Post Office Saving Scheme: New Interest Rate Calculator, Apply Online

Post Office Saving Scheme- Interest Rate Calculator, Apply Online, post office saving scheme interest rate, post office saving scheme calculator

Post Office Saving Scheme 2022: 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

new interest rates on post office schemes 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.

Post Office Saving Scheme

Along with providing various Post Office Saving Schemes for individuals, such as paying old age pensions and the Mahatma Gandhi National Rural Employment Guarantee Scheme

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, introduced 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 Main Point Highlights:
Conducted By Government of India
Name of Scheme Post Office Saving Scheme 2022
Objective To encourage people to save money
Benefits The interest rates vary from 4% to 9%
Eligibility Criteria Applicant must have an account in Post Office
Beneficiaries Indian Citizens
Official Website Official Website

Objective of Post Office Saving Scheme 2022

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.

Post Office Saving Schemes – India Post 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 2022

  • 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 2022  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.

Post Office Monthly Income Scheme 2022

The Post Office Monthly Income Scheme (POMIS) is a Government of India-backed small savings scheme that allows the investor (s) to set aside (save) a specific amount every month. Subsequently, interest is added to this investment at the applicable rate and paid out to the depositor(s) on a monthly basis.
6 Best Monthly Income Schemes In India
  • Fixed Deposit. Undoubtedly one of the best and most low-risk income schemes is a bank Fixed Deposit (FD). …
  • Post Office Monthly Income Scheme (POMIS) …
  • Long-term Government Bond. …
  • Corporate Deposits. …
  • SWP from Mutual Funds. …
  • Senior Citizen Saving Scheme.

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

1.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

2. Post Office Time Deposit Scheme

Post Office FD Interest Rates 2022 – Fixed Deposit 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.

Post Office Investment: Saving Schemes & Interest Rates Four workdays are grouped into this account. If you make a deposit for a year, the interest rate of 5.5% has been maintained. For two years and three years, the interest rate of 5.5% has also been maintained. However, the interest rate of 6.7 % 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

3. Sukanya Samriddhi Scheme 2022

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

4. 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

5. 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

6. 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

7. Kisan Vikas Patra

This programme is intended for the nation’s farmers. Under this plan, an interest rate of 6.9 % has been set. This programme has 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

8. Post office recurring deposit

Post Office Saving Scheme for senior citizens 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

9. 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 Savings Account Interest Rate 2022

Post offices have been an integral part of Indian culture for centuries. Post Offices in India are operated under the Department of Post since 1854 and since then have had a major influence on all Indian citizens. With around 2 lakh post offices all around the country, it is one of the most widely spread post networks all around the globe.

Scheme Interest Rate (Updated) Minimum Investment Maximum Investment Eligibility Tax Implications
Post Office Savings Account 4% Rs. 20
Rs. 50 (if not by  cheque)
No limit Individuals
Minors
Exempted Interest up to Rs. 50,000
Kisan Vikas Patra Account 6.9% per annum (Annually Compounded) Rs. 1,000 No limit Individual Interest is taxed but the maturity amount is tax-free
National Savings Certificates (NSC) 6.8% per annum (Annually Compounded) Paid at maturity Rs. 100 No Limit Individual Tax benefit up to Rs. 1,50,000 under Section 80C of the IT Act
National Savings Monthly Income Account 6.6% per annum payable monthly Rs. 1,500 For Individual holder Rs. 4.5 lakhs
For Joint holders Rs. 9 lakhs
Individual Interest earned is taxable with no deductions
National Savings Recurring Deposit Account 5.80% Rs. 10 No limit Individuals including Minors Exempted Interest up to Rs. 50,000
National Savings Time Deposit Account 5.5% – 6.7% Rs. 200 No limit Individual Section 80C deduction on deposits for 5 Years
Public Provident Fund Account (PPF) 7.1% per annum (Annually Compounded) Rs. 500 annually Rs. 1,50,000 annually Individual Tax benefits can be availed under Section 80C of the IT Act
Senior Citizen Savings Scheme Account 7.4% per annum (Annually Compounded) Rs. 1,000 Rs. 15 lakhs People above 60 and 50 years of age who have taken VRS or superannuation Tax benefits can be availed under Section 80C of the IT Act
Tax deductions if the interest earned is more than Rs. 50,000
Sukanya Samriddhi Account 7.6% per annum (Annually Compounded) Rs. 1,000 annually Rs. 1,50,000 annually Girl Child with age up to the age of  10 years Interest and maturity amount is tax-free under Section 80C of the IT Act

Post Office Saving schemes and policies for their customers over the years and have generated trust amongst all because it is completely government-backed. One of the most renowned savings accounts in India is believed to be the Post Office Savings account.

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 taxed 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.

Post Office Interest Rates Table 2022

Post Office FD Interest Rates Aug 2022 As per the schedule, Government announced the interest rate applicable to all Post Office Savings Schemes from 1st April 2022 to 30th June 2022.
Tenure Normal Citizen FD Rate Senior Citizen FD Rate
1 year – 2 years 11 months 30 days 5.5% 5.5%
3 years – 4 years 11 months 30 days 6.7% 6.7%

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

How To Apply for Savings Scheme in Post Office

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.

Step-2 

  • Visit the nearest post office branch or head office.
  • Request for the desired form. An individual willing to buy any post office scheme can also download the necessary forms from the official website of the Indian post office.
  • Fill the complete form with all the correct information and required documents.
  • The enrollment process will be completed once the form is approved and the minimum payment is received by the post office officials.

Procedure to Giving Feedback

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

Post office Interest Rates Table 2022 pdf Download

Title Details Published Date
Revision of interest rates for Small Savings Schemes for second quarter of Financial Year 2022-23 30th June, 2022
Rate of Interest on General Provident Fund (GPF) and other similar funds for Q1 of FY 2022-23 01st April, 2022
Revision of interest rates for Small Savings Schemes for Q1 of 2022-23. 31st March, 2022
Advance to Government Servants – Rate of Interest for purchase of Computer during FY 2022-23 21st March, 2022
Notification regarding rate of interest on Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds for Q4 of FY 2021-22 03rd January, 2022
Rate of Interest on General Provident Fund (GPF) and other similar funds for Q4 of FY 2021-22 03rd January, 2022

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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Conclusion:

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