S. N.

Name of Scheme

Maturity period

Features

1

No period prescribed

• The account may be opened with minimum of Rs. 500/-
• No maximum deposit limit.
• Interest up to Rs. 10000/-qualifies for deduction from Income under 80 TTA of Income Tax Act.

2

National Savings Recurring Deposit Account

5 Years

• The account may be opened with minimum Rs. 100/- per month or any sum in multiples of Rs. 10.
• No maximum deposit limit.
• Account matures in 5 years
• Account can be closed prematurely after three years with simple interest at the rate of Post Office Savings Account .
• An Accountcan be continued with deposits or without deposits after maturity for another five years.

3

National Savings Time Deposit Account

1 Year

2 Year

3 Year

5 Year

• The account may be opened with minimum of Rs. 1000/- and in any sum in multiples of Rs. 100/-.
• No maximum deposit limit.
• An account can be closed after 6 months.
• Interest shall be compounded on quarterly basis and payable annually.
• Deposits in 5 year Time Deposit qualifies for deduction under U/S 80-C of Income Tax Act.

4

National Savings (Monthly Income Account) Scheme

5 Years

• The account may be opened with minimum of Rs. 1000/- & in the multiples thereof.
• Maximum of Rs 9 Lakhs may be deposited in Single Account and Rs.15 Lakhs in Joint account.
• More than one account may be opened subject to the maximum ceiling limit.
• Interest shall be payable on monthly basis.
• The account may be closed prematurely after one year.

5

Senior Citizen Savings Scheme

5 Years

• The account may be opened with minimum of Rs. 1000/- & in the multiples thereof with maximum deposit of Rs. 30 lakhs.
• An individual who has attained the age of 60 years or above can open an account.
• An individual who has attained the age of 55 years or more but less than 60 years and has retired under superannuation, VRS or special VRS, can open an account subject to the condition.
• Retired personnel of defence services (excluding civilian defence employees) may open an account on attaining the age of 50 years subject to the fulfillment of other specified conditions.
• Interest is payable on quarterly basis on the 1st working day of April/July/October/January.
• After maturity , account can be extended for any number of a block of 3 years.
• Premature closure is permissible subject to certain conditions.
• Deposit in SCSS qualifies for Income tax rebate under sec. 80C of IT Act.

6

National Saving certificate (VIII issue)

5 Years

• Minimum deposit of Rs. 1000/- and in the multiples of 100.
• No maximum deposit limit.
• Deposit in NSC qualifies for tax rebate under sec-80C of Income Tax Act.
• The account shall be prematurely closed on certain conditions.
• Account may be pledged or transferred as security as per rules.

7

Kisan Vikas Patra

Variable

• The account may be opened with minimum deposit of Rs. 1000/- and in any sum in multiples of 100 rupees.
• No maximum deposit limit.
• Money doubles on maturity.
• The account may be prematurely closed under certain circumstances.
• Account may be pledged or transferred as security.

8

Public Provident Fund Scheme

15 Years

• The account may be opened with minimum deposit of Rs. 500/- & Maximum Rs. 150000/- in a financial year.
• Deposit qualifies for deduction under 80C of Income Tax Act.
• Facility of loan is available from 3rd financial year.
• Withdrawl facility is also available from 7thfinancial year.
• The accountmay be prematurely closed subject to the certain conditions.
• After maturity, account can be extended for any number for a block of 5 years with further deposits.
• Account can be retained indefinitely without further deposit after maturity with the prevailing rate of interest.

9

Sukanya Samriddhi Account

21 Years

• The account may be opened by one of the guardian in the name of a girl child till she attains the age of 10 years with minimum deposit of Rs. 250/- & Maximum Rs. 150000/- in a financial year.
• Deposit qualifies for deduction under 80C of IT Act.
• The account shall mature on completion of a period of 21 years from the date of its opening.
• Withdrawal upto 50% shall be allowed for the purpose of education of the account holder if she attains the age of 18 years or passes 10th standard, whichever is earlier.