Government Deposit Schemes

NATIONAL SAVINGS CERTIFICATE- VIII ISSUE (NSC)

Types of account

1. Single account :

• Account can be opened by adult for himself
• An adult on behalf of minor (below 10 years) or a person of unsound mind of whom he is guardian
• Minor who has attained the age of 10 years.

2. Joint A type account :

• Account can be opened jointly in the name of upto 3 adults payable to all 3 holders jointly or survivor.

3. Joint B Type account :

• Account can be opened in the name of upto 3 adults payable to any of the account holder or to the survivors.

Features:

• The Term of the account is 5 years
• Multiple number of accounts can be opened
• Minimum investment: Rs.1,000/- and any sum in multiples of Rs.100/- can be deposited
• No maximum ceiling in amount
• Account should be funded on the same day of opening of the account
• Account cannot be opened by NRI or HUF
• Aadhaar Number and PAN or Form 60 (upto Rs 50,000/-) are mandatorily submitted by the customer to open account
• An application (Form-1) to be obtained to open an account
• Interest Rate GoI notifies interest rate for each quarter
• The account is available through Internet Banking (Click Here) and IndSMART

KISAN VIKAS PATRA(KVP)

PRODUCT FEATURES:

 Types of account

1. Single account:

• Account can be opened by adult for himself
• An adult on behalf of minor (below 10 years) or a person of unsound mind of whom he is guardian
• Minor who is attained the age of 10 years.

2. Joint A type account:

• Account can be opened jointly in the name of upto 3 adults payable to all 3 holders jointly or survivor.

3. Joint B Type account:

• Account can be opened in the name of upto 3 adults payable to any of the account holder or to the survivors.

Features:

• The Term of the account is 115 months (9 years and 7 months)
• Multiple number of accounts can be opened
• Minimum investment: Rs 1,000/- and any sum in multiples of Rs. 100/- can be deposited
• No maximum ceiling in amount
• Account cannot be opened by NRI or HUF
• An application (Form-1) to be obtained to open an account
• The account is available through Internet Banking (Click Here) and IndSMART

MAHILA SAMMAN SAVINGS CERTIFICATE(MSSC)

• The scheme is valid upto 31.03.2025
• Account can be opened by woman for herself or as guardian on behalf of a minor girl and account type should be single.
• The Term of the account is two years
• Multiple number of accounts can be opened with a time gap of three months shall be maintained between the existing account and the opening of other account within the maximum limit.
• Maximum ceiling in all accounts should not exceed Rupees Two lakhs
• Minimum investment: Rs 1,000 and any sum in multiples of Rs. 100 can be deposited
• Account cannot be opened by male individual, NRI or HUF
• The account cannot be opened in joint names
• PAN and Aadhaar Number are mandatorily submitted by the customer to open account
• An application (Form-1) to be obtained to open an account
• The account is available through Internet Banking (Click Here) and IndSMART

PUBLIC PROVIDENT FUND(PPF)

• An individual or an individual on behalf of a minor as guardian can open account
• Minimum – Rs.500.00 and thereafter in multiples Rs.50.00 and Maximum – Rs150000.00 in a financial year
• Account cannot be opened by NRI or HUF
• Tenure of account is 15 Years
• Depositor can nominate one or more individuals as nominee but not exceeding four individuals
• The account is available through Internet Banking (Click Here) and IndSMART

SENIOR CITIZEN SAVINGS SCHEME(SCSS)

• Eligibility

 60 years

 55 years –less than 60 years, who have retired under a voluntary or a special voluntary scheme

 The retired personnel of Defence services (excluding civilian Defence employees) will be eligible to invest on attaining the age of 50 years subject to the fulfilment of other specified conditions.

 Spouse of the Government employee who has attained the age of 50 years and died in harness

• Non Resident Indians(NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the scheme.
• Interest Rate GoI notifies interest rate for each quarter.
• Tax aspects Interest is taxable: Provision for entering Form 15G/ 15H available
• Minimum Investment ₹ 1,000/- and in multiples thereof and Maximum investment

Limit ₹ 30.00 lakhs

• Customer is not eligible for loan against SCSS deposit

Sukanya Samriddhