Post office and small savings schemes Interest rates from 1st Oct 2021

The interest rates for the period from 1st Oct 2021 to 31st Dec 2021 of several Post office and small savings schemes like PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits will be declared on 30th September 2021, by the Finance Ministry.

Govt. order of ‘Post office fixed deposits and small savings schemes Interest rates’ from 1st July 2021 to 30th September 2021:

For Post office fixed deposit and small savings schemes Interest rates from 1st July 2021, there is No change in the interest rate for the period of 01.07.2021 to 30.09.2021. This rates are declared for PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits. The order is below:

Govt. order of interest rates of small savings from 1st July to 30th September 2021
Govt. order of interest rates of small savings from 1st July to 30th September 2021

Post office and small savings Interest rates from 1st July 2021 has been declared on 30.06.2021 by Govt. of India. The finance ministry declares the revised interest rates for these small savings schemes quarterly, means every 3 months.

Also Read : Airtel, Vodafone and Jio 4G prepaid plan comparison for unlimited plans

Summary of Interest rates of Post office and Small savings schemes for period July to September 2021:

  1. Rate of interest of ‘Post office Savings account’ for period July to September 2021 is 4 %, unchanged from the last quarter.
  2. Rate of interest of ‘Post office 1-year Time Deposits (TD)’ for period July to September 2021 is 5.5%, unchanged from the last quarter.
  3. Rate of interest of ‘Post office 2-year Time Deposits (TD)’ for period July to September 2021 is 5.5%, unchanged from the last quarter.
  4. Rate of interest of ‘Post office 3-year Time Deposits (TD)’ for period July to September 2021 is 5.5%, unchanged from the last quarter.
  5. Rate of interest of ‘Post office 5-year Time Deposits (TD)’ for period July to September 2021 is 6.7%, unchanged from the last quarter.
  6. Rate of interest of ‘Post office 5-year Recurring Deposits Scheme (RD)’ for period July to September 2021 is 5.8%, unchanged from the last quarter.
  7. Rate of interest of ‘Senior citizen Savings scheme (SCSS)’ for period July to September 2021 is 7.4%, unchanged from the last quarter.
  8. Rate of interest of ‘Monthly Income Scheme (MIS)’ for period July to September 2021 is 6.6%, unchanged from the last quarter.
  9. Rate of interest of ‘National Savings Certificate (NSC)’ for period July to September 2021 is 6.8%, unchanged from the last quarter.
  10. Rate of interest of ‘Public provident fund (PPF) scheme’ for period July to September 2021 is 7.1%, unchanged from the last quarter.
  11. Rate of interest of ‘Kisan Vikas Patra (KVP)’ for period July to September 2021 is 6.9%, unchanged from the last quarter.
  12. Rate of interest of ‘Sukanya Samriddhi Yojana (SSY) Account’ for period July to September 2021 is 7.6%, unchanged from the last quarter.

Types of Govt. small savings schemes from post office or banks:

The Government of India offers many small savings schemes through post offices and banks. These schemes are :

  • Savings Deposit (Post Office)
  • 1-year, 2-year, 3-year, 5-year Time deposits (TD)
  • Recurring deposits (RD)
  • Senior citizen Savings scheme (SCSS)
  • Monthly Income Scheme (MIS)
  • National Savings Certificate (NSC)
  • Public provident fund (PPF) scheme
  • Kisan Vikas Patra (KVP)
  • Sukanya Samriddhi Yojana (SSY) Account

Also Read: FY 20-21 Income tax return e-filing, exemptions, deductions, e-payment, refund and excel calculator

Govt. order of ‘Post office fixed deposits and small savings schemes Interest rates from 1st April to 30th June 2021:

The Post office fixed deposits and small savings schemes Interest rates from 1st Apr to 30th Jun 2021 has been kept unchanged in comparison to July to Sep and Oct to Dec 2020.

GoI order of small savings schemes Interest rates like post office fixed deposits, SSY, MIS, PPF, KVP, scss etc. for period 01.07.20 to 30.09.20.
Govt. order of interest rates of small savings from 1st July to 30th September

Also read : Got your HSRP vehicle plate? Cost and how to apply online?

