Monthly Saving Scheme में बड़ा बदलाव! अब हर महीने बचत करना होगा और भी फायदेमंद!

Monthly Saving Scheme Raised Monthly Savings Plan Deposit Limits: The senior citizen savings plan’s maximum deposit amount has been raised from Rs 15 lakhs to Rs 30 lakhs. The monthly savings plan now has a higher maximum deposit limit of Rs 9 lakh for a single account and Rs 15 lakh for a joint account, up from Rs 4.5 lakh to Rs 9 lakh. Increased Monthly Savings Plan Deposit Limits: The maximum contribution amount for the senior citizen savings plan has increased from Rs 15 lakhs to Rs 30 lakhs. The monthly savings plan now has a higher maximum deposit limit of Rs 9 lakh for a single account and Rs 15 lakh for a joint account, up from Rs 4.5 lakh to Rs 9 lakh.

Post Office Investment-Savings Schemes

The Post Office Savings Scheme offers a number of reliable solutions that give risk-free investment rewards. Approximately 1.54 lakh post offices nationwide run these programs. For example, the government operates the PPF plan through 8200 public sector banks and post offices in each city. The guaranteed returns on these assets come from the government. Post office scheme investments aid in achieving objectives and building a corpus for emergencies. Additionally, under Section 80C of the Income Tax Act, they provide tax benefits of up to Rs. 1.5 lakh. The following discusses the many post office schemes.

Savings Schemes Under Post Office Investments

Post Office Savings Account

• To start a post office savings account, you must deposit at least Rs 500.
• The domestic client has the option to open an account with either sole or joint ownership.
• The deposits made into the post office account are subject to an interest rate of 4% per annum.
• On request, you can use the account to access a chequebook, ATM card, e-banking,
• mobile banking, and other services. At the end of each fiscal year, interest is credited.
• Under Section 80TTA of the Income Tax Act, individuals are eligible to deduct up to Rs
• 10,000 from their gross income. Three consecutive fiscal years without any withdrawals or deposits make the account dormant or quiet.
• By filing an application to the relevant Post Office with new KYC documentation and a passbook, such an account can be re

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5-Year Post Office Recurring Deposit Account (RD)

• This RD account has a five-year set tenure, as the name implies.
• You might agree to pay a set monthly deposit of Rs 100 and earn interest at a rate of 6.7% per annum.
• Every quarter, the interest is compounded.
• Once you have made 12 installations without fail, you can obtain a loan of up to 50% against the available deposit in the account.
• By applying at the relevant Post Office, the account can be extended for an additional
• five years. The interest rate that was in effect when the account was first opened will be
• the one that applies during the extension.By applying at the relevant Post Office, the
• account can be extended for an additional five years. The interest rate that was in effect
• when the account was first opened will be the one that applies during the extension.

Post Office Time Deposit Account (TD)

• For post office time deposit accounts, you have a choice of four different tenures: one, two, three, and five years.
• For this account, a minimum deposit of Rs 1,000 is permitted.
• Although it is paid annually, the interest is computed quarterly. For Q2 of FY 2024–2025,
• which is from July 1, 2024, to September 30, 2024, the interest rates are as follows:

Period	Rate of Interest
2-year account	6.9%
3-year account	7%
5-year account	7.1%
5-year account	3-year account

• Investments made into accounts with five-year maturities are eligible for Section 80C deductions.
• By filing a required application form at the relevant Post Office together with an acceptance
• The Post Office TD account may also be pledged as security for scheduled accounts with a letter from the pledgee.
• or cooperative banks, the RBI, the home financing business, government companies, and others.
• It is not possible to withdraw deposits before six months have passed since the date of deposit.
• By sending a completed application form to the relevant post office along with the passbook, TD accounts can be terminated early.
• The interest rate on the PO Savings Account will apply if the TD account is closed after six months but before a year.

Post Office Monthly Income Scheme Account (MIS)

• In a single account, you can deposit up to Rs 1,000, and in a joint account, up to Rs 9
• lakh and Rs 15 lakh, respectively.
• Through this account, you can get a monthly fixed income from the program and earn an
• interest rate of 7.4% p.a. for Q2 of FY 2024–2025.
• POMIS takes five years to mature.
• In the event that the account is closed, the designated beneficiary will get their money returned.
• holder passes away before it matures. Up to the previous month, when a refund is issued,
• Interest will be paid. The account may be cancelled and the money returned to the
• nominee if the account holder passes away before it matures. Up to the previous month,
• When a refund is issued, interest will be paid.

Senior Citizen Savings Scheme (SCSS)

• The government-sponsored SCSS retirement plan permits a lump sum contribution or one instalment.
• The amount of the deposit might be anywhere between Rs 1,000 and Rs 30 lakh.
• One may open the account alone or in conjunction with a spouse.
• For the second quarter of FY 2024–2025, the scheme offers an interest rate of 8.2% p.a.
• Interest is due on a quarterly basis.
• Anybody above sixty years of age may open this account.
• Retired military personnel between the ages of 50 and 60 and retired civilian employees
• between the ages of 55 and 60 may also register an account, provided they invest their
• retirement benefits within a month of receiving them.
• Section 80C of the Income Tax Act allows for a deduction for investments made under this plan.

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15-Year Public Provident Fund Account (PPF)

National Savings Certificates (NSC)

• NSC has a five-year term and has a Rs 1,000 initial deposit.
• This account does not have a specified maximum deposit.
• Compound interest rate payments of 7.7% are made only at maturity.
• An individual is allowed to open an infinite number of accounts under the plan. A person can open as many accounts as they like under the arrangement.
• Banks and government agencies may accept the certificate as collateral or as a pledge. could be provided or pledged to banks and governmental institutions as collateral.
• After five years, for instance, an investment of Rs 1,000 will increase to Rs 1,403.
• The money deposited into this account is deductible under Section 80C.
• Scheduled banks or cooperatives may pledge NSC as a security.
• The National Savings Certificate (VIII Issue) is available right now.

Kisan Vikas Patra (KVP)

Faq,s

Q: Are Recurring Deposit (RD) accounts eligible to receive interest credits from the Monthly Income Scheme (MIS)?

Ans: The post office RD account is not eligible to receive MIS interest. Credit to the Post Office Savings Account is available. To debit the RD amount from the SB account, you can provide a standing instruction. The appropriate post office shall get an application form for the same.

Q: Does investing in post office savings plans qualify for a tax refund?

Ans: You can invest in the majority of post office savings plans and receive a Section 80C deduction. However, recurring deposit plans and investment post-office MIS are not eligible for this type of tax benefit

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