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In this article, we will mention about the different post office saving schemes and how you can benefit from them.

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Post Office Savings Account

Amount for opening account	INR 20
Rate of interest	4% per annum
Minimum balance	INR 50

Additional points to note

• Cheque facility is available for this savings account for which the opening account should be INR 500 and the minimum balance required is also INR 500.
• Interest earned is tax-free upto INR 10,000.
• The account can be individual or joint account. The joint account can be owned by 2-3 individuals.
• You can transfer the account from one post office to another.
• Any person above the age of ten can open as well as operate the account. After reaching the age of 18, the minor account must be converted.
• Also, you can convert your single account into a joint account and vice versa.

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5-year Post Office Recurring Deposit Account & RD Calculator

Amount for opening account	INR 10
Rate of interest	7.1% per annum quarterly compounded

Additional points to note

• Nomination facility is available at the time of opening as well as after opening the account.
• You can transfer account from one post office to another.
• Joint accounts must consist of only two members.
• Any person above the age of ten can open as well as operate the account. After reaching the age of 18, convert this account.
• If you open the account between 1-15th of a month, you can make the deposits upto 15th of subsequent months. If you open the account between 16th-30th/31st of any month, you can make the deposits after 16th until the last working day of subsequent months.
• In case of delay, a default fee of INR 0.05 per every 5 Rs is charged. After 4 defaults the account is discontinued.
• Also, you one can withdraw upto 50% balance per year.

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Post Office Time Deposit Account & Calculator

Amount for opening account	INR 200
Rate of interest	1 year A/C- 6.8% 2 year A/C- 6.9% 3 year A/C- 7.1% 5 year A/C- 7.6%

Additional points to note

• You can open any number of accounts in any of the post office.
• You can transfer account from one post office to another.
• The account can be either individual or joint account consisting of 2 adults.
• Any person above the age of ten can open as well as operate the account. After reaching the age of 18, convert this account

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Post office Monthly Income Scheme (MIS) Account

Amount for opening account	INR 1500
Rate of interest	7.5% per annum payable monthly

Additional points to note

• Maximum investment limit is INR 4.5 lakh in a single account and INR 9 lakh in a joint account.
• The account can be either individual or joint account consisting of 2-3 adults.
• You can transfer account from one post office to another.
• You can convert individual accounts into joint account and vice versa.
• Can be prematurely en-cashed after one year but before 3 years at a deduction of 2% of the deposit and after 3 years at the deduction of 1% of the deposit.

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Post office Interest Rate for Senior Citizens (SCSS)

Amount for opening account	INR 1000
Rate of interest	7.3% per annum

Additional points to note

• The interest is payable on 31st March, 30th June, 30th Sept and 31st December.
• The age of the account holder must be 60 years and above.
• Maturity period is 5 years.
• If the amount is below 1 Lakh, you can make the transactions in cash. Above 1 Lakh, you must make the payment by cheque only.
• You can transfer account from one post office to another.
• Also,you can open the joint account only with your spouse.
• You can draw interest through auto credit into savings account standing at the same post office, through PDCs or Money Order.
• Also, you can close the account prematurely with 1.5% deduction of deposit and after 2 years 1% of the deposit.
• You can also extend the account for another 3 years postmaturity.