‘Post office and small savings schemes Interest rates’ for period 01.10.20 to 31.12.20 – Notification from Govt. of India (dae.gov.in)

‘Post office and small savings schemes Interest rates’ for period 01.07.20 to 30.09.20 – Notification from Govt. of India (Dept. of Post)(Page no. – 74)

‘Post office and small savings schemes Interest rates’ for period 01.04.20 to 30.06.20 – Notification from Govt. of India (dae.gov.in)

These small savings schemes are usually the main savings for lower and middle class people. Also, investing in these small savings schemes helps in saving income tax. So, these small savings schemes are actually very much popular among us.

Instruments of small savings schemes in post office and bank are:

The post office Savings Deposit interest rates, post office 1-year interest rates, post office 2-year interest rates, post office 3-year interest rates, post office 5-year time deposits interest rates, post office 5-year Recurring deposits interest rates, Senior citizen Savings scheme interest rates, post office Monthly Income Account interest rates, National Savings Certificate interest rates, Public provident fund scheme interest rates, Kisan Vikas Patra interest rates, Sukanya Samriddhi yojana scheme interest rates are mentioned below:

Also Read: Year 2022, 2021 Govt., Bank, State Govts., PSUs, NSE-BSE-MCX, Public, Restricted holidays list

Post office and small savings schemes Interest rates from 1st July 2021:

The Post office and small savings schemes Interest rates from 1st July 2021 to 30th September 2021 and other details like Minimum amount to deposit annually in the schemes, Maximum amount to deposit annually in the schemes, Maturity period, Entry age of schemes and scheme’s compounding frequency rates like quarterly, half-yearly or annually. (Source: https://dea.gov.in/budgetdivision/interest-rates)

small savings schemes Interest Rates (01.04.21 to 30.06.21) (%) Interest Rates (01.07.21 to 30.09.21) (%)Interest Rates change (%)Minimum AmountMaximum AmountMaturity PeriodEntry Age (Yr)Compounding frequency
Savings Deposit (P.O.)44same500No LimitNA10Annually
1 Year Time Deposit (P.O.)5.55.5 same 1000No Limit1 Yr10Quarterly
2 Year Time Deposit (P.O.)5.55.5 same 1000No Limit2 Yr10Quarterly
3 Year Time Deposit (P.O.)5.55.5 same 1000No Limit3 Yr10Quarterly
5 Year Time Deposit (P.O.)6.76.7 same 1000No Limit5 Yr10Quarterly
5 Year Recurring Deposit (P.O.)5.85.8 same 100No Limit5 Yr10Quarterly
Senior citizen Savings scheme7.47.4 same 100015 Lakh5 Yr60Quarterly and paid
Monthly Income Account (P.O.)6.66.6 same 10004.5 / 9 Lakh for Single / joint 5 Yr10Monthly and paid
National Savings Certificate6.86.8 same 1000No Limit5 Yr10Annually
Public provident fund scheme7.17.1 same 5001.5 Lakh / year15 Yr18Annually
Kisan Vikas Patra6.9 (will mature in 124 months) 6.9 (will mature in 124 months) same 1000No Limit2 X10Annually
Sukanya Samriddhi Account scheme7.67.6 same 2501.5 Lakh / year21 Yr0-10Annually
All the small savings scheme interest rates with maturity information

Also Read: All Govt. Bank’s FD interest rates

Summary of Minimum amount to deposit in the Post office and Small savings schemes :

  1. Minimum amount to deposit in ‘Post office Savings account’  is ₹500 annually.
  2. Minimum amount to deposit in ‘Post office 1-year Time Deposits (TD)’  is ₹1000 annually.
  3. Minimum amount to deposit in ‘Post office 2-year Time Deposits (TD)’  is ₹1000 annually.
  4. Minimum amount to deposit in ‘Post office 3-year Time Deposits (TD)’  is ₹1000 annually.
  5. Minimum amount to deposit in ‘Post office 5-year Time Deposits (TD)’  is ₹1000 annually.
  6. Minimum amount to deposit in ‘Post office 5-year Recurring Deposits Scheme (RD)’  is ₹100 annually.
  7. Minimum amount to deposit in ‘Senior citizen Savings scheme (SCSS)’  is ₹1000 annually.
  8. Minimum amount to deposit in ‘Monthly Income Scheme (MIS)’  is ₹1000 annually.
  9. Minimum amount to deposit in ‘National Savings Certificate (NSC)’  is ₹1000 annually.
  10. Minimum amount to deposit in ‘Public provident fund (PPF) scheme’  is ₹500 annually.
  11. Minimum amount to deposit in ‘Kisan Vikas Patra (KVP)’  is ₹1000 annually.
  12. Minimum amount to deposit in ‘Sukanya Samriddhi Yojana (SSY) Account’  is ₹250 annually.

Summary of Maximum amount to deposit in the Post office and Small savings schemes :

  1. Maximum amount to deposit in ‘Post office Savings account’  is Unlimited annually.
  2. Maximum amount to deposit in ‘Post office 1-year Time Deposits (TD)’  is Unlimited annually.
  3. Maximum amount to deposit in ‘Post office 2-year Time Deposits (TD)’  is Unlimited annually.
  4. Maximum amount to deposit in ‘Post office 3-year Time Deposits (TD)’  is Unlimited annually.
  5. Maximum amount to deposit in ‘Post office 5-year Time Deposits (TD)’  is Unlimited annually.
  6. Maximum amount to deposit in ‘Post office 5-year Recurring Deposits (RD)’  is Unlimited annually.
  7. Maximum amount to deposit in ‘Senior citizen Savings scheme (SCSS)’  is 15 Lakh annually.
  8. Maximum amount to deposit in ‘Monthly Income Scheme (MIS)’  is 4.5 for Single account and 9 Lakh for joint account annually.
  9. Maximum amount to deposit in ‘National Savings Certificate (NSC)’  is Unlimited annually.
  10. Maximum amount to deposit in ‘Public provident fund (PPF) scheme’  is 1.5 Lakh per year annually.
  11. Maximum amount to deposit in ‘Kisan Vikas Patra (KVP)’  is Unlimited annually.
  12. Maximum amount to deposit in ‘Sukanya Samriddhi Yojana (SSY) Account’  is 1.5 Lakh per year annually.

Summary of Maturity period of the Post office and Small savings schemes :

  1. There is no Maturity period of ‘Post office Savings account’.
  2. Maturity period of ‘Post office 1-year Time Deposits (TD)’  is 1 year.
  3. Maturity period of ‘Post office 2-year Time Deposits (TD)’  is 2 years.
  4. Maturity period of ‘Post office 3-year Time Deposits (TD)’  is 3 years.
  5. Maturity period of ‘Post office 5-year Time Deposits (TD)’  is 5 years.
  6. Maturity period of ‘Post office 5-year Recurring Deposits Scheme (RD)’  is 5 years.
  7. Maturity period of ‘Senior citizen Savings scheme (SCSS)’  is 5 years.
  8. Maturity period of ‘Monthly Income Scheme (MIS)’  is 5 years.
  9. Maturity period of ‘National Savings Certificate (NSC)’  is 5 years.
  10. Maturity period of ‘Public provident fund (PPF) scheme’  is 15 years.
  11. Maturity period of ‘Kisan Vikas Patra (KVP)’  is till the amount doubles.
  12. Maturity period of ‘Sukanya Samriddhi Yojana (SSY) Account’  is 21 years.

Summary of Entry age to open account in the Post office and Small savings schemes :

  1. Entry age to open account in ‘Post office Savings account’ is 10 years.
  2. Entry age to open account in ‘Post office 1-year Time Deposits (TD)’  is 10 year.
  3. Entry age to open account in ‘Post office 2-year Time Deposits (TD)’  is 10 years.
  4. Entry age to open account in ‘Post office 3-year Time Deposits (TD)’  is 10 years.
  5. Entry age to open account in ‘Post office 5-year Time Deposits (TD)’  is 10 years.
  6. Entry age to open account in ‘Post office 5-year Recurring Deposits Scheme (RD)’  is 10 years.
  7. Entry age to open account in ‘Senior citizen Savings scheme (SCSS)’  is 60 years.
  8. Entry age to open account in ‘Monthly Income Scheme (MIS)’  is 10 years.
  9. Entry age to open account in ‘National Savings Certificate (NSC)’  is 10 years.
  10. Entry age to open account in ‘Public provident fund (PPF) scheme’  is 18 years.
  11. Entry age to open account in ‘Kisan Vikas Patra (KVP)’  is 10 years.
  12. Entry age to open account in ‘Sukanya Samriddhi Yojana (SSY) Account’  is 0 to 10 years.

Details about all Govt. small savings schemes in post office and bank – How to open, minimum amount, penalty, maturity and close etc.:

Now, we shall know the details of all the instruments of small savings schemes. How to open the account, eligibility to open the account, minimum and maximum amount to invest, maturity period of schemes, tax benefits on schemes, premature withdrawal and penalty, if we withdraw the money or close it before maturity.

