Posted by Postal Services | Posted on 04-06-2010| Posted in
Post office is an authorized postal system for posting, receipt, sorting, handling, transmission or delivery of mail. Post office offers mail related services such as post office boxes, postage and packing suppliers. Some post offices also provide non postal services such as passport applications and other government forms, car tax purchase, money orders and banking services.
In addition there are number of finance schemes provided by the post office saving bank for boosting the savings which are; saving account scheme, recurring deposit scheme, time deposit scheme, monthly income scheme, public provident fund scheme, national saving certificate and senior citizen’s saving scheme. The silent features of these savings schemes are as follows.
Post office saving account scheme is available for individual account and joint account. Interest payable is 3.5% and the interest received is tax free.
Kisan vikas patra is a scheme where the money doubles in 8yrs and 7 month. Withdrawal of cash facility before maturity is also available and the rate of interest for the same is 8.4%. and the maximum on the investment is infinite.
National saving certificate pays compounded interest at 8% half yearly but is payable on maturity and the maximum limit for investment is infinite. The interest accruing that is reinvested will also qualify for a deduction under income tax act.
Senior citizen saving scheme pays a 9% of handsome interest, which is payable from the date of deposit of 31st march/30thSeptember/31st December in the first instance and then it is payable every quarter starting from 31st march. Maturity period is 5yrs. The age limit of the person should be 60yrs or more to invest in this scheme. Such schemes provided by the post office have helped many people boosting up their savings and a helping hand in countries economical growth.