SB ORDER NO 07/2015
NEW ACCOUNT OPENING FORMS IN CBS OFFICES
SB ORDER NO 05/2015
SB ORDER NO 06/2015
Sukanya Samriddhi Yojna Interest Calculation
Actual rate of remuneration per SB
account, Cash Certificate & IVP for 2013-14 as decided by the Ministry of
Finance is as below
Actual rate of remuneration per SB account, Cash Certificate & IVP for 2013-14 as decided by the Ministry of Finance is as below
Sl No
|
Item/Category
|
Rate per unit 2014-15(Actual)
( In Rs.)
|
1
|
Savings Deposits
|
190.37
|
2
|
Savings Certificates( NSC,KVP)
|
65.05
|
3
|
Indira Vikas Patra(IVP)
|
17.23
|
4
|
Silent Account
|
28.87
|
SB ORDER NO. 08/2014- Clarification on different scenarios faced by CBS post offices.
SB ORDER NO. 12/2011 - Clarification on production of Original D.C in SB/SC deceased claim cases
Please click on the below links for SB orders from 2007 to 2013
Post
Office Savings Schemes
Scheme
|
Interest payable, Rates,
Periodicity etc.
|
Minimum Amount for
opening of account and maximum balance that can be retained
|
Salient features
including Tax Rebate
|
4.0% per annum on individual/
joint accounts.
|
Minimum INR 20/- for opening.
|
· Account
can be opened by cash only.
· Minimum
balance to be maintained in a non-cheque facility account is INR 50/-.
· Cheque
facility available if an account is opened with INR 500/- and for this
purpose minimum balance of INR 500/-in an account is to be maintained.
· Cheque
facility can be taken in an existing account also.
· Interest
earned is Tax Free up to INR 3500/- per year in single and INR 7000/- in
Joint account up to 2011-12 and up to INR 10,000/- per year either in single
or joint account for 2012-13.
· Nomination
facility is available at the time of opening and also after opening of
account.
· Account
can be transferred from one post office to another.
· One
account can be opened in one post office
· Account
can be opened in the name of minor and a minor of 10 years and above age can
open and operate the account.
· Joint
account can be opened by two or three adults.
· At
least one transaction of deposit or withdrawal in three financial years is
necessary to keep the account active.
· Single
account can be converted into Joint and Vice Versa.
Minor
after attaining majority has to apply for conversion of the account in his
name.
|
|
From 1.4.2013, interest rates
are as follows:-
8.3% per annum (quarterly
compounded)
On maturity INR 10/-
account fetches INR 744.53. Can be continued for another 5 years on year to
year basis.
|
Minimum INR 10/- per month or
any amount in multiples of INR 5/-. No maximum limit.
|
· Account
can be opened by cash/cheque and in case of cheque the date of deposit shall
be date of presentation of cheque.
· Nomination
facility is available at the time of opening and also after opening of
account.
· Account
can be transferred from one post office to another.
· Any
number of accounts can be opened in any post office.
· Account
can be opened in the name of minor and a minor of 10 years and above age can
open and operate the account.
· Joint
account can be opened by two adults.
· Subsequent
deposit can be made up to 15thday of next month if account is
opened up to 15th of a calendar month and up to last working
day of next month if account is opened between 16th day and
last working day of a calendar month.
· If
subsequent deposit is not made up to the prescribed day, a default fee is
charged for each default. After 4 regular defaults, the account becomes
discontinued and can be revived in two months but if the same is not revived
within this period, no further deposit can be made.
· There
is rebate on advance deposit of at least 6 installments.
· Single
account can be converted into Joint and Vice Versa.
· Minor
after attaining majority has to apply for conversion of the account in his
name.
· One
withdrawal upto 50% of the balance allowed after one year.
Full
maturity value allowed on R.D. Accounts restricted to that of INR. 50/-
denomination in case of death of depositor subject to fulfillment of certain
conditions.
|
|
Interest payable annually but
calculated quarterly.
From 1.4.2013, interest
rates are as follows:-
Period
Rate
1yr.A/c
8.20%
2yr.A/c
8.20%
3yr.A/c
8.30%
5yr.A/c
8.40%
|
Minimum INR 200/- and in
multiple thereof. No maximum limit.
|
· Account
may be opened by individual.
· Account
can be opened by cash/cheque and in case of cheque the date of realization of
cheque in Govt. account shall be date of opening of account.
· Nomination
facility is available at the time of opening and also after opening of
account.
· Account
can be transferred from one post office to another.
· Any
number of accounts can be opened in any post office.
· Account
can be opened in the name of minor and a minor of 10 years and above age can
open and operate the account.
· Joint
account can be opened by two adults.
· Single
account can be converted into Joint and Vice Versa.
· Minor
after attaining majority has to apply for conversion of the account in his
name.
· 2,3
& 5 year account can be closed after 1 year at discount. Account can also
be closed after six months but before one year with interest @post office
savings account.
The
investment under 5 Years TD qualifies for the benefit of Section 80C of the
Income Tax Act, 1961 from 1.4.2007.
|
|
From 1.4.2013, interest rates
are as follows:-
8.40% per annum payable
monthly.
|
In multiples of INR 1500/-.
Maximum investment limit
is INR 4.5 lakhs in single account and INR 9 lakhs in joint account.
An individual can invest maximum
INR 4.5 lakh in MIS (including his share in joint accounts)
For calculation of share of an
individual in joint account, each joint holder have equal share in each joint
account.
|
· Account
may be opened by individual.
· Account
can be opened by cash/cheque and in case of cheque the date of realization of
cheque in Govt. account shall be date of opening of account.
· Nomination
facility is available at the time of opening and also after opening of
account.
· Account
can be transferred from one post office to another.
· Any
number of accounts can be opened in any post office subject to maximum
investment limit by adding balance in all accounts.
· Account
can be opened in the name of minor and a minor of 10 years and above age can
open and operate the account.
· Joint
account can be opened by two or three adults.
· All
joint account holders have equal share in each joint account.
· Single
account can be converted into Joint and Vice Versa.
· Minor
after attaining majority has to apply for conversion of the account in his
name.
· Maturity
period is 5 years from 1.12.2011.
· Interest
can be drawn through auto credit into savings account standing at same post
office, through PDCs or ECS.
· Can
be prematurely encashed after one year but before 3 years at the discount of
2% of the deposit and after 3 years at the discount of 1% of the deposit.
(Discount means deduction from the deposit.)
A bonus
of 5% on principal amount is admissible on maturity in respect of MIS
accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable
on the deposits made on or after 1.12.2011.
|
|
From
1.4.2013, interest rates are as follows:-
9.20% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. |
There shall be only one deposit
in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.
|
· An
individual of the Age of 60 years or more may open the account.
· An
individual of the age of 55 years or more but less than 60 years who has
retired on superannuation or under VRS can also open account subject to the
condition that the account is opened within one month of receipt of
retirement benefits and amount should not exceed the amount of retirement
benefits.
· Maturity
period is 5 years.
· A
depositor may operate more than one account in individual capacity or jointly
with spouse (husband/wife).
· Account
can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and
above by cheque only.
· In
case of cheque, the date of realization of cheque in Govt. account shall be
date of opening of account.
· Nomination
facility is available at the time of opening and also after opening of
account.
· Account
can be transferred from one post office to another
· Any
number of accounts can be opened in any post office subject to maximum
investment limit by adding balance in all accounts.
· Joint
account can be opened with spouse only and first depositor in Joint account
is the investor.
· Interest
can be drawn through auto credit into savings account standing at same post
office, through PDCs or Money Order.
· Premature
closure is allowed after one year on deduction of 1.5% interest & after 2
years 1% interest (Discount means deduction from the deposit.).
· After
maturity, the account can be extended for further three years within one year
of the maturity by giving application in prescribed format. In such cases,
account can be closed at any time after expiry of one year of extension
without any deduction.
· TDS
is deducted at source on interest if the interest amount is more than INR
10,000/- p.a.
Investment
under this scheme qualifies for the benefit of Section 80C of the Income Tax
Act, 1961 from 1.4.2007.
|
|
From 1.4.2013, interest rates
are as follows:-
8.70% per annum
(compounded yearly).
|
Minimum INR. 500/- Maximum INR.
1,00,000/- in a financial year.
Deposits can be made in lump-sum
or in 12 installments.
|
· An
individual can open account with INR 5/- but has to deposit minimum of INR
500/- in a financial year and maximum INR 1,00,000/-
· Joint
account cannot be opened.
· Account
can be opened by cash/cheque and In case of cheque, the date of realization
of cheque in Govt. account shall be date of opening of account.
· Nomination
facility is available at the time of opening and also after opening of
account. Account can be transferred from one post office to another.
· The
subscriber can open another account in the name of minors but subject to
maximum investment limit by adding balance in all accounts.
· Maturity
period is 15 years but the same can be extended within one year of maturity
for further 5 years and so on.
· Maturity
value can be retained without extension and without further deposits also.
· Premature
closure is not allowed before 15 years.
· Deposits
qualify for deduction from income under Sec. 80C of IT Act.
· Interest
is completely tax-free.
· Withdrawal
is permissible every year from 7th financial year from the year of opening
account..
· Loan
facility available from 3rd financial year.
No
attachment under court decree order.
|
|
Kisan Vikas Patra
|
Discontinued from 01.12.2011
|
||
National Savings Certificates (NSC)
5 Years National Savings Certificate (VIII Issue) 10 Years National Savings Certificate (IX Issue) |
From 1.4.2013, interest rates are
as follows:-
8.5% compounded six monthly but
payable at maturity. INR. 100/- grows to INR 151.62 after 5 years.
8.80% compounded six monthly but
payable at maturity. INR 100/- grows to INR 236.60 after 10 years.
|
Minimum INR. 100/- No maximum
limit available in denominations of INR. 100/-, 500/-, 1000/-, 5000/- &
INR. 10,000/-.
|
· A
single holder type certificate can be purchased by, an adult for himself or
on behalf of a minor or by a minor.
· Deposits
qualify for tax rebate under Sec. 80C of IT Act.
· The
interest accruing annually but deemed to be reinvested under Section 80C of
IT Act.
|
Good Information
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