Check Out the Top Post Office Scheme 2021 Which Providing Great Benefit

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Top Post Office Scheme 2020 Which Providing Great Benefit:- The post office is the most essential and knowing the financial group of the Indian Government. From last many year post offices were create very great jobs through their schemes. The post offices have launched new schemes from time to time for the help of the people of the entire country.

In this article, we will share with you all the important aspects regarding the Post Office Schemes 2020 such as types, benefit, objectives, details, facts, key points features, eligibility criteria, documents required, application and registration procedure, helpline number, frequently asked questions etc. So, do follow the article till the end to grab all the details of the Post office Scheme 2020-2021 correctly and easily.

About Indian Post Office Scheme

The Post office is a public facility that always provides mail services, including the acceptance of letters and parcels, providing post office boxes for sending letters, and selling postage, stamps etc. In this article, we will clearly discuss the post office and its schemes for the people which will help every individual to start a new journey with post offices.

[Note: All the information regarding the Post Office Scheme has been collected from the official website https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx. We update all this information only for educational purpose.]

Details of Post Office Scheme 2020

Post office Saving Schemes Details

One of the major part of the post office schemes is Post office Saving Schemes. All the details of this scheme will be given below according to their types.

Post Office Savings Account Scheme (Post Office Scheme)

• The account may be opened by
  (i) a single adult
  (ii) Joint Account (Maximum 2 adults)
  (iii) Minor above 10 years of age
  (iv) A guardian on behalf of a minor/Person of unsound mind
• The account can be opened by cash only
• Minimum balance to be maintained in an account is INR 500/- if balance Rs. 500 not maintained, a maintenance fee of one hundred (100) rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed
• Cheque facility/ATM facility is available
• Cheque facility can be taken in an existing account also.
• Interest earned is Tax-Free up to INR 10,000/- per year from the financial year 2012-13
• Nomination facility is available at the time of opening and also after opening of account
• The account can be transferred from one post office to another
• One account can be opened in one post office.
• At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active, else account became silent (Dorment)
• Minor after attaining majority has to apply for conversion of the account in his name
• Intra Operable Netbanking/Mobile Banking facility is available
• Online Fund transfer between Post Office Savings Accounts/Stop Cheque/Transaction View facility is available through Intra Operable Netbanking/Mobile Banking
• Facility to link with IPPB Saving Account is available
• Funds Transfer (Sweep in/Sweep out) facility is available with IPPB Saving Account.

National Savings Recurring Deposit Account (RD) (Post Office Scheme)

• The account may be opened by
  (i) a single adult
  (ii) Joint Account (Maximum 3 adults)
  (iii) Minor above 10 years of age
  (iv) A guardian on behalf of a minor/Person of unsound mind
• The account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be the date of clearance of Cheque
• Nomination facility is available at the time of opening and also after opening of account
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• Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of the account
• The account can be transferred from one post office to another
• Any number of accounts can be opened in any post office
• The subsequent deposit can be made up to 15th day of next month if an account is opened up to 15th of a calendar month and up to last working day of next month if the account is opened between 16th day and last working day of a calendar month
• If a subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupees shall be charged. 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
• *If in any RD account, there is monthly default amount, the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non-CBS
• ​There is a rebate on advance deposit of at least 6 instalments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for the denomination of Rs. 100
• Minor after attaining majority has to apply for conversion of the account in his name
• One loan up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
• Protected Savings Scheme is applicable for the account of denomination Rs 100/-
• Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
• Online Deposit facility is available through IPPB Saving Account
• Date of maturity will be 5 years after the date of opening. The account can be extended for further 5 years by giving application at account office

National Savings Time Deposit Account (TD) (Post Office Scheme)

• .Account may be opened by
  (i) a single adult
  (ii) Joint Account (Maximum 3 adults)
  (iii) Minor above 10 years of age
  (iv) A guardian on behalf of a minor/Person of unsound mind
• The account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be the date of opening of account
• Nomination facility is available at the time of opening and also after opening of account
• The account can be transferred from one post office to another
• Any number of accounts can be opened in any post office
• A 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.
• TD account can be extended by giving an application in the account office
• Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
• The annual interest may be credited to the savings account of the account holder at his option
• Premature encashment not allowed before the expiry of 6 months, If closed between 6 months to 12 months from the date of Opening, Post Office Saving Accounts interest rate will be payable
• The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
• Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking

National Savings Monthly Income Account (MIS) (Post Office Scheme)

• An account may be opened by
  (i) a single adult
  (ii) Joint Account (Maximum 3 adults)
  (iii) Minor above 10 years of age
  (iv) A guardian on behalf of a minor/Person of unsound mind.
• The account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be the date of opening of account
• Nomination facility is available at the time of opening and also after opening of account
• The 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 (Rs. 4.5 Lakh)
• A 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 the same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices
• Can be prematurely en-cashed 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
• Interest shall be payable to the account holder on completion of a month from the date of deposit
• If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

Senior Citizens Savings Scheme Account (SCSS) (Post Office Scheme)

