India Post : Office Savings Scheme
Name of the Organisation :India Post (indiapost.gov.in)
Type of Scheme : Post Office Savings Scheme
Home Page : http://www.indiapost.gov.in/
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Post Office Savings Scheme :
Scheme Name : Post Office Savings Account
Interest payable, Rates, Periodicity – 4.0% per annum on individual/ joint accounts
Minimum Amount for opening of account and maximum balance that can be retained – Minimum INR 20/- for opening
Salient features including Tax Rebate :
** Account can be opened by cash only.
** Minimum balance to be maintained in a non-cheque facility account is INR 50/-.
** Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained.
** Cheque facility can be taken in an existing account also.
** Interest earned is Tax Free up to INR 3500/- per year in single and INR 7000/- in Joint account up to 2011-12 and up to INR 10,000/- per year either in single or joint account for 2012-13.
** Nomination facility is available at the time of opening and also after opening of account.
** Account can be transferred from one post office to another.
** One account can be opened in one post office
** Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
** Joint account can be opened by two or three adults.
** At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
** Single account can be converted into Joint and Vice Versa.
** Minor after attaining majority has to apply for conversion of the account in his name.
See more Details Download the PDF File : http://www.indiapost.gov.in/POSB.aspx