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Sl. No
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SAVINGS
SCHEME
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DEPOSIT PERIOD
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INTEREST RATE
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DEPOSIT LIMITS
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FEATURES & TAX CONCESSIONS
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1
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Savings Account
(SB)
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-
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4 % per annum
(Interest will be added to the A/c on 1stApril of every year)
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Minimum Balance:
Rs.50- (for Ordinary A/c)
&
Rs.500- (for Cheque A/c)
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ü Savings Account with the facility of making Deposits and withdrawals whenever the depositor wants through cash/cheque.
ü Can be used for crediting the interest of MIS/SCSS/TD Accounts and for debiting the monthly RD deposit amount every month automatically.
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2
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Recurring
Deposit
(RD)
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5 Years
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8.3 % Quarterly
Compound Interest
(Approximately Equal to
9.48% p.a simple interest)
For example:
Maturity for denomination of
Rs.100- will be Rs. 7,445-
Rs.200- will be Rs.14,891-
Rs.500- will be Rs.37,227-
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Minimum Denomination:
Rs.10- per Month
Maximum:
No limit
Deposit can be made in multiple of Rs.5-
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ü Monthly deposit scheme with fixed denomination.
ü Suitable for Salaried people and for Monthly saving investors
ü Penalty fee @Re.1 for Rs.50- denomination will be collected for one default month if the monthly deposit not made within the last date.
ü Account cannot be continued if it has six default months.
ü Rebate amount will be given for advance deposit for 6/12 months.
ü A/c Can be closed after 3 years only (with SB rate of Interest)
ü 50% amount in the A/c can be taken as loan after 1 year if eligible.
ü A/c can be extended with or without deposits for further period of 1/2/3/4/5 years.
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3
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Monthly
Income
Scheme
(MIS)
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5 Years
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8.4 % per annum
(Payable every Month)
For Example:
Rs.1050- p/m for Deposit Rs.1,50,000-
Rs.3150- p/m for Deposit Rs.4,50,000-
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Maximum :
Rs.4,50,000- (for Single A/c) &
Rs.9,00,000- (for Joint A/c)
Deposit can be made in multiple of Rs.1500-
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ü Useful scheme for pensioners and people those who want to get Monthly income on their deposits.
ü No bonus from 01.12.2011
ü A/c can be closed after 1 year with deductions.
ü For higher interest:
If the Monthly Interest is automatically credited into RD account every month, total returns will be around 10.4% p.a
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4
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Senior
Citizen
Savings
Scheme
(SCSS)
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5 Years
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9.2 % per annum
Payable Quarterly,
(4 times in a year)
(Quarterly interest shall be payable on the Last working day of March, June, September, December)
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Maximum Limit:
Rs.15,00,000-
Deposit can be made in multiple of Rs.1000-
Amount exceeding
Rs.99, 000- should be made by Cheque only.
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ü Useful for pensioners/Senior citizens who want to get periodical income from their deposit amount. (Deposit also eligible for Income tax rebate)
ü Minimum Age: 60 Years and For persons who retired on VRS : 55 Yrs
ü Single and Joint A/c (with spouse only) can be opened.
ü A/c can be closed after 1 year with deductions.
ü TDS will be deducted on interest earned if the interest is more than
Rs.10, 000/- p.a.
(If form 15-G/H is given every year TDS will not be deducted)
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5
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Time
Deposit
(TD)
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1 year
2 year
3 year
5 year
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Below mentioned interests are Quarterly Compound interests and payable every year.
Quarterly Equivalent
Compound Simple Interest
Interest
8.2 % QCI = 8.46 % p.a
8.2 % QCI = 8.46 % p.a
8.3 % QCI = 8.56 % p.a
8.4 % QCI = 8.67 % p.a
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Deposit can be made in multiple of Rs.200-
No maximum limit on deposits
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ü Useful scheme for persons who want to deposit their Money for a specific period like 1/2/3/5 years
ü Can be closed after 6 months only with SB rate of Interest.
ü If the A/c (except 1 yr T.D) closed after one year, 1 % interest will be deducted on the interest rate of Completed year TD.
ü 5 year TD amount eligible for income tax benefit under section 80C.
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6
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Public Provident Fund
(PPF)
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15 years
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8.7 % per annum *
(compounded yearly)
Note:
* Interest rate that changes from time to time will be applicable for the balance in the A/c
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Minimum amount:
Rs.500- per Financial Year.
Maximum deposit:
Up to Rs.1, 00,000- in a financial year.
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ü Useful scheme for Income Tax payers as the PPF Deposits qualify for deduction from income under Sec. 80C of IT Act.
ü Interest is completely tax-free.
ü One Withdrawal is permissible every year from 7th financial year.
ü Loan facility available from 3rd financial year.
ü PPF can be opened by any adult in his/her name and in the name of a Minor as a Guardian.
ü Maximum 12 deposits can be made in a year
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7
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National
Savings
Certificate
(NSC
VIII issue)
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5 year
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8.5 %
half-yearly compound interest
(payable at the time of maturity)
which is equivalent to simple interest rate of 10.32 % p.a
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Certificates Available in
Rs.100-, Rs 500-, Rs.1000-,Rs. 5000-, Rs.10000-
Denominations
No maximum limit on investment.
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ü Useful scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec. 80C of IT Act.
ü Can be encashed on maturity only (i.e., after 5 years).
ü Loan can be taken by pledging the NSC bonds at nationalized banks.
ü Maturity amount for Rs.10,000- NSC will be Rs.15,162- after 5 years
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8
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National
Savings
Certificate
(NSC
IX issue)
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10 year
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8.8 %
half-yearly compound interest
(payable at the time of maturity)
which is equivalent to simple interest rate of 13.65 % p.a
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Certificates Available in
Rs.100-, Rs.500-, Rs.1000- ,Rs.5000-,Rs.10000- Denominations
No maximum limit on investment
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ü Useful scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec. 80C of IT Act.
ü Can be encashed on maturity only (i.e., after 10 years).
ü Loan can be taken by pledging the NSC bonds at Nationalized banks
ü Maturity amount for Rs.10,000- NSC will be Rs.23,660- after 10 years
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Source : http://sapost.blogspot.in/
Note: SB, RD, TD, MIS, NSC can be opened by Any Single Adult, Joint adults (operated through both / ‘E’ or ‘S’), A minor through Guardian, A minor above 10 years himself
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