• 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 have 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 the amount should not exceed the number of retirement benefits
• Retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to open an account under this Scheme on attaining the age of 50 years subject to the fulfilment of other specified conditions
• Maturity period is 5 years
• A depositor may operate more than one account in an individual capacity or jointly with spouse (husband/wife)
• The 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 the date of opening of the account.
• Nomination facility is available at the time of opening and also after opening of the account.
• The account can be transferred from one post office to another
• Any number of accounts can be opened in any post office subject to a maximum investment limit by adding balance in all accounts.
• Joint account can be opened with spouse only and the first depositor in Joint account is the investor.
• In the case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.
• *Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.
• Premature closure is allowed,
  (i) If closed before 1 year, no interest will be payable, if paid already will be recovered.
  (ii) after one year on deduction of an amount equal to1.5% of the deposit to be deducted
  (iii) after 2 years 1% of the deposit to be deducted.
• After maturity, the account can be extended for further three years within one year of the maturity by giving application in the prescribed format. In such cases, an account can be closed at any time after the expiry of one year of extension without any deduction.
• TDS is deducted at source on interest if the interest amount is more than INR 50,000/- p.a

Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Public Provident Fund Account (PPF) (Post Office Scheme)

• An individual can open an account with INR 500/- and a deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/- (including amount deposited in the minor account opened on behalf of guardian).
• Any account in which the account holder, having deposited five hundred rupees in the initial year, fails to deposit the minimum amount in the following years, shall be treated as discontinued and that account may be revived during its maturity period on payment of a fee of fifty rupees along with arrears of minimum deposit of five hundred rupees for each year of default
• Joint account cannot be opened and only one account can be opened by a citizen in India
• The account can be opened by cash / Cheque and In case of Cheque, the date of realization of Cheque in Govt. account shall be the date of opening of account
• Nomination facility is available at the time of opening and also after opening of the account. The 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 can be allowed after 5 years from the end of the year in which the account was opened subject to the following conditions. 1% interest will be deducted from the date of account opening
  (i) In case of life-threatening disease of the account holder, spouse or dependent children.
  (ii) In case of higher education of account holder or dependent children.
  (iii) ​In case of change of resident status of the account holder
• Deposits qualify for deduction from income under Sec. 80C of IT Act
• Interest is completely tax-free
• Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking..
• Online Deposit facility is available through the IPPB Saving Account.
• No attachment under court decree order
• The PPF account can be opened ​in all departmental post offices
• A loan can be taken after the expiry of one year from the end of the year in which the initial subscription was made but before the expiry of five years from the end of the year in which the initial subscription was made
• Withdrawal can be taken after the expiry of five years from the end of the year in which the account was opened.

Kisan Vikas Patra Account (KVP) (Post Office Scheme)

• Certificate can be purchased by
  (i) a single adult
  (ii) Joint A Account (Maximum 3 adults)
  (ii) Joint B Account (Maximum 3 adults)
  (iv) Minor above 10 years of age
  (i) An adult on behalf of a minor.
  (ii) A guardian on behalf of a person of unsound mind
• KVP will be issued in the shape of Passbook w.e.f. 01.07.2016
• KVP can be purchased from any Departmental Post office
• The facility of nomination is available
• Certificate can be transferred from one person to another and from one post office to another.
• Certificate can be encashed after 2 & 1/2 years from the date of issue

Sukannya Samriddhi Accounts (Post Office Scheme)

Salient Features of this Scheme

• A legal Guardian/Natural Guardian can open an account in the name of Girl Child.
• A guardian can open only one account in the name of one girl child and a maximum of two accounts in the name of two different Girl children.
• The account can be opened up to the age of 10 years only from the date of birth.
• If minimum Rs 25​0/- is not deposited in a financial year, the account will become discontinued and can be revived with a penalty of Rs 50/- per year with the minimum amount required for deposit for that year.
• Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• The account can be closed after completion of 21 years.
• Normal Premature closure will be allowed after completion of 18 years on the occasion of marriage (1 month before and 3 months from the date of marriage)
• Online Deposit facility is available through Intra Operable Netbanking and IPPB Saving Account.
• Sukanya Samriddhi Account aims to give every girl the opportunity to live her life to the fullest and achieve her dreams. With more than 1.75 Crore SSAs, the scheme has received tremendous response with deposits amounting to Rs. 55,573.54 Crore.

Post Office Scheme 2020 Schedule of Fee

• Issue of duplicate passbook – Rs. 50.
• Issue of the statement of account or deposit receipt-Rs. 20 in each case.
• ​Issue of passbook in lieu of lost or mutilated certificate –Rs. 10 per registration.
• Cancellation or change of nomination –Rs. 50
• Transfer of account – Rs. 100
• Pledging of account – Rs. 100
• Issue of cheque book in Savings Bank Account – No fee for upto10 leaves in a calendar year and thereafter at Rs. 2 per cheque leaf.
• Charges on dishonour of cheque-Rs. 100

T​ax as applicable on the above service charges shall also be payable​

Post Office Scheme Helpline Number/ Conatct Number

The helpline number of Post Office Scheme are as follows:

• Customer Care Toll Free Number: 1800 266 6868
• Toll Free Call Centre: 1800-11-2011
• ATM Customer Care Toll Free Number: 1800 425 2440

[Note: All the information regarding the Post Office Scheme has been collected from the official website https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx. We update all this information only for educational purpose.]

Frequently Asked Questions of Post Office Scheme

if you have any queries regarding the Post Office Scheme 2020 or Post Office Scheme 2021 then do ask us by commenting on the comment section below.

Abhijit Das

Abhijit Das is professionally a Teacher; who always attracted towards blogging and launched this blog to provide information regarding the government schemes and scholarships. You can easily connect with him through social media @abhijitvwdas