Post Office Saving Schemes 2022 : Eligibility & Benefits, Interest Rates

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Department of Posts Ministry of Communications Government of India comes out with a lot of different post office saving schemes so that the people can get an abundance of benefits even if they belong to not-so-rich families. Given below we have shared some of the most important specifications regarding the Post Office Saving Schemes available for the residents of India and we will share with all of our readers the types of the schemes including eligibility and benefits. We will also share the interest rates available in these schemes.

Post Office Saving Schemes 

There are a lot of post office saving schemes available for investors or people who want to get a proper return on their savings so that they can have a really luxurious life after they have retired from their 9 to 5 job. The Post Office Saving Schemes are available for the residents of India belonging to different types of economic classes available in the country. The people will be able to get an abundance of benefits and there are a lot of different types of saving schemes available for the residents to take part in.

Post Office Saving Schemes 

Details Of Post Office Saving Schemes 

Name Post Office Saving Schemes 
Launched byDepartment of Posts Ministry of Communications Government of India
Objective Getting proper investment benefits
Beneficiaries Residents of India
Official siteClick Here
LIC Varishtha Pension Bima Yojana

Types Of Post Office Saving Schemes

SchemeDetails Of The Scheme 
Post Office Savings AccountYou can make a minimum deposit of Rupees 500 to open a savings account in the post office. The account can be opened in single or joint ownership by domestic customers. An interest rate of 4% p.a. Is applicable to the deposits. You can avail of a checkbook, ATM card, e-banking and mobile banking services, and other services with the account on request.
Post Office Time Deposit Account (TD)There are four possible tenures for Post Office Time Deposit Accounts you can choose from, i.e. 1 year, 2 years, 3 years, and 5 years. The minimum deposit allowed in this account is Rs.1,000. The interest is calculated quarterly but is payable on an annual basis. For a tenure of up to 3 years, the rate is 5.5% p.a. and it is 6.7% p.a. for a 5-year tenure.
Post Office Monthly Income Scheme Account (MIS)You can deposit a sum of Rs.1,000 up to Rs.4.5 lakh in a single account and up to Rs.9 lakh in a joint account. An interest rate of 6.6% p.a. can be earned through this account. You can get a monthly fixed income from the scheme. You cannot prematurely close the account before completing one year. Premature closure beyond one year can attract penalties.
Senior Citizen Savings Scheme (SCSS)The deposit can range from Rs.1,000 up to Rs.15 lakh. The scheme offers an interest rate of 7.4% p.a. Individuals above the age of 60 years are eligible to open this account. Retired civilian employees aged between 55 years and 60 years and retired defense employees aged between 50 years and 60 years of age can also open the account subject to investing the retirement benefits within one month from the date of receipt of the benefits.
15-year Public Provident Fund Account (PPF)The scheme offers income tax deductions up to Rs.1.5 lakh per financial year. The minimum deposit required to open the account is Rs.500 and the upper limit is Rs.1.5 lakh. Though the tenure of the account is 15 years, you only have to pay Rs.500 per financial year to keep the account active. An interest rate of 7.1% p.a. is offered by the scheme. The interest is compounded yearly. Also, the interest earned on this account is tax-free.
National Savings Certificates (NSC)NSC comes with a tenure of five years where you need to make a minimum deposit of Rs.1,000. There is no maximum deposit defined for this account. With an interest rate of 6.8% p.a., the interest gets compounded annually and is paid out only at maturity. An individual can open any number of accounts under the scheme. The certificate can be pledged or transferred as security to the housing finance company, banks, government companies, and others.
Kisan Vikas Patra (KVP)The minimum deposit for this account is Rs.1,000. The applicable interest rate is 6.9% p.a. The tenure of the account is 124 months (10 years and 4 months). 
Sukanya Samriddhi AccountsOnly girl children below the age of 10 years are eligible to get the benefits of this account. The account must be opened and operated by parents or guardians. The minimum deposit required is Rs.250 and a max of Rs.1.5 lakh per financial year. An interest rate of 7.6% p.a. Is applicable. The interest is calculated on a yearly basis and compounded annually. The guardian can operate the account until the girl child attains 18 years of age. The deposit can be made for a maximum of 15 years from the date of opening the account.
Saral Pension Yojana 

Benefits Of Post Office Saving Schemes

There are a lot of different benefits which will be available for the saving schemes available by post office in India:-

  • The saving schemes are really easy to invest in and all of the residents can easily apply for the schemes.
  • The saving schemes are really simple and are available at very flexible investment options.
  • The candidates do not have to carry a large number of documents in order to get the savings schemes.
  • The post office saving schemes are very long term oriented investment schemes that can extend up to 15 years.
  • Many of the schemes are tax exempted.
  • The interest rates in the schemes can range up to 4% to 9% that is a very risk-free option. 
post Office Saving Schemes 

Application Fee For Various Schemes

The applicant must submit the application fees to get the following details in the post office:-

