India Post: A look at various saving schemes

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India Post offers nine types of saving schemes through its network of more than 1.5 lakh branches across the country.

Most of these schemes offer a rebate under Section 80C of the Income Tax Act.

Here’s a look at the schemes available: 

1. Post Office Savings Account

A savings account can be opened with Rs 500. The account holder is required to keep a minimum balance of the same amount, failing which a maintenance fee of Rs 100 will be charged on the last working day of each financial year.

2. National Savings Recurring Deposit Account​​

An individual can transfer the account from one designated branch to another while the installment is paid up to the 15th day of each month if the account is opened up to 15th of a calendar month, and up to the last working day of the month if it is opened between the 16th day and the last working day of a month.

3. ​National Savings Time Deposit Account

The time deposit or term deposit account comes in four maturity options: one year, two years, three years and five years. The account can be extended beyond the term by submitting an application in the branch.

4. National Savings Monthly Income Account

An individual can put a lumpsum amount in the account and earn a monthly interest income for the maturity period of five years. A maximum investment of Rs 4.5 lakh is allowed in this scheme.

5. Senior Citizens Savings Scheme Account​

The account can be opened with a payment of up to Rs 1 lakh. The interest rate offered is 7.4%.

6. ​Public Provident Fund ​

The account can be set up with a deposit of Rs 500 and a minimum of Rs 500 every financial year up to Rs 1,50,000. This scheme has a maturity period of 15 years, which can be extended for five years at a time.

7. National Savings Certificates ​

These certificates can be purchased at a minimum investment of Rs 1,000, and in multiples of Rs 100 without an upper limit.

8. Kisan Vikas Patra Account

The certificates can be purchased against a minimum investment of Rs 1,000, and in multiples of Rs 100 without an upper limit. The certificates can be transferred from one person to another, and from one post office branch to another.

9. ​Sukanya Samriddhi Account

A guardian can open this account with a minimum investment of Rs 25​0 and maximum of up to Rs 1,50,000 in a financial year. The interest rate offered in this scheme is 7.6%.