FAQs

Small Saving Schemes

10 Jan 2019

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Interest payable
Interest payable annually but calculated quarterly. Minimum INR 200/- and in multiple thereof. No maximum limit.
Features:
An account may be opened by an individual.
An account can be opened by cash /Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be the date of opening of an account .
Nomination facility is available at the time of opening and also after the opening of an account .
An account can be transferred from one post office to another.
Any number of accounts can be opened in any post office.
An account can be opened in the name of the minor and a minor of 10 years and above age can open and operate the account.
A joint account can be opened by two adults.
A 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.
The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

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