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POST OFFICE SCHEMES

	Post Office
	Public Provident Fund
	Senior Citizen's Savings Plan
	Post Office Monthly Income Plan
	Post Office Time Deposit Plan
	Six Years National Savings Certificate (8th Issue)
	Kisan Vikas Patra
	Post Office Savings Account

POST OFFICE

Postal Saving Scheme is considered as one of the most preferred and secured saving instrument for small investors. The securities are backed by the government. The rate of interest of the postal scheme does not fluctuate continuously. Hence, it remains all time favorite instrument for small investors.

Wide network of post office also helps investor to access their details easily. Few of the savings in the postal deposits also offer tax benefit and tax-free return.

GIIS Financial considers postal deposits as a preferential debt instrument whole allocating the fund from the portfolio of the client. GIIS Financial serves in different ways:

1. Open postal deposit accounts

2. Maintain account details of our client on our website that our client can access 24x7

3. Keep a track of interest transferred

4. Maturity details

5. Cheque collection & deposits

Given below are the various schemes in which you may like to invest under the Postal Savings Scheme:

Government plans that are presented through Post Offices and Nationalized Banks:

Public Provident Fund

� The rate of interest is 8% compounded annually.

� The minimum deposit is 500/- per annum

� The maximum deposit is Rs. 70,000/- per annum

� Interest earned is totally tax free under section 80C.

� Loan facility available from third year

� The Public Provident Fund Plan is a statutory plan of the Central Government of India for 15 years

� Deposit with a minimum amount of Rs.500/- is mandatory in each financial year.

� The deposit can be in lump sum or in convenient installments, not more than 12 installments in a year or two installments in a month, subject to total deposit of Rs.70,000/-.

� It is not necessary to make a deposit in every month of the year.

� The account in which deposits are not made for any reason is treated as discontinued, but such an account cannot be closed before maturity.

� The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.

� The account can be opened by an individual or a minor through the guardian.

� Joint account is not permissible.

� Those who are contributing to GPF Fund or EDF account can also open a PPF account.

� A Power of Attorney holder can neither open nor operate a PPF account.

� The grandfather/mother cannot open a PPF on behalf of his/her minor grandson/daughter.

� The deposits shall be in multiples of Rs.5/- subject to minimum of Rs.500/-.

� The deposit in a minor account is clubbed with the deposit of the account of the guardian for the limit of Rs.70,000

� No age is bar for opening a PPF account

� Interest is not contractual but the rate is notified by the Ministry of Finance, Government of India, at the end of financial year.

� The facility of first withdrawal in the 7th year of the account subject, to a limit of 50% of the amount at credit preceding three year balance

� Thereafter one withdrawal in every year is permissible.

� Premature closure of a PPF Account is not permissible except in case of death.

� Nominee/legal heir of PPF Account holder on death of the account holder cannot continue the account.

� The account holder has an option to extend the PPF account for any period in a block of 5 years at each time.

� The account holder can retain the account after maturity for any period without making any further deposits.

� The balance in the account will continue to earn interest at normal rate as permissible till the account is closed.

� One withdrawal in each financial year is also permissible in such account.

� A PPF account can be opened either in a Post Office or in a Nationalized Banks.

� The Account can be transferred from one Post Office to other Post Office or to Bank or from a Bank to a Post office.

� Deposits are exempt from wealth tax

� The balance amount in the PPF account is not subject to attachment under any order or decree of court in respect of any debt or liability.

� One can avail nomination facility

� One of the best options for long term investment

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Senior Citizen's Savings Plan

• 9% interest per annum payable quarterly.

• Minimum Deposit of Rs 1000 and multiples thereof

• Maximum Limit is of 15 Lakhs

• The plan is for 5 years and can be extended for a further period of 3 years.

• Premature closure facility is available after 1 year with nominal penalty.

• Risk free investment

• Individual aged of 60 years and above can invest.

• Retiring employees aged 55 years and above can invest under plan.

• A tax saving instrument

• Joint account can be opened with spouse.

• Best Return

• Very Safe investment plan proposed by the Central Government of India

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Post Office MIS

• Interest rate of 8% per annum allocated monthly.

• 5% bonus is also payable on maturity period of 6 years.

• Minimum investment amount is Rs.1500/- or it can be in multiple thereof.

• Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.

• Premature encashment facility is available after one year.

• No TDS.

• Account can be opened by an individual, by two/three adults jointly, and by a minor through a guardian.

• A minor having attained 10 years of age can open his/her account directly on his/her own name.

• Non-Resident Indian / HUF cannot open an Account. Minors have a separate limit of investment of Rs. 3 lakhs. This cannot be clubbed with the limit of guardian.

• New account is opened for each deposit.

• Any number of accounts can be opened subject to the maximum prescribed limit.

• Automatic credit of monthly interest to saving account can be availed if accounts are at the same post office.

• Facility of premature closure of account after 1 year to 3 years @ 2.00% discount.

• Deduction of 1% if account is closed prematurely at any time after three years.

• Facility of reinvestment on maturity of an account.

• Interest that is not withdrawn does not carry any interest.

• On maturity if the amount is not drawn you are eligible to earn savings account interest rate for a maximum period of two years.

• Account is transferable to any Post Office in India, free of cost.

• One can avail the facility of Nomination.

• Rebate under section 80 C is not permissible.

• Relevant plan for senior citizens and for those who need regular monthly income.

• Deposits are exempted from Wealth Tax.

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Post Office Monthly Income Plan

Post Office Time Deposit Plan

Interest payable annually but calculated quarterly at following rates:

Period	Rate of Interest
One Year	6.25%
Two Years	6.50%
Three Years	7.25%
Five Years	7.50%

• Minimum amount of deposit is Rs.200/-.

• No maximum limit.

• Account can be closed after 6 months but before one year without any interest.

• Facility of redeposit on maturity of an account.

• No interest is payable on accumulated interest amount.

• Account can be opened by an individual, two adults jointly and minor through guardian.

• A Minor who has attained the age of 10 years can open the account in his/her own name to be operated directly

• Non Resident Indian / HUF cannot open the account.

• Any number of accounts can be opened.

• Two, three and five years accounts can be closed after one year at a discounted rate of interest.

• Deposits not drawn on maturity are eligible to saving account interest rate for a maximum period of two years.

• Account can be mortgaged as security against a loan to banks/ Government institutions.

• Accounts are transferable from one Post office to any Post office in India.

• Rebate under section 80-C is not admissible.

• Interest income is taxable.

• Deposits are exempt from wealth tax.

• No T.D.S

• One can avail the facility of nomination.

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Six Years National Savings Certificate (8th Issue)

• Rs. 1000/- yields to Rs. 1601/- in six years.

• Minimum investment is of Rs. 500/-

• Maximum- no limit

• Certificates can be mortgaged as security against a loan with banks or other financial Institutions.

• A Tax saving investment under Sec 80C

• Individual or minor can apply

• Interest rate of 8% is compounded half yearly

• Two adults, individual, and minor through guardian can purchase NSC.

• Non-resident Indian, HUF, Companies, Trusts, Societies or any other Institutions cannot purchase NSC

• Premature encashment facility is not available.

• Annual interest earned is deemed to be reinvested and qualifies for tax rebate for the first 5 years under section 80 C of the Income Tax Act.

• Maturity proceeds not drawn are eligible to Post Office Savings Account interest for a maximum period of two years.

• Facility of reinvestment on maturity

• Facility of encashment of certificates through banks

• Certificates can be cashed at any Post Office in India before maturity by way of transfer to desired Post Office.

• Certificates are transferable to any Post office in India.

• Certificates are transferable from one person to another person before maturity.

• Duplicate certificate can be issued for in case the original one gets lost, stolen, destroyed, mutilated or defaced certificate.

• One can avail the facility of nomination.

• Facility of purchase/payment is given to the holder of Power of Attorney.

• Tax Saving instrument - Rebate permissible under section 80 C of Indian Income Tax Act

• Deposits are exempt from Wealth Tax.

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Kisan Vikas Patra

• Money doubles in 8 years and 7 months.

• Facility for premature encashment

• No maximum limit on investment

• No TDS

• Rate of interest 8% is compounded annually

• Two adults, individual and minor through guardian can purchase

• Non-resident Indian, HUF, Companies, Trusts, Societies or other Institutions are not eligible to purchase

• Maturity proceeds not drawn are eligible for Post Office Savings account interest for a maximum period of two years

• Facility of reinvestment on maturity

• KVPs can be pledged as security against a loan to Banks/Govt. Institutions.

• KVPs can be cashed at any Post Office before maturity by way of transfer to desired Post office.

• KVPs are transferable to any Post Office in India

• KVPs are transferable from one person to another person before maturity.

• Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced patras.

• One can avail the facility of nomination

• Facility of purchase/payment of Kisan Vikas Patras is given to the holder of Power of Attorney.

• Rebate under section 80 C is not permissible

• Deposits are exempt from Wealth Tax

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Post Office Savings Account

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