Time Deposit Account

Time Deposit Account

v Any individual (a single adult or two adults jointly) can open an account.

v Group Accounts, Institutional Accounts and Misc. account not permissible.

v Trust, Regimental Fund or Welfare Fund not permissible to invest.

v 1 Year, 2 Year, 3 Year and 5 Year Time Deposit can be opened.

v In case of premature closure of 1 year, 2 Year, 3 Year or 5 Year account on or after 01.12.2011, if the deposit is withdrawn after 6 months but before the expiry of one year from the date of deposit, simple interest at the rate applicable to from time to time to post office savings account shall be payable.

Senior Citizen Savings Scheme (SCSS) Account

Senior Citizen Savings Scheme (SCSS) Account

 

Ø A new avenue of investment and return for Senior Citizen.

Ø The account may be opened by an individual,

Ø Who has attained age of 60 years or above on the date of opening of the account.

Ø Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.

National Savings Certificates (NSC)

National Savings Certificates (NSC)

 

ü NSC VIII Issue

ü Scheme specially designed for Government employees, Businessmen and other salaried classes who are Income Tax assesses.

ü No maximum limit for investment.

ü No Tax deduction at source.

ü Certificates can be kept as collateral security to get loan from banks.

ü Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act.

ü Trust and HUF cannot invest.

ü Rate of interest 8.50%.

Public Provident Fund Account

Public Provident Fund Account

Ø Ideal investment option for both salaried as well as self employed classes.

Ø Non-Resident Indians (NRIs) are not eligible.

Ø Investment up to INR. 1,00,000 per annum qualifies for IT Rebate under section 80 C of IT Act.

Ø The rate of interest on the subscriptions made to the fund on or after 01.12.2011 and balances at credit of the subscriber in the existing PPF account shall bear interest at the rate of eight point seven per cent (8.70%) per annum.

Ø Loan facility available from 3rd financial year upto 5th financial year. The rate of interest charged on loan taken by the subscriber of a PPF account on or after 01.12.2011 shall be 2% p.a. However, the rate of interest of 1% p.a. shall continue to be charged on the loans already taken or taken up to 30.11.2011.

Monthly Income Scheme (MIS) Account

Monthly Income Scheme (MIS) Account

ü Safe & sure way to get a regular monthly income.

ü Specially suited for retired employees/ Senior Citizens or any one with high sum for investment.

ü Rate of interest 8.40%.

ü Maturity Period - Five Years.

ü No Bonus on Maturity w.e.f. 01.12.2011.

ü Auto credit facility to SB Account.

Recurring Deposit Account

Recurring Deposit Account

 

v Any individual (a single adult or two adults jointly) can open an account.

v Advance Deposits earn rebate.

v Four defaults are allowed.

v Rate of interest 8.30% 

v Maturity value of a 5 Years RD account opened on or after 1.4.2013 with monthly deposit of INR.10/- shall be INR.744.53.

Savings Account

Savings Account

Ø  Any individual can open an account.

Ø  Cheque facility available.  

Ø  Group Account, Institutional Account, other Accounts like Security Deposit account & Official Capacity account are not permissible

Ø  Rate of interest 4% per annum