What are the various Post Office Saving Schemes 2021 and which scheme is beneficial for you? Today, where the banks provide a comparatively low rate of interest on RD’s and FD’s, some people seem to be more interested in investing their money in the Post Offices. Thus, we will be explaining the complete details on the Post Office Saving Schemes 2021. Ans, we assure you that after reading this hand-out you can go ahead with investing in different schemes available for savings in Post Offices.
Also, as we move ahead in the article we shall discuss the different types of savings account, Public Provident Fund, Fixed Deposit and Recurring Deposit and will draw some solid comparisons between the types of accounts offered by Post Offices.
Post Office Saving Schemes 2021 – Main Features
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- 1 Post Office Saving Schemes 2021 – Main Features
- 2 Different Types of Post Office Saving Scheme 2021
- 2.1 Time Deposit Account – Post Office TDA 2021
- 2.2 Post Office RD Recurring Deposit Account 2021 ( Term 5 years)
- 2.3 Post Office 2021 MIA Monthly Income Account
- 2.4 Post Office SCSS 2021 Senior Citizen Saving Scheme
- 2.5 Post Office KVPA 2021 Kisan Vikas Patra Account
- 2.6 Indian Post Sukanya Samridhi Account 2021
- 2.7 Post Office PPF Account Public Provident Fund 2021
- 2.8 Post Office Interest Rates Table 2021
- 2.9 Need of KYC before opening a Savings Account in Post office 2021
- 3 Post Office Low, Medium & High Risk Category Documents Required
- 4 Opening a Post Office Saving Account 2021: Step-wise Process
Anyone can open an account in the post office. The main point to be focussed upon by the depositor is that the account in the post office can be opened in cash mode only. The following points must be taken care of by everyone before opening an account in Post Office.
- A single holder/ person, any guardian in place of a minor, a minor who is above 10 years, and a joint account involving a maximum of two persons can open an account in the post office.
- Rs 500/- as a minimum balance has to be maintained in the account. In case this min balance is not maintained, 100 rupees will be deducted.
- You can account operate your account using an ATM card. The facility of cheque transactions is also valid.
- Also, only 1 account can be opened at 1 place. And the account is transferrable.
- In fact, a mobile banking facility is also available in the Post office Saving account 2021.
The rate of interest provided by the post office on the savings account is 4 % per annum. And, to start a savings account a minimum balance of 500 rupees has to be present. Also, in 3 financial years, the account has to be operated once at least.
Different Types of Post Office Saving Scheme 2021
The following accounts can be opened in the Post Office:
Time Deposit Account – Post Office TDA 2021
This account can be opened by any person belonging to the four categories mentioned above. The interest rates on this account vary on a yearly basis. The minimum deposit amount is 1000 rupees. For the first three years, interest rates remain 5.5% and for the fifth year, it increases to 6.7 %.
Post Office RD Recurring Deposit Account 2021 ( Term 5 years)
The interest rate provided on the Post Office RD is 5.8%. The interest rate can be calculated annually. It is compound interest. Also, for RD nomination facility is available. 100 rupees have to be deposited as a minimum amount every month in RD. Or the amount can be deposited in multiples of 10.
Post Office 2021 MIA Monthly Income Account
A number of this account type can be operated in a number of post offices. The maximum money after adding the sum of deposits in all accounts must be 4.5 Lac. If a person is minor then he has to convert the account in his own name. Also, the period of maturity of the Monthly Income Account is 5 years.
Post Office SCSS 2021 Senior Citizen Saving Scheme
A senior citizen ( 60 years and more) and a person aged 55 years or more who has retired by taking VRS can open accounts of this type. Again the maturity period of this account is 5 years. Rs 1 lac amount can be deposited in cash in this account, but, any amount greater than that has to be deposited through cheque only.
Post Office KVPA 2021 Kisan Vikas Patra Account
This account can be opened by an individual, a guardian of a minor, a person who will operate in place of a mentally unsound person, a group of max 3 people can open a joint account. A Kisan Vikas Patra certificate is issued in the form of a passbook.
