Post Office is a safe long and short term investment option for people especially from rural areas. Post Office offers schemes for every age group whether it is for boy child / girl child / senior citizens etc. All post office saving schemes are very popular and people can Compare All Post office Schemes 2018. People can also check savings schemes interest rate 2018, calculator, rates of post office small savings scheme, tax benefits, withdrawal and maturity period as specified by central government.
Post Office currently incorporates 9 schemes for people from different categories – Recurring Account (RD), Time Deposit (TD), National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Post Office Savings Bank (PO-SB) and Monthly Income Scheme (MIS).
In this post, people can also view other details like minimum and maximum account opening balance, pre mature withdrawal facility, account maintaining balance and other details of post office small savings schemes.
Comparison of All Post Office Schemes 2018
People can make a comparison between all schemes and check the maturity / inter-lock period, tax benefits, interest rate and also calculate maturity amount as per the calculator 2018. After checking all the information about the small savings scheme, people must make investment as per their requirement and duration for which they want assured and best returns. All the schemes are absolutely risk free and provides guaranteed returns.
Comparison / List of All Post Office Small Savings Scheme
|Name of Scheme||Interest Rates 2018||Minimum / Maximum Deposit||Investment Period||Liquidity||Tax Benefits|
|Post Office Savings Account (PO-SB)||4% p.a||Rs. 20 for account opening. Minimum Balance to maintain is Rs. 50 for non-cheque and Rs. 500 for cheque facilities. Maximum deposit can be Rs. 1 lakh||No Lock In Period||Anytime Withdrawal||NIL|
|Recurring Deposit (Post Office RD)||6.9% p.a compounded quarterly||Minimum amount to deposit is Rs. 10 per month and in multiples of Rs. 5 thereafter. No maximum deposit limit.||5 years||One withdrawal of 50% of the total balance is allowed after one year||Interest < 10,000 p.a - TDS not applicable. Interest > Rs. 10,000 then TDS @10% is applicable. Tax Rate on interest as per IT Slab Rates.|
|National Savings Certificate (NSC)||7.6% compounded annually but payable at maturity||Minimum Rs. 100 and then in multiples of Rs. 100. No maximum limit.||5 years||Premature Withdrawal is not allowed.||Tax Rebate u/s 80 C of IT Act|
|Senior Citizens Savings Scheme (SCSS)||8.3% p.a from 31 March / 30 Sept / 31 December||Only 1 deposit with minimum Rs. 1000 or in its multiples. Maximum Limit is Rs. 15 lakh.||5 Years||Premature closure allowed after 1 year with 1.5% deduction & after 2 years with 1% deduction.||If Earned Interest > Rs. 10,000 then TDS is deducted at source of interest and benefits u/s 80 C of IT Act.|
|Post Office Monthly Income Scheme (MIS) Account||7.3% p.a payable monthly||Minimum deposit in multiples of Rs. 1500. Maximum limit is Rs. 4.5 lakh for individual account and Rs. 9 lakh for joint accounts.||5 Years||Premature Closure between 1 to 3 years with 2% deduction and after 3 years with 1% deduction.||No TDS and No Tax Rebate u/s 80 C of IT Act|
|Public Provident Fund (PPF) Account||7.6% p.a compounded yearly||Account can be opened with Rs. 100 but has to deposit Rs. 500 in an year. Maximum limit is Rs. 1.5 lakh in an year.||15 Years||Premature Closure is not allowed before 15 years.||Interest earned is completely tax free. Deposits qualify for deduction from income u/s 80C of IT Act.|
|Kisan Vikas Patra (KVP)||7.3% p.a compounded annually.||Minimum Rs. 1000 and then in multiples of Rs. 1000. No Maximum Limit||Amount invested gets doubled in 9 Year 10 months (118 months)||Premature en-cashment is allowed after 2 years 6 months.||KVP investment does not qualify for rebate u/s 80 C of IT Act. TDS @10% deduction is applicable on Interest earned.|
|Sukanya Samriddhi Yojana (SSY)||8.1% p.a compounded yearly||Minimum Rs. 1000 and then in multiples of Rs. 100. Maximum limit is Rs. 1.5 lakh per annum.||Till completion of 21 Years||Partial withdrawal of 50% balance amount allowed after attaining 18 years of age.||EEE Tax Exemption. Deposits are free from taxes and maturity amount is also exempted from taxes u/s 80 C of IT Act.|
|1 Year Time Deposit (TD)||6.6% calculated quarterly but payable annually||Minimum Rs. 200 and in multiples thereof. No maximum limit.||1 Year||If post office td withdrawal occurs between duration of 6 months to 1 year, then Simple Interest is calculated for that period. After 1 year, rate is 1% less than total interest offered for that specific period.||No tax benefits|
|2 Year Time Deposit (TD)||6.7% calculated quarterly but payable annually||2 Years||No tax benefits|
|3 Year Time Deposit (TD)||6.9% calculated quarterly but payable annually||3 Years||No tax benefits|
|5 Year Time Deposit (TD)||7.4% calculated quarterly but payable annually||5 Years||Investment qualifies for tax benefits u/s 80 C of IT Act, 1961.|
Just one week ago, central govt. has approved linking of all savings account in post offices with India Post Payments Bank (IPPB). People can now transfer their money online from their po account to bank account and also use services like NEFT / RTGS etc. This will facilitate Digital Banking Facility for Post Office Account Holders.
Post Office is the most reliable place to make investment in India. Candidates can download forms for account opening of any post office scheme – Post Office Account Opening Application Forms (PDF). Post Office network is largest in India and is even present in those remote areas where banking facilities is still not available. For more details, please visit the official website www.indiapost.gov.in