  • Issue of duplicate passbook – Rs. 50.
  • Issue of the statement of account or deposit receipt-Rs. 20 in each case.
  • ​Issue of pass book in lieu of lost or mutilated certificate –Rs. 10 per registration.
  • Cancellation or change of nomination –Rs. 50
  • Transfer of account – Rs. 100
  • Pledging of account – Rs. 100
  • Issue of cheque book in Savings Bank Account – No fee for upto10 leaves in a calendar year and thereafter at Rs. 2 per cheque leaf.
  • Charges on dishonour of cheque-Rs. 100
UP Pension Scheme

Post Office Saving Schemes Interest Rates

The following interest rates are available in the different types of schemes available:-

SchemeInterest Rate
Post Office Savings Account4% per annum (p.a.)
Post Office Time Deposit Account (TD)First-year – 5.5% p.a. Second year – 5.5% p.a. Third Year – 5.5% p.a. Fourth Year – 6.7% p.a.
Post Office Monthly Income Scheme Account (MIS)6.6% per annum payable monthly
Senior Citizen Savings Scheme (SCSS)7.4% p.a. (Compounded annually)
15-year Public Provident Fund Account (PPF)7.1% p.a. (Compounded annually)
National Savings Certificates (NSC)6.8% p.a. (Compounded annually)
Kisan Vikas Patra (KVP)6.9% p.a. (Compounded annually)
Sukanya Samriddhi Accounts7.6% p.a. (Compounded annually)

Tax Benefits

The candidates will have to do the following tax implications for the various schemes:-

SchemeTax Implications
Post Office Savings AccountTax-free interest up to Rs 50,000 from the financial year 2018-19
Post Office Time Deposit Account (TD)Tax benefits up to 5 years under section 80C on  deposits
Post Office Monthly Income Scheme Account (MIS)Interest earned is taxable and no deduction under Sec 80C for deposits made.
Senior Citizen Savings Scheme (SCSS)– Tax benefit under section 80C for deposits – TDS to be deducted on interest earned for more than Rs 50,000 p.a.
15-year Public Provident Fund Account (PPF)Tax rebate under section 80C for deposits (maximum Rs 1.5 lakh p.a.)
National Savings Certificates (NSC)Tax rebate under section 80C for deposits (maximum Rs 1.5 lakh p.a.)
Kisan Vikas Patra (KVP)Interest is taxable but no tax on the amount received on maturity
Sukanya Samriddhi AccountsInvestment (up to Rs 1.5 lakh exempt under Section 80C), interest, and the amount received on maturity is tax-free
Delhi Widow Pension Scheme

Post Office Saving Schemes Investment Details

The candidates will have to do the following investments to get the benefit of the different types of post office saving schemes available in India:-

SchemeMinimum InvestmentMaximum Investment
Post Office Savings Account–Rs 20 –Non-cheque facility – Rs 50No limit
Post Office Time Deposit Account (TD)Rs 200No limit
Post Office Monthly Income Scheme Account (MIS)Rs 1,500For one account holders – Rs 4.5 lakh Joint account holders – Rs 9 lakh
Senior Citizen Savings Scheme (SCSS)Rs 1,000Maximum deposit over the lifetime allowed at Rs 15 lakh
15-year Public Provident Fund Account (PPF)Rs 500 per financial yearRs 1.5 lakh per financial year
National Savings Certificates (NSC)Rs 100No limit
Kisan Vikas Patra (KVP)Rs 1,000No limit
Sukanya Samriddhi AccountsRs 1,000 per financial yearRs 1.5 lakh per financial year

Eligibility Criteria

The applicant must follow the following eligibility criteria to apply for this scheme:-

SchemeEligibility Criteria
Post Office Savings AccountResident Indian, minor, and majors
Post Office Time Deposit Account (TD)Individual
Post Office Monthly Income Scheme Account (MIS)Individual
Senior Citizen Savings Scheme (SCSS)Individuals of age> 60 years or age >55 years who have opted for VRS or superannuation
15-year Public Provident Fund Account (PPF)Individual
National Savings Certificates (NSC)Individual
Kisan Vikas Patra (KVP)Individual (Adult)
Sukanya Samriddhi AccountsGirl Child – up to 10 years from birth and one additional year of grace

Documents Required for Post Office Saving Schemes

The following documents must be submitted while applying for these schemes:-

  • Account Opening Form
  • KYC Form (For new customer/modification in KYC details))
  • PAN Card
  • Aadhaar card, if Aadhaar is not made available the following document may be submitted.
    • Passport
    • Driving license
    • Voter’s ID card
    • Job card issued by MNREGA signed by the State Government officer
    • Letter issued by the National Population Register containing details of name and address.
  • Proof of date of birth/birth certificate in case of a minor account.

Application Procedure Of Post Office Saving Schemes

You will have to follow the following application procedure to apply for the post office saving schemes:-

  • You will first have to visit your nearest post office branch
  • Now, you have to submit the account opening form with all of the other important documents mentioned in the article given above.
  • You can also get these forms from the official website of post office saving schemes and you have to fill up the application form with all of the details successfully.
  • Make sure that you submit the application form with proper application fees and you will be eligible for all of the benefits.