Indian Post Sukanya Samridhi Account 2021
This account is opened for the girl child up to 10 years of age. The girl child’s guardian is allowed to operate the account. A min amount of 250 rupees have to be deposited in the account. Deposits are possible up to fifteen years from the date of account opening.
Post Office PPF Account Public Provident Fund 2021
the rate of interest provided in PPF is 7.1%. A minimum of Rs 500 and max amount of Rs 1.f lakhs can be deposited on a yearly basis in the PPF account. In this case, only one account can be opened by one person. No Joint PPF accounts are allowed. the interest on PPF accounts is totally free of taxes. And PPF account gets matured in 15 years but the term can be extended also after 1 year.
Post Office Interest Rates Table 2021
The rate of interest mentioned for all the schemes written in the below table are w.e.f. October 1, 2020.
|Type of Savings Account||Minimum Deposit Value||Maximum Deposit Value||Rate of Interest Per annum|
|P.O. Savings Account||500 Rupees||No Max Value||4%|
|RD||100 Rupees||No Max Value||5.8%|
|P.O. Scheme of Monthly Income||1000 Rupees||9 lac rupees ( For Joint account)||6.6%|
|Kisan Vikas||1000 Rupees||No Max Value||6.9%|
|P.P.F||500 Rupees||1.5 Lac per year||7.1 %|
|Sukanya Samridhi||250 Rupees||1.5 Lac per year||7.6%|
|Senior Citizen’s Saving Scheme||1000 Rupees||15 lac||7.4%|
Need of KYC before opening a Savings Account in Post office 2021
Nowadays, KYC is done on all the platforms. Whether you are opening an account in the bank, on any online platform, or sites providing NEFT transfer or even in the Post office. Before opening a savings account in the Post office, the customer has to go through the process of completing the KYC.
Now, depending upon the amount that you deposit in your account in the Post Office, you will be given one of the three risk categories of Low, Medium, and High Risk. The list of documents for all three categories is different and is mentioned below. Also, the documents must be self-attested by the depositor. In the case of the high-risk category, for SCSS Account, the PAN card is of utmost importance. If the depositor is illiterate, then their documents have to be attested by a Gazetted Officer.
Post Office Low, Medium & High Risk Category Documents Required
|Low-Risk Category||Medium Risk Category||High-Risk Category|
|Photo Id||PAN Card||PAN Card|
|Aadhar card||Aadhar card||Aadhar card|
|Bank Passbook||Bank Passbook||Bank Passbook|
|Ration Card||Ration Card||Salary Slip|
|Electricity Bill/ Telephone Bill||Electricity Bill/ Telephone Bill||Voter Id|
|Voter Id||Voter Id||Passport|
|Passport||Passport||Identity Card( of Central Govt.)|
|Passport Sized Photos||Passport Sized Photos||Letter by UIDAI and passport sized photos.|
Opening a Post Office Saving Account 2021: Step-wise Process
- Go to the post office where you want to open an account.
- Fill the savings account form, the form is available online also.
- Submit the KYC documents as mentioned in the list above.
- Rs 20/- are the charges for opening the savings account.
- For single holder – 1 lac is max. limit of saving and 2 lac is the max amount for joint account.
Important Links To Open Post Office Saving Scheme 2021
|Post Office Savings Account 2021 Link (SB)||Click Here To Apply|
|National Savings Recurring Deposit Account 2021 Link (RD)||Click Here To Apply|
|National Savings Time Deposit Account 2021 Link (TD)||Click Here To Apply|
|National Savings Monthly Income Account 2021 Link (MIS)||Click Here To Apply|
|Senior Citizens Savings Scheme Account 2021 Link (SCSS)||Click Here To Apply|
|Public Provident Fund Account 2021 Link (PPF )||Click Here To Apply|
|Sukanya Samriddhi Account 2021 Link (SSA)||Click Here To Apply|
|National Savings Certificates 2021 Link (VIIIth Issue) (NSC)||Click Here To Apply|
|Kisan Vikas Patra 2021 Link (KVP)||Click Here To Apply|
FAQ’s about Post Office Saving Schemes 2021
Ans. Rs 500 per year
Ans. Yes, Sukanya Samridhi account
Ans. Age 60 years above, or 55 years and above if retired through VRS.
Ans. List of benefits are given above.