Post Office Saving Scheme- Interest Rate Calculator, Apply Online

The Department of Posts (DoP) has served as the communication hub of the nation for more than 150 years and has been essential to its social and economic growth. Delivering mail, accepting deposits under Post Office Saving Scheme 2022, offering life insurance coverage under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI), and offering retail services like bill collection, the sale of forms, among other things, all have an impact on the lives of Indian citizens. Along with providing various Post Office Saving Schemes for individuals, such as paying old age pensions and Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) wages, the DoP also represents the Government of India. Before creating a savings account at the post office, people can look into different Post Office Saving schemes and compare the interest rates with Post Office Savings Account Interest Rate.

Post Office Saving Scheme 2022

The Post Office of India, introducing various Schemes under Post Office Saving Scheme to assist consumers to save money and take advantage of high-interest rates. Section 80C of the Income Tax Act also relieves you of paying taxes. The post office administers several programmes, including the Samriddhi Yojana and the Sukanya plan. For investing, there are several Post Office savings plans available. This Post Office Savings Scheme will solve many questions regarding how to transfer money from a bank account to a post office account. To facilitate NEFT, RTGS, and online money transfers to any bank account, the Finance Ministry has approved linking PO Savings Accounts with IPPB (full-fledged digital banking). The majority of investors in this Post Office  Savings Scheme are senior citizens and women from rural and semi-rural regions because the initial balance requirement for a savings account is only Rs. 500.

Post Office Saving Scheme 2022

Key Highlights of Post Office Saving Scheme

Conducted ByGovernment of India
Name of SchemePost Office Saving Scheme 2022
ObjectiveTo encourage people to save money
BenefitsThe interest rates vary from 4% to 9%
Eligibility CriteriaApplicant must have an account in Post Office
BeneficiariesIndian Citizens
Official WebsiteOfficial Website

Objective of Post Office Saving Scheme 2022

The Post Office Savings Scheme’s primary goal is to encourage consumers to save money. For investors that participate in the Post Office Savings Scheme 2022, the government has created provisions for substantial interest rates as well as tax exemptions. Through this strategy, investors will develop strong financial foundations. The Post Office Savings Scheme has several programmes that were developed with individuals of various socioeconomic strata in mind, not just one. To have a plan for every segment of the population, efforts have been undertaken. so that as many individuals as possible participate in the post office savings plan. 

Benefits of Post Office Saving Scheme

  • By making an investment in the Post Office Savings Scheme, people will encourage to save money.
  • The directors’ financial situation will get better by making savings.
  • Applying for the Post Office Savings Scheme is fairly simple.
  • Application materials for the Post Office Savings Scheme 2021 are quite minimal.
  • A long-term investment plan is the Post Office Savings Scheme.
  • Interest rates for the Post Office Savings Scheme range from 4% to 9%.
  • The Post Office Savings Scheme is a government programme that carries zero risk.
  • Under section 80C of the Income Tax Act, investing in the Post Office Savings Scheme entitles the investor to tax relief.
  • For every class of individuals, many sorts of plans have been preserved.

Eligibility Criteria

Applicant must be an Indian permanent resident of India in order to apply for the Post Office Savings Scheme.

Type of Post Office Saving Schemes 2022

Post Office Saving Account

It resembles a bank account from the post office. The Post Office Savings Account interest rate has been held steady at 4%. It attracts a full tax. A minimum balance of 500 rupees must always be kept in a post office savings account.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹500
  • no maximum limit
  • Period of Premature Closure
  • No limit
  • Saving Maturity
  • No limit

Post Office Time Deposit Scheme

The Post Office Time Deposit Scheme offers a variety of tenure choices for investments. The scheme’s minimum investment requirement is set at Rs. 1000. The account created under this system may be given to another person. Four workdays are grouped into this account. If you make a deposit for a year, the interest rate of 5.5 percent has been maintained. For two years and three years, the interest rate of 5.5 percent has also been maintained. However, the interest rate of 6.7 percent has been maintained for deposits made for a period of five years.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹1000
  • no maximum limit
  • Period of Premature Closure
  • 6 months after account opening
  • Saving Maturity
  • 1 year, 2 years, 3 years, 5 years

Sukanya Samriddhi Scheme

The females stand to gain from maintaining this system. Under this plan, an interest rate of 7.6% has been set. Additionally, the minimum and maximum investments in this programme are 250 and 1,50,000 respectively, for a single circular year. In order to participate in this programme, you must invest a minimum of 15 years after your account is opened.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹ 250
  • Maximum limit ₹ 150000 in 1 year
  • Period of Premature Closure
  • 5 years after account opening
  • Saving Maturity
  • After 15 years from the date of investment

National savings certificate

The investment maturity time for this programme has been set at 5 years. Additionally, a 6.8% interest rate has been set in this plan for the benefit of the investors. The minimum investment amount in this programme is $1,000, and there is no set limit.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit:- ₹1000
  • maximum limit:- no maximum limit
  • Period of Premature Closure
  • 5 years after account opening
  • Saving Maturity
  • 5 years after the date of investment

Public provident fund

An investing plan for the long term is the Public Provident Fund. it lasts for fifteen years. Under this plan, an interest rate of 7.1% has been set. The minimum and maximum investment amounts in this programme are 500 and 1,50,000 respectively.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹500
  • Maximum limit ₹ 150000 in 1 year
  • Period of Premature Closure
  • 5 years after account opening
  • Saving Maturity
  • 15 years after account opening

Senior Citizen Saving Scheme

This programme is intended for investors who are at least 60 years old. Under this plan, an interest rate of 7.4% has been set. The minimum and maximum investment amounts in this plan are 1,000 and 15,000 respectively.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹1000
  • Maximum Limit ₹ 1500000
  • Period of Premature Closure
  • Account can be closed at any time
  • Saving Maturity
  • 5 years after account opening

Kisan Vikas Patra

This programme is intended for the nation’s farmers. Under this plan, an interest rate of 6.9 percent has been set. This programme has a 9 years, 4 month lifespan. The minimum investment amount in this programme is $1,000, and there is no set limit.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹1000
  • no maximum limit
  • Period of Premature Closure
  • After 2 years 6 months of investing
  • Saving Maturity
  • Depending on what the Ministry of Finance decides at any given moment

Post office recurring deposit

It has a 5-year term and is a monthly investment plan. In this programme, the investor must make a monthly investment. This plan’s interest rate has steady at 5.8%. There is no set maximum investment amount in this plan; the minimum investment amount is 100.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹100
  • no maximum limit
  • Period of Premature Closure
  • 3 years after account opening
  • Saving Maturity
  • 5 years after account opening

Post Office Monthly Income Scheme

In accordance with this plan, the investor receives a fixed monthly return on his investment. The minimum investment amount in this plan is set at Rs 1000. Additionally, the maximum amount has set at Rs. 9,00,000 for a combined account and Rs. 4.5 lakh for a single holding account. Under this plan, an interest rate of 6.6 percent has set. This scheme’s maturity duration was fix at 5 years.

  • Minimum and Maximum Limit for Saving in Account:-
  • Minimum limit ₹1000
  • Maximum limit ₹450000 in single account
  • and ₹ 900000 in joint account
  • Period of Premature Closure
  • 1 year after account opening
  • Saving Maturity
  • 5 years after account opening

POST OFFICE SAVING SCHEME AND TAX ABILITIES

Post Office Saving Account

Section 80C of the Income Tax Act exempts both the interest earned and the maturity amount from taxation. Additionally, a tax deduction of 1.5 lakh rupees is available.

Kisan Vikas Patra

Investments up to £150,000 are free from taxation under Section 80C of the Income Tax Act.

Sukanya Samriddhi Account

Interest is free from taxation up to 50,000.

Post Office Time Deposit

There would be a tax deduction of 1.5 lakh rupees per year under Section 80C of the Income Tax Act.

Post Office Monthly Income Scheme

Under this plan, there is no exemption, and the interest is completely tax as well.

Post Office Recurring Deposit Account 5 years

The interest received through this plan is wholly taxable.

Senior Citizen Saving Scheme

Section 80A provides a tax exemption of up to $150,000 and a TDS rebate of up to $500,000 on interest.

National Savings Certificate

1.5 lakh rupees in tax exemptions under section 80C.

Public Provident Fund

TDS is collected on interest, but the maturity amount is tax-free.

Fees for the Post Office Saving Scheme 

  • Duplicate Passbook Issue: Rs-50
  • Obtaining a deposit receipt or a statement of accounts: Rs-20
  • Issuance of a passbook in place of a damaged or missing certificate: Rs-10
  • Nomination revocation: Rs-50
  • Account Pledge: 100 Account Transfer: Rs-100
  • issuing checks from savings account No charge for the first: Rs-10, checks; $2 each check after that
  • Charges of $100 for cheque dishonour

Documents Required

  • Aadhar Card
  • PAN Card
  • Passport size photograph
  • Mobile number
  • Proof of residence

Atal Pension Yojana 

Procedure for applying under Post Office Saving Scheme 2022

Follow the steps below if you wish to apply for the Post Office Savings Scheme 2022:

  • Applicants must visit the closest post office in your area.
  • Now, applicants choose any Scheme for which they want to apply and ask for the application form which must obtain from the post office.
  • Now, carefully fill in every piece of information requested on the form, such as your name and address.
  • All required paperwork must include.
  • You must now mail this form to the post office.
  • The process for applying to the Post Office Savings Scheme is as follows.

Procedure to Giving Feedback

Post Office Saving Scheme 2022
  • The homepage will open on your screen, where you scroll down to click on the Feedback Option.
Feedback
  • A new will open where you fill Name, Email ID, Complaint and much more.
  • After that click on Submit button.

Contact Details

  • Customer Care Toll-Free Number 1800 266 6868
  • 09.00 am to 06.00 pm (except Sunday and gazetted holidays)

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