1. Savings Account (Post office):

  • How to Open Post office savings account?
    • 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
    • Account can be opened by INR 500/- cash only.
    • One account can be opened in one post office.
  • 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 are available, Cheque facility can be taken in an existing account also.
  • Interest earned is Tax Free up to INR 10,000/- per year from financial year 2020-21.
  • 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.
  • 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.

Also Read: ICICI, HDFC, AXIS Bank’s FD interest rates

2. National Savings Time Deposit Account (Post office)

  • How to Open Post office National savings times deposit account?
    • Account may be opened by
      (i) a single adult,
      (ii) Joint Account (Maximum 3 adults)
      (iii) Minor above 10 yearsof age
      (iv) A guardian on behalf of a minor/Person of unsound mind
    • 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.
    • Any number of accounts can be opened in any post office.
  • 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.
  • 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 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 expiry of 6 month, If closed between 6 month to 12 month from 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.

3. National Savings Recurring Deposit Account (Post office)

  • How to Open Post office National savings Recurring deposit account?
    • 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
    • Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque.
    • Any number of accounts can be opened in any post office.
  • Nomination facility is available at the time of opening and also after opening of account.
  • 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 account.
  • Account can be transferred from one post office to another.
  • Subsequent deposit can be made up to 15th day 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, default fee @ 1 Rs for every 100 rupee 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 rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for 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 date of opening. Account can be extended for further 5 year by giving application at account office.

4. Senior Citizens Savings Scheme Account (Bank / Post office)

  • How to Open Senior citizen savings scheme account?
    • It can be opened in a bank or post office.
    • 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
    • A 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.
    • 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.
    • 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.
  • Maturity period is 5 years.
  • A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).
  • 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.
  • In 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 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 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.

5. National Savings Monthly Income Scheme(Post office)

  • How to Open Post office National savings monthly income account?
    • 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.
    • 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 (Rs. 4.5 Lakh).
  • 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,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.

​6. National Savings Certificates (VIII Issue) ​Account (Bank / Post office)

  • How to Open National savings certificates (viii issue) account?
    • It can be opened in a bank or post office.
    • Certificate may 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
      (iv) An adult on behalf of a minor.
      (v) A guardian on behalf of a person of unsound mind.
  • NSC will be issued in the shape of Passbook w.e.f. 01.07.2016.
  • 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.

*In case of NSC VIII , transfer of certificates from one person to another can be done only once from date of issue to date of maturity.

*​At the time of transfer of Certificates from one person to another, old certificates will not be discharged. Name of old holder shall be rounded and name of new holder shall be written on the old certificate and on the purchase application(in case of non CBS Post offices) under dated signatures of the authorized Postmaster along with his designation stamp and date stamp of Post office.

7. Public Provident Fund Account (Bank / Post office)

  • How to Open Public provident fund savings account?
    • It can be opened in a bank or post office.
    • An individual can open 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 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.
    • 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.
    • The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
    • The PPF account can be opened ​in all depart​mental post offices.
  • 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.
  • 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 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 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 IPPB Saving Account..
  • No attachment under court decree order.
  • 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 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.

​8. Kisan Vikas Patra Account (Bank / Post office)

  • How to open Kisan Vikas Patra savings account?
    • It can be opened in a bank or post office.
    • 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 can be purchased from any Departmental Post office.
  • KVP will be issued in the shape of Passbook w.e.f. 01.07.2016.
  • 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.

9. Sukanya Samriddhi Account (Bank / Post office) – in details

  • How to open Sukanya samriddhi account?
    • It can be opened in a bank or post office.
    • A legal Guardian/Natural Guardian can open account in the name of Girl Child.
    • A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
    • Account can be opened up to age of 10 years only from the date of birth.
  • If minimum Rs 25​0/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with 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.
  • 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 month from date of marriage).
  • Online Deposit facility is available through Intra Operable Netbanking and IPPB Saving Account.

Disclaimer: For any clarification, contact post office or concerned bank. Consult financial advisors before investing.

If you liked this article, kindly share it on any platform, whatsapp, facebook, twitter, Linkedin etc. below to keep us motivated.

8 thoughts on “Post office and small savings schemes Interest rates from 1st Oct 2021

Leave a Reply

%d bloggers like this: