Rs 900000 in case of Joint Ac 1Nomination facility is available at the time of

Rs 900000 in case of joint ac 1nomination facility is

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Rs 9,00,000 in case of Joint A/c. 1.Nomination facility is available at the time of opening and also after opening of account. 2. Account can be transferred from one post office to another. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts. 3. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account. Minor after attaining majority has to apply for conversion of the account in his name. The maximum amount that a minor can invest in POMIS is Rs.3,00,000. 4. Joint account can be opened by two or three adults. All joint account holders have equal share in each joint account. Single account can be converted into Joint and Vice Versa. 5. NRIs cannot make an investment in the scheme. 6. Currently, no bonuses are paid at maturity of the scheme. 7. If the amount and the interest is not withdrawn after 5 years, then that account will earn a simple interest (as per the post office savings account interest rate) up to 2 years. Following this, the final amount will be kept idle, until withdrawn. 8. In the event of death, the nominee of the investor must close the account. He/she is not allowed to continue investing in the account. The amount that has been deposited, along with the interest accrued (up to the preceding month) is paid to the nominee. 9. If the customer invests more than the prescribed limit, the post office will ask the customer to withdraw the additional amount immediately. For the time period between the deposit of the excess amount and the withdrawal, the investor will be paid only the post office savings account interest rate for the excess amount. Suitable for persons taking retirement. Comparable with Monthly Income mutual funds and Monthly income annuities by Insurance Companies.
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Senior Citizen Saving Scheme (SCSS) RATE 8.7% p.a. MATURITY 5 Years PREMATURE WITHDRAWAL Can be prematurely en-cashed after one year but before 2 years at the discount of 1.5% of the deposit and after 2 years at the discount of 1% of the deposit. TAX BENEFITS Tax Benefit under 80C upto Rs 1,50,000. Tax on interest after Rs 10,000. MIN-MAX LIMIT MIN - Rs 1000 in multiples of Rs 1000 MAX – Rs 15,00,000 1. An individual of the Age of 60 years or more may open the account. 2. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits. 3. Account can be opened by cash for the amount below INR 1 lakh. 4. Nomination facility is available at the time of opening and also after opening of account. 5. Account can be transferred from one post office to another. 6. A depositor may operate more than one account in individual capacity or jointly with spouse.
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  • Spring '14
  • Saving Schemes India

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