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Postal Saving Schemes

  • » Invest in central schemes like Sukanya Samriddhi Yojana.
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About Postal Saving Schemes

People who do not have access to banks can enrol in different postal schemes. Post offices in India have started various schemes for the citizens at lower interest rates and more benefits. These are more secure and guaranteed than banks or other private fund providers as they are handled by the government of India. These schemes do not restrict a user to post offices, as they can be transferred from post offices to banks and vice versa depending on their accessibility.

Different Postal Schemes

Monthly Income Scheme

MIS is the interest paid by the postal department on the fixed deposit deposited in the post office.

-The person invests a certain amount depending on his income to assure a fixed monthly income on the amount deposited. - Generally, this scheme is aimed for senior citizens who do not have a fixed income every month.
-A fixed interest rate is set and the maximum amount that can be invested is set. The interest that a person receives for the amount can be renewed or used as per one's convenience.
- The interest is paid only till the amount is with the bank. The depositor can encash the money before the maturity period, after the basic time period of one year is completed with a deduction of some % from the entire deposit.
- An account can be individual or a joint. Depending on the type of account the interest rates and the maximum investment limits vary.
-A joint account can be changed to a single account or vice versa and all the joint account holders have the equal share in the deposited amount.
- Maturity period is the maximum limit for the scheme to be matured and the entire amount which include all the interests and bonus can be withdrawn.

Time Deposit (TD) Scheme

TD scheme is offered by the post office for the public in general.

The account can be opened by anyone in general for a period of one year to a maximum period of 5 years. The account holder is promised definite returns on the investments after the tenure period.

Unlike in MIS, there is no maximum amount to be deposited, the customers can also open as many accounts they want in the same post office. Just like MIS, an individual or a joint account can be opened.
TDS certificate is not issued in this scheme.
Any adult 10 years above age can open an account in this scheme.
After the maturity period, the entire amount is renewed to the original amount.

Savings Accounts

Just like any other savings account in banks, a savings account can be

opened in a post office with less minimum balance. Even better are the low-interest rates at almost 4% per annum along with the provision of debit cards. Only one account can be opened in one post office. The account opened only through cash, but a cheque can be used in already existing accounts.

Senior Citizen Saving Scheme

Anyone who has attained the age of 60 years can open an account.

MIS and senior citizen saving scheme are the best schemes for senior citizens who wish for a monthly fixed income.

Public Provident Fund

A maximum investment that can be invested is 1,50,000 annually.

It is suitable for working people and self-financed. The amount can be withdrawn after 7 years of opening the account.

National Saving Certificate

Mainly designed for government workers, businessmen, and others

who an income and are liable to pay income tax. By Purchasing a national certificate, every month, for five years, the certificate is matured. By reinvesting on the maturity amount, the holder shall receive a pension every month after retirement.

Sukanya Samridhi Yojna

A central government scheme is for parents who have a girl child. This scheme encourages the girl child to study and the account helps save funds for her future studies.

Launched by the Prime Minister Shri. Narendra Modi, in January 2015. At an interest rate of 8%, the account shall attain maturity level after 21 years of the opening of the account.

A minimum of 1000 and a maximum of 1,50,000 can be deposited every year.

Don't Lose The Benefits - Reach Finstrument Now!

  • Without wasting any more time, reach us to learn more benefits about the schemes to earn more while investing less.
  • We help people in guiding them to open an account in any of the above-mentioned schemes.
  • Get help to apply for Sukanya Samridhi Yojana and furnish the future of your girl child.
  • We assure doorstep services for clients who wish avail any of these schemes.
  • Experts are always there to discuss and explain about all the schemes, make sure clients opt for the most useful scheme.