Compare Post Office Schemes 2019
The post office is a safe long-term and short-term investment option especially for people in rural areas. The post office offers schemes for every age group whether it is for boys / girls / senior citizens etc. All the savings schemes of post office are very popular and people can compare all post office schemes from 2019. People can also check the interest rate 2019 of savings schemes, calculator specified by central government, small savings scheme of post office, tax benefits, withdrawals and maturity rates.
The post office currently covers 9 schemes for different categories of people – Recurring Account (RD), Time Deposit (TD), National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Post Office Savings Bank (PO-SB) and Monthly Income Scheme (MIS).
Comparison of All Post Office Schemes 2019
Comparison / List of All Post Office Small Savings Scheme
| Name of Scheme | Interest Rates 2019 | Minimum / Maximum Deposit | Investment Period | Liquidity | Tax Benefits |
|---|---|---|---|---|---|
| Post Office Savings Account (PO-SB) | 4% p.a | Rs. 20 for account opening. Minimum Balance to maintain is Rs. 50 for non-cheque and Rs. 500 for cheque facilities. Maximum deposit can be Rs. 1 lakh | No Lock In Period | Anytime Withdrawal | NIL |
| Recurring Deposit (Post Office RD) | 7.2% p.a compounded quarterly | Minimum amount to deposit is Rs. 10 per month and in multiples of Rs. 5 thereafter. No maximum deposit limit. | 5 years | One withdrawal of 50% of the total balance is allowed after one year | Interest < 10,000 p.a – TDS not applicable. Interest > Rs. 10,000 then TDS @10% is applicable. Tax Rate on interest as per IT Slab Rates. |
| National Savings Certificate (NSC) | 7.9% compounded annually but payable at maturity | Minimum Rs. 100 and then in multiples of Rs. 100. No maximum limit. | 5 years | Premature Withdrawal is not allowed. | Tax Rebate u/s 80 C of IT Act |
| Senior Citizens Savings Scheme (SCSS) | 8.6% p.a from 31 March / 30 Sept / 31 December | Only 1 deposit with minimum Rs. 1000 or in its multiples. Maximum Limit is Rs. 15 lakh. | 5 Years | Premature closure allowed after 1 year with 1.5% deduction & after 2 years with 1% deduction. | If Earned Interest > Rs. 10,000 then TDS is deducted at source of interest and benefits u/s 80 C of IT Act. |
| Post Office Monthly Income Scheme (MIS) Account | 7.6% p.a payable monthly | Minimum deposit in multiples of Rs. 1500. Maximum limit is Rs. 4.5 lakh for individual account and Rs. 9 lakh for joint accounts. | 5 Years | Premature Closure between 1 to 3 years with 2% deduction and after 3 years with 1% deduction. | No TDS and No Tax Rebate u/s 80 C of IT Act |
| Public Provident Fund (PPF) Account | 7.9% p.a compounded yearly | Account can be opened with Rs. 100 but has to deposit Rs. 500 in an year. Maximum limit is Rs. 1.5 lakh in an year. | 15 Years | Premature Closure is not allowed before 15 years. | Interest earned is completely tax free. Deposits qualify for deduction from income u/s 80C of IT Act. |
| Kisan Vikas Patra (KVP) | 7.6% p.a compounded annually. | Minimum Rs. 1000 and then in multiples of Rs. 1000. No Maximum Limit | Amount invested gets doubled in 9 Year 10 months (118 months) | Premature en-cashment is allowed after 2 years 6 months. | KVP investment does not qualify for rebate u/s 80 C of IT Act. TDS @10% deduction is applicable on Interest earned. |
| Sukanya Samriddhi Yojana (SSY) | 8.4% p.a compounded yearly | Minimum Rs. 250 and then in multiples of Rs. 100. Maximum limit is Rs. 1.5 lakh per annum. | Till completion of 21 Years | Partial withdrawal of 50% balance amount allowed after attaining 18 years of age. | EEE Tax Exemption. Deposits are free from taxes and maturity amount is also exempted from taxes u/s 80 C of IT Act. |
| 1 Year Time Deposit (TD) | 6.9% calculated quarterly but payable annually | Minimum Rs. 200 and in multiples thereof. No maximum limit. | 1 Year | If post office td withdrawal occurs between duration of 6 months to 1 year, then Simple Interest is calculated for that period. After 1 year, rate is 1% less than total interest offered for that specific period. | No tax benefits |
| 2 Year Time Deposit (TD) | 6.9% calculated quarterly but payable annually | 2 Years | No tax benefits | ||
| 3 Year Time Deposit (TD) | 6.9% calculated quarterly but payable annually | 3 Years | No tax benefits | ||
| 5 Year Time Deposit (TD) | 7.7% calculated quarterly but payable annually | 5 Years | Investment qualifies for tax benefits u/s 80 C of IT Act, 1961. | ||
A week ago, the central government. Has approved the linking of all savings accounts in post offices with India Post Payments Bank (IPPB). People can now transfer their money from their PoE account to a bank account online and can also use the NEFT / RTGS etc. services. This will provide digital banking facility for post office account holders.