Post Office is a safe long and short term investment option for people especially from rural areas. Post Office offers schemes for every age group whether it is for boy child / girl child / senior citizens etc. All post office saving schemes are very popular and people can Compare All Post office Schemes 2023. People can also check savings schemes interest rate 2023, calculator, rates of post office small savings scheme, tax benefits, withdrawal and maturity period as specified by central government.
Post Office currently incorporates 9 schemes for people from different categories – Recurring Account (RD), Time Deposit (TD), National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Post Office Savings Bank (PO-SB) and Monthly Income Scheme (MIS). People can now easily compare all post office schemes.
In this post, people can also view other details like minimum and maximum account opening balance, pre mature withdrawal facility, account maintaining balance and other details of post office small savings schemes.
Compare All Post Office Schemes 2023
People can make a comparison between all schemes and check the maturity / inter-lock period, tax benefits, interest rate and also calculate maturity amount as per the calculator 2023. After checking all the information and compare all post office schemes, people must make investment as per their requirement and duration for which they want assured and best returns. All the schemes are absolutely risk free and provides guaranteed returns.
Comparison / List of All Post Office Small Savings Scheme
Here is the table in which you can compare all post office schemes for the current financial year 2023:-
|Name of Scheme||Interest Rates 2023||Minimum / Maximum Deposit||Investment Period||Liquidity||Tax Benefits|
|Post Office Savings Account (PO-SB)||4% p.a (Compounded Annually)||Minimum Rs. 500 for account opening. Minimum Deposit amount is Rs. 500 (subsequent deposit not less than Rs. 10). Minimum withdrawal amount is Rs. 50, maximum deposit has no maximum limit, no withdrawal will be permitted which effect reducing of minimum balance Rs. 500. In case account balance not raised to Rs. 500 at the end of financial year Rs. 50 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed||No Lock In Period||Anytime Withdrawal||NIL|
|Recurring Deposit (Post Office RD)||6.7% p.a compounded quarterly||Minimum Rs. 100 per month or any amount in multiples of Rs. 10. No maximum limit.||5 years||RD Account can be closed prematurely after 3 years from the date of account opening by submitting prescribed application form at concerned Post Office.||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)||7.7% compounded annually but payable at maturity||Minimum Rs. 1000 and then in multiples of Rs. 100. No maximum limit.||5 years||Premature Withdrawal is not allowed except the following conditions – (i) On the death of a single account, or any or all the account holders in a joint account, (ii) On forfeiture by a pledgee being a Gazetted officer, (iii) On order by court.||Tax Rebate u/s 80 C of IT Act|
|Senior Citizens Savings Scheme (SCSS)||8.2% 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||7.4% p.a payable monthly||Minimum deposit in multiples of Rs. 1000. 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||7.1% p.a compounded yearly||Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year. Deposits can be made in lump-sum or in installments.||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)||7.5% p.a compounded annually.||Minimum Rs. 1000 and then in multiples of Rs. 100. No Maximum Limit||Amount invested gets doubled in 10 Year 3 months (123 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)||8.0% p.a compounded yearly||Minimum Rs. 250 and then in multiples of Rs. 50. 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. 1000 and in multiples of Rs. 100 thereof. No maximum limit.||1 Year||If TD account closed after 6 month but before 1 year, PO Savings Account Interest rate will be applicable. If 2/3/5 year TD account prematurely closed after 1 year, interest shall be calculated 2 % less than of TD interest rate (i.e. 1/2/3 years) for completed years, and for part period less than a year, PO Savings Interest rates will be applicable.||No tax benefits|
|2 Year Time Deposit (TD)||7.0% calculated quarterly but payable annually||2 Years||No tax benefits|
|3 Year Time Deposit (TD)||7.0% calculated quarterly but payable annually||3 Years||No tax benefits|
|5 Year Time Deposit (TD)||7.5% calculated quarterly but payable annually||5 Years||Investment qualifies for tax benefits u/s 80 C of IT Act, 1961.|
Benefits of Comparing All Post Office Schemes
Central govt. has also approved linking of all savings account in post offices with India Post Payments Bank (IPPB). People can now transfer their money online from their po account to bank account and also use services like NEFT / RTGS etc. This will facilitate Digital Banking Facility for Post Office Account Holders.
Post Office is the most reliable place to make investment in India. Candidates can download forms for account opening of any post office scheme – Post Office Account Opening Application Forms (PDF). Post Office network is largest in India and is even present in those remote areas where banking facilities is still not available. For more details, please visit the official website www.indiapost.gov.in