India Post offers nine types of government-run small savings schemes at its designated branches. With its network of more than 1.5 lakh branches across the country, India Post – under the Department of Posts – provides interest at the rates to the tune of 4-8.6 per cent per annum on investment in these post office schemes in the quarter ending September 30. A post office account in these schemes except the Monthly Income Scheme can be opened against a minimum investment of Rs. 20-Rs. 1,000, according to India Post’s website – indiapost.gov.in. A minimum investment of Rs. 10 per month is required in a Monthly Income Scheme account, according to the post office website.
Here’s the minimum amount of money that you need to invest to set up an account in one of the nine post office schemes:
|Post office scheme (type of post office account)||Minimum investment to open account|
|Savings account||Rs. 20|
|Recurring deposit||Rs. 10/month|
|Time deposit||Rs. 200|
|Monthly Income Scheme||Rs. 1,500|
|Senior Citizen Savings Scheme||Rs. 1,000|
|Public Provident Fund||Rs. 500|
|National Savings Certificate||Rs. 100|
|Kisan Vikas Patra||Rs. 1,000|
|Sukanya Samriddhi||Rs. 1,000|
The government reviews the interest rates applicable to small savings schemes on a quarterly basis. These schemes are: the post office savings account, the national savings recurring deposit, the national savings time deposit, the national deposit Monthly Income Scheme, the Senior Citizens Savings Scheme, the Public Provident Fund (PPF), the National Savings Certificate, the Kisan Vikas Patra and the Sukanya Samriddhi.