This Is The Minimum Investment You Need To Set Up A Post Office Account

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
(Source: indiapost.gov.in)

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.

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Source:-ndtv

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