings Scheme 2021 are quite minimal.
- A long-term investment plan is the Post Office Savings Scheme.
- Interest rates for the Post Office Savings Scheme range from 4% to 9%.
- The Post Office Savings Scheme is a government programme that carries zero risk.
- Under section 80C of the Income Tax Act, investing in the Post Office Savings Scheme entitles the investor to tax relief.
- For every class of individuals, many sorts of plans have been preserved.
Eligibility Criteria
Applicant must be an Indian permanent resident of India to apply for the Post Office Savings Scheme.
Type of Saving Schemes
Post Office Saving Account
It resembles a bank account from the post office. The Post Office Savings Account interest rate has been held steady at 4%. It attracts a full tax. A minimum balance of 500 rupees must always be kept in a post office savings account.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹500
- no maximum limit
- Period of Premature Closure
- No limit
- Saving Maturity
- No limit
Post Office Time Deposit Scheme
The Post Office Time Deposit Scheme offers a variety of tenure choices for investments. The scheme’s minimum investment requirement is set at Rs. 1000. The account created under this system may be given to another person. Four workdays are grouped into this account. If you deposit for a year, the interest rate of 5.5 per cent has been maintained. For two years and three years, the interest rate of 5.5 per cent has also been maintained. However, the interest rate of 6.7 per cent has been maintained for deposits made for five years.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹1000
- no maximum limit
- Period of Premature Closure
- 6 months after account opening
- Saving Maturity
- 1 year, 2 years, 3 years, 5 years
Sukanya Samriddhi Scheme
The females stand to gain from maintaining this system. Under this plan, an interest rate of 7.6% has been set. Additionally, the minimum and maximum investments in this programme are 250 and 1,50,000 respectively, for a single circular year. To participate in the Sunkya Samridhi Scheme, you must invest a minimum of 15 years after your account is opened.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹ 250
- Maximum limit ₹ 150000 in 1 year
- Period of Premature Closure
- 5 years after account opening
- Saving Maturity
- After 15 years from the date of investment
National savings certificate
The investment maturity time for this programme has been set at 5 years. Additionally, a 6.8% interest rate has been set in this plan for the benefit of the investors. The minimum investment amount in this programme is $1,000, and there is no set limit.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit:- ₹1000
- Maximum limit:- no maximum limit
- Period of Premature Closure
- 5 years after account opening
- Saving Maturity
- 5 years after the date of investment
Public provident fund
An investing plan for the long term is the Public Provident Fund. it lasts for fifteen years. Under this plan, an interest rate of 7.1% has been set. The minimum and maximum investment amounts in this programme are 500 and 1,50,000 respectively.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹500
- Maximum limit ₹ 150000 in 1 year
- Period of Premature Closure
- 5 years after the account opening
- Saving Maturity
- 15 years after the account opening
Senior Citizen Saving Scheme
This programme is intended for investors who are at least 60 years old. Under this plan, an interest rate of 7.4% has been set. The minimum and maximum investment amounts in this plan are 1,000 and 15,000 respectively.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹1000
- Maximum Limit ₹ 1500000
- Period of Premature Closure
- The account can be closed at any time
- Saving Maturity
- 5 years after account opening
Kisan Vikas Patra
This programme is intended for the nation’s farmers. Under this plan, an interest rate of 6.9 per cent has been set. This programme has a 9-year, 4-month lifespan. The minimum investment amount in this programme is $1,000, and there is no set limit.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹1000
- No maximum limit
- Period of Premature Closure
- After 2 years and 6 months of investing
- Saving Maturity
- Depending on what the Ministry of Finance decides at any given moment
Post office recurring deposit
It has a 5-year term and is a monthly investment plan. In this programme, the investor must make a monthly investment. This plan’s interest rate is steady at 5.8%. There is no set maximum investment amount in this plan; the minimum investment amount is 100.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹100
- No maximum limit
- Period of Premature Closure
- 3 years after account opening
- Saving Maturity
- 5 years after the account opening
Post Office Monthly Income Scheme
In accordance with this plan, the investor receives a fixed monthly return on his investment. The minimum investment amount in this plan is set at Rs 1000. Additionally, the maximum amount has been set at Rs. 9,00,000 for a combined account and Rs. 4.5 lakh for a single holding account. Under this plan, an interest rate of 6.6 per cent has been set. This scheme’s maturity duration was fixed at 5 years.
- Minimum and Maximum Limit for Saving in Account:-
- Minimum limit ₹1000
- Maximum limit ₹450000 in a single account
- and ₹ 900000 in a joint account
- Period of Premature Closure
- 1 year after the account opening
- Saving Maturity
- 5 years after the account opening
Post Office Saving Scheme and Tax Abilities
Post Office Saving Account
Section 80C of the Income Tax Act exempts both the interest earned and the maturity amount from taxation. Additionally, a tax deduction of 1.5 lakh rupees is available.
Kisan Vikas Patra
Investments up to £150,000 are free from taxation under Section 80C of the Income Tax Act.
Sukanya Samriddhi Account
Interest is free from taxation up to 50,000.
Post Office Time Deposit
There would be a tax deduction of 1.5 lakh rupees per year under Section 80C of the Income Tax Act.
Post Office Monthly Income Scheme
Under this plan, there is no exemption, and the interest is completely tax as well.
Post Office Recurring Deposit Account 5 years
The interest received through this plan is wholly taxable.
Senior Citizen Saving Scheme
Section 80A provides a tax exemption of up to $150,000 and a TDS rebate of up to $500,000 on interest.
National Savings Certificate
1.5 lakh rupees in tax exemptions under section 80C.
Public Provident Fund
TDS is collected on interest, but the maturity amount is tax-free.
Fees for the Post Office Saving Scheme
- Duplicate Passbook Issue: Rs-50
- Obtaining a deposit receipt or a statement of accounts: Rs-20
- Issuance of a passbook in place of a damaged or missing certificate: Rs-10
- Nomination revocation: Rs-50
- Account Pledge: 100 Account Transfer: Rs-100
- issuing checks from savings account No charge for the first: Rs-10, checks; $2 each check after that
- Charges of $100 for cheque dishonour
Documents Required
- Aadhar Card
- PAN Card
- Passport size photograph
- Mobile number
- Proof of residence
Also Check: Atal Pension Yojana
How To Apply Online For Savings Scheme 2024
Follow the steps below if you wish to apply for the Post Office Savings Scheme:
- Applicants must visit the closest post office in their area.
- Now, applicants choose any Scheme for which they want to apply and ask for the application form which must be obtained from the post office.
- Now, carefully fill in every piece of information requested on the form, such as your name and address.
- All required paperwork must be included.
- You must now mail this form to the post office.
- The process for applying to the Post Office Savings Scheme is as follows.
Procedure to Giving Feedback
- Applicant must visit the Official Website of the Department Of Post Office.
- The homepage will open on your screen, where you scroll down to click on the Feedback Option.
- A new one will open where you fill Name, Email ID, Complaint, and much more.
- After that click on Submit button.
Contact Details
- Customer Care Toll-Free Number 1800 266 6868
- 09.00 am to 06.00 pm (except Sunday and gazetted holidays)