IF & SL Mizoram

Mizoram State Lottery > Small Saving > Schemes > Post Office Savings

Scheme	Interest Payable,Rates, Periodicity, etc.	Denominations & Investment Limits	Salient Features Including Tax Rebate
1)KISAN VIKAS PATRA	Money doubles in 8 years & 7 months Facility for premature encashment as per the table given below : Rs.1,000/-denomination	No limit on investment. Available in denominations of Rs.100/-, Rs.500/-, Rs.1000/-, Rs. 5000/-, Rs.10,000/-, in all Post Offices and Rs. 50,000/- in all Head Post Offices	A single holder type certificate may be issued to : (i) an adult for himself or on behalf of a minor or to a minor; can also be purchased jointly by two adults, ii) a Trust.
1)KISAN VIKAS PATRA	Period Amount payable inclusive of interest 2 years 6 months or more but less than 3 years 1170.51 3 years or more but less than 3 years 6 months 1207.95 3 years 6 months or more but less than 4 years 1267.19 4 years or more but less than 4 years 6 months 1310.80 4 years 6 months or more but less than 5 years 1355.90 5 years or more but less than 5 years 6 months 1435.63 5 years 6 months or more but less than 6 years 1488.49 6 years or more but less than 6 years 6 months 1543.30 6 years 6 months or more but less than 7 years 1649.13 7 years or more but less than 7 years 6 months 1713.82 7 years 6 months or more but less than 8 years 1781.06 8 years or more but less than 8 years 7 months 1850.93
2) POST OFFICE MONTHLY INCOME ACCOUNT	8% per annum payable i.e. Rs. 80/- will be paid every month on a deposit of Rs.12000/-	In multiples Rs. 1000/- Maximum Rs. 3 lakhs in Single account and Rs. 6 lakhs in joint account	Maturity period is 6 years. Can be prematurely encashed after one year at 3.5% discount. However, no such deduction shall be made if the account is closed after three years from the date of opening of such account. Interest & bonus deductible under Sec.80-L of I.T. Act.
3) 15 YEAR PUBLIC PROVIDENT FUND ACCOUNT	8% per annum from 1.3.2003 compounded yearly.	Minimum Rs. 500/-. Maximum Rs. 70,000/- in a financial year. Deposits can be made in lumpsum or in 12 instalments	Deposits quality for Income Tax Rebate under Sec.88-of I.T. Act. Interest is completely tax free. Withdrawal is permissible every year from 7th financial year. Loan facility available from 3rd financial year. No attachement under court decree order.
4) POST OFFICE TIME DEPOSIT ACCOUNT	Interest payable annually but calculated quarterly.	Period Rate 1-Year Account 6.25% 2-Year Account 6.50% 3-Year Account 7.25% 4-Year Account 7.50% Minimum Rs. 200/-, and in multiple thereof. No maximum limit.	Account may be opened by individual, trust regimental fund & Welfare fund. 2,3 & 5 year account can be closed after 1 year at discount. Account can also be closed after six months but before one year without interest. Interest is deductible under Section 80-L of I.T. Act.
5) 5-YEAR POST OFFICE RECUR RING DEPOSIT	On maturity Rs.10/- account fetches Rs. 728.90. Can be continued for another 5 years on year to year basis	Minimum Rs. 10/- per month or any amount in multiples of Rs. 5/-. No maximum limit	One withdrawal upto 50% of the balance allowed after one year. Full maturity value allowed on R.D.Accounts restricted to that of Rs. 50/- denomination in case of death of depositor subject to fulfillment of certain conditions. 6 & 12 months advance deposits earn rebate. Interest earned is deductible under Sec.80-L of I.T. Act.
6) POST OFFICE SAVINGS ACCOUNT	3.5% per annum on individual/ Joint and group accounts. 3% per annum on public accounts	Minimum Rs. 50/-. Maximum Rs. 1,00,000/- for an individual account. Rs.2,00,000/- for joint account. No limit on group. Institutional or official capacity account.	Cheque facility available . Interest is completely tax free.
7) NATIO NAL SAVINGS CERTIF ICATE (VIII ISSUE)	Interest compounded six monthly but payable at maturity. Rs. 100/- grows to Rs. 160.10 Annual accrual of interest on Investment of Rs. 100/- is as under and in proportion for other denominations 1st year Rs. 8.16 2nd year Rs. 8.83 3rd year Rs. 9.55 4th year Rs.10.33 5thyear Rs.11.17 6th year Rs.12.08 can be encashed after 6 years only	Minimum Rs. 100/-, No maximum limit available in denominations of Rs. 100/-, 500/-, 1000/-, 5000/- & Rs. 10,000/-.	A single-holder type Certificate can be purchased by (i) an adult for himself or on behalf of a minor or to a minor, (ii) A Trust. Deposit qualify for tax rebate under Sec. 88 of I.T. Act. The interest accruing annually but deemed to be reinvested will also qualify for tax rebate under Sec-88 of I.T. Act. Such interest is deductible under Sec. 80-L of I.T. Act
8) DEPOSIT SCHEME FOR RETIRING GOVT. EMPLOYEES-1989	7% per annum payable half yearly on 30th June and 31st December	Minimum Rs. 1000/- each in multiples thereof. Maximum not exceeding the total retirement benefits	Interest earned is completely tax free. Retired Central/State Govt. employee in own name or jointly with the spouse. The account can be opened within three months from the date of receiving the retirement benefits. The Scheme will be operated through branches of SBI and its subsidiaries and selected branches of Nationalised banks at Distt. Hqr. Entire balance or part thereof can be withdrawn after the expiry of 3 years from the date of deposit. Only one withdrawal in multiples of Rs. 1000/- can be made in a calendar year. Premature encashment can be made after 1 year from the date of deposit but before the expiry of 3 years in which case the interest on the amount so withdrawn will be payable at 4% from the date of deposit upto the date of withdrawal. The excess interest paid will be adjusted at the time of such withdrawal.
9) DEPOSIT SCHEME FOR RETIRING EMPL OYEES OF PUBLIC SECTOR COMPANIES 1991	7% per annum payable half yearly on 30th June and 31st December	Minimum Rs. 1000/- each in multiples thereof. Maximum not exceeding the total retirement benefits	Interest earned is completely tax free. Only one account can be opened by Retired Public Sector Company in own name or jointly with the spouse. The account can be opened within three months from the date of receiving the retirement benefits. The Scheme will be operated through branches of SBI and its subsidiaries and selected branches of Nationalised banks at Distt. Hqr. Entire balance or part thereof can be withdrawn after the expiry of 3 years from the date of deposit. Only one withdrawal in multiples of Rs. 1000/- can be made in a calendar year. Premature encashment can be made after 1 year from the date of deposit but before the expiry of 3 years in which case interest on the amount so withdrawn will be payable at 4% from the date of deposit upto the date of withdrawal. The excess interest paid will be adjusted at the time of such withdrawal.