Small savings schemes are designed to provide safe and attractive investment options to the public resources for development.

Schemes of Post Office

The Post Office Savings Scheme offers followings schemes

PO Savings account,

5 year PO Recurring Deposit account,

PO Time deposit account,

PO monthly income account scheme,

Senior citizen savings scheme

Post Office Time Deposit interest rates

For a duration of 1 year: The Indian Post Office offers 8.20% interest rate for the time deposits for a tenure of 1 year.

For duration of 2 years: 8.30% interest rate is offered to the depositor for time deposit of two years.

For duration of 3 years: 8.40% interest rate is offered for a tenure of 3 years.

For duration of 5 years: Post office offers 8.50% interest rate to their depositors.

The Indian Post Office doesn’t offer any special interest rates to the senior citizen.

There is no limit to the amount that can be deposited neither is a limit on how many time deposit accounts one individual opens.

Salient Features:

Interest rate of 8.4% per annum payable monthly

Maturity period is 5 years.

No Bonus on Maturity

No tax deduction at source (TDS).

No tax rebate is applicable.

Minimum investment amount is Rs.1500/- or in multiple thereafter.

Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.

Auto credit facility of monthly interest to saving account if accounts are at the same post office

Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.