Post Office Saving Schemes 2024

1. Post Office Savings Account

– Interest Rate: 4% p.a. – Min Investment: Rs. 500 – Max Investment: No limit – Eligibility: Resident Indian, minor, and major – Tax: Tax-free interest up to Rs 50,000

2. Post Office Time Deposit Account (TD)

– Interest Rate: 6.9% to 7.5% p.a. (Compounded Quarterly) – Min Investment: Rs. 1,000 – Max Investment: No limit – Eligibility: Resident Indian, minor, and major – Tax: Tax benefits up to 5 years under Section 80C; TDS on interest above Rs 40,000 p.a. (Rs 50,000 for seniors)

3. Post Office Monthly Income Scheme Account (MIS)

– Interest Rate: 7.4% p.a. (payable monthly) – Min Investment: Rs. 1,000 – Max Investment: Single- Rs 9 lakh, Joint- Rs 15 lakh – Eligibility: Resident Indian, minor, and major – Tax: Interest taxable; TDS on interest above Rs 40,000 p.a. (Rs 50,000 for seniors)

4. Senior Citizen Savings Scheme (SCSS)

– Interest Rate: 8.2% p.a. (Compounded Quarterly) – Min Investment: Rs. 1,000 – Max Investment: Max Rs 30 lakh – Eligibility: Age > 60 or 55-60 for retired civilian or defence employees – Tax: Tax benefit under Sec 80C; TDS on interest above Rs 50,000 p.a.

5. Public Provident Fund Account (PPF)

– Interest Rate: 7.1% p.a. (Compounded annually) – Min Investment: Rs. 500 p.a. – Max Investment: Rs. 1.5 lakh p.a. – Eligibility: Resident Indian, minor, and major – Tax: Tax rebate under Sec 80C; Interest tax-free.

6. National Savings Certificates (NSC)

– Interest Rate: 7.7% p.a. (Compounded annually) – Min Investment: Rs. 1,000 – Max Investment: No limit – Eligibility: Resident Indian, minor, and major – Tax: Tax rebate under Sec 80C (max Rs 1.5 lakh p.a.)

7. Kisan Vikas Patra (KVP)

– Interest Rate: 7.5% p.a. (Compounded annually) – Min Investment: Rs. 1,000 – Max Investment: No limit – Eligibility: Resident Indian, minor, and major – Tax: Interest taxable, no tax on the maturity amount

8. Sukanya Samriddhi Yojana (SSY)

– Interest Rate: 8% p.a. (Compounded annually) – Min Investment: Rs. 250 p.a. – Max Investment: Rs. 1.5 lakh p.a. – Eligibility: Girl Child - up to 10 years from birth – Tax: Investment exempt under Sec 80C; Interest & maturity amount tax-free.