Type Of Service Provider Consulting Firm, Type Of Service Contract Retainer Based Post Office MIS, Location Thane, Service Type Post Office Saving Scheme Service

Salient features interest rate of 8. 20% per annum payable monthly. 5% bonus also payable on maturity for accounts opened before 1st december 2011, For accounts opened after 1st december 2011 no bonus payable on maturity. Maturity period is 5 years. Minimum investment amount is rs. 1500/, Or in multiple thereof. Maximum amount is rs. 4. 50 lakhs as a singular account and rs. 9 lakhs in a joint account. Premature encashment facility after one year. No tds. Account can be opened by an individual, Two/three adults jointly, And a minor through a guardian. A minor having attained 10 number of years old is capable of accessing an account in his/her own name directly. Non, Resident indian / huf cannt open an account. Minors have a separate cap on funding of rs. 3 lakhs and the same is not clubbed with the limit of guardian. A separate account is opened for each deposit. Any number of accounts can be opened governed by the maximum prescribed limit. Facility of automatic credit of monthly interest to saving account if accounts are at that moment 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 any moment you choose after three years. Facility of reinvestment at the time of maturity for an account. Interest not withdrawn does not carry any interest. Maturity proceeds not drawn are eligible to earn savings account annual interest percentage for a maximum period of two years. Account is transferable for all posts office in india, Free of cost. Nomination facility is available. Rebate under section 80 c cannot be classified as admissible. Most suitable scheme for mature seniors and intended for individuals who need regular monthly income. Deposits are exempt from wealth tax.