Post Office Saving Scheme 2020 & 2021: Post Office Savings Scheme

Post Office Saving Scheme 2020:-As you all know, like the bank, the post office in our country also runs many saving schemes. These saving schemes make it easy for people to save money. Today we are going to provide you all the important information related to the Post Office Saving Scheme 2020 through this article.

Such as the process of applying for a post office saving scheme, purpose, type of post office saving scheme, eligibility, benefits, etc. If you want to know all the important information related to the Post Office Saving Scheme 2020, then you are requested to read this article till the end.

What is the Post Office Savings Scheme Scheme?

You must have heard the name of the India Post. India Post controls the country’s postal chain. But apart from controlling the postal chain, India Post also runs a lot of deposit saving schemes for investors. Which we know as Post Office Saving Scheme or Post Office Savings Scheme. Investors in Post Office Savings Scheme provide investors with high-interest rate plus tax benefits.

Tax exemption is given under section 80C of the Income Tax Act. The post office runs a number of savings schemes. Such as Public Provident Fund, Sukanya Samriddhi Yojana, National Saving Certificate, etc. We will tell you about all these schemes in this article.

Purpose of post office saving scheme

The main objective of the post office saving scheme is to promote a sense of saving among the people. For this, the government has made a provision for higher interest rates as well as tax exemption for the investors investing in the Post Office Saving Scheme 2020. Investors will become financially stronger through this scheme.

Post Office Saving Scheme 2020
Post Office Saving Scheme 2020

Not only one, but many schemes have also been started in the Post Office Savings Scheme which has been started keeping in mind the people of all categories. An attempt has been made to have some scheme for all classes of people. So that more and more people invest in post office saving scheme.

Post Office Saving Scheme 2020

The central government has revised the interest rates of post office savings schemes for the quarter of 1 July 2020 to 30 September 2020. The new interest rates on post office plans have been kept unchanged for this quarter. Checking of new interest rates for Time Deposit (TD), Public Provident Fund (PPF), Sukanya Samriddhi Account, Senior Citizen Savings Scheme (SCSS), Recurring Deposit (RD),

National Savings Certificate (NSC, Kisan Vikas Patra (KVP) ), Monthly Income Scheme (MIS), PO Savings Account Schemes. People of the country can check the table 2020 of the new interest rates of the post office savings schemes applicable to the various post offices applicable for the period 1 July 2020 to 30 September 2020. Refers to the current rate of the schemes.

Benefits and features of post office saving scheme

  • Investing in the Post Office Savings Scheme will motivate people to save money.
  • The economic situation of directors will improve by saving money.
  • It is very easy to apply to the post office saving scheme.
  • Very few documents are required to apply in the Post Office Savings Scheme.
  • The post office saving scheme is a long term investment scheme.
  • Post office saving schemes have interest rates ranging from 4% to 9%.
  • The Post Office Savings Scheme is a government scheme that is completely risk-free.
  • Provision for tax exemption has been made to the investor under Section 80C of the Income Tax Act by investing in the post office saving scheme.
  • Different schemes have been introduced for people of all classes.

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Types of post office saving scheme

Post Office Saving Account: Post office saving account is like a bank account. The post office savings account has an interest rate of 4%. Which is fully taxable. It is mandatory to keep a minimum amount of ₹ 50 in a post office saving account.

Post office time deposit scheme: There are different tenure options to invest in post office time deposit scheme. The minimum amount to invest in the scheme has been fixed at ₹ 200. Accounts opened in this scheme can be transferred to another. This account is divided into four work periods.

If you make a 1-year deposit, an interest rate of 5.5% is kept, for 2 years an interest rate of 5.5 percent is kept, and for 3 years also an interest rate of 5.5 percent. But if you deposit for 5 years, then the interest rate of 6.7% is kept.

Sukanya Samriddhi Scheme: This scheme has been put in place to benefit girls. An interest rate of 7.6 percent has been fixed under this scheme. And the minimum amount to invest in this scheme is ₹ 1000 and the maximum amount is ₹ 1,50,000. Which is for a circular year. Under this scheme, it is mandatory to invest a minimum amount of 15 years from the account opening.

National Saving Certificate: The maturity period has been fixed for 5 years to invest in the scheme. And a 6.8 percent interest rate has been fixed for the investors in this scheme. The minimum amount to invest in this scheme has been fixed at ₹ 100 and no maximum amount has been fixed.

Public Provident Fund: Public Provident Fund is a long term investment scheme. The duration of which is 15 years. An interest rate of 7.1 percent has been fixed under this scheme. The minimum amount to invest in this scheme is ₹ 500 and the maximum amount is ₹ 1,50,000.

Senior Citizen Saving Scheme: This scheme is for investors above 60 years of age. An interest rate of 7.4 percent has been fixed under this scheme. The maximum amount of investment in this scheme has been fixed at Rs 15,00,000.

Kisan Vikas Patra: This scheme is for the farmers of the country. An interest rate of 6.9 percent has been fixed under this scheme. The tenure of this scheme is 9 years 4 months. The minimum amount to invest in this scheme is ₹ 1000 and no maximum amount has been fixed.

Post Office Recurring Deposit: This is a monthly investment plan for a period of 5 years. Investors will have to invest in this scheme every month. The rate of interest under this scheme has been kept at 5.8 percent. The minimum amount to invest in this scheme is ₹ 10 and no maximum amount has been fixed.

Post Office Monthly Income Scheme: Under this scheme, the investor is provided a fixed income every month on his investment. The minimum amount to invest in this scheme has been fixed at Rs 1500. And a maximum amount of Rs 4.5 lakh has been fixed for a single holding account and ₹ 9,00,000 joint account. A 6.6 percent interest rate has been fixed under this scheme. The maturity period of this scheme has been kept for 5 years.

Post Office Savings Scheme Eligibility

To apply for the Post Office Savings Scheme, you must be a permanent resident of India.

  • Aadhar Card
  • Pan Card
  • Passport size photograph
  • mobile number
  • Proof of residence

Procedure for applying for post office saving scheme

  • If you want to apply for the Post Office Saving Scheme 2020, follow the procedure given below.
  • First, you have to go to the nearest post office.
  • Now the form for any scheme you want to apply will have to be taken from the post office.
  • Now you have to fill in all the information asked in the form like name, address, etc. carefully.
  • All required documents have to be attached.
  • Now you have to submit this form back to the post office.
  • Thus you can apply in the post office saving scheme.
  • To get more information about post office savings schemes, visit the official website

Contact us

  • First of all, you have to go to the official website. After visiting the official website, the home page will open in front of you. On this home page, you will see the contact us option below.
  • You have to click on this option. After clicking on the option, the next page will open in front of you. On this page, you will find all the contact numbers.

Toll-Free Inquiry Helpline: – 18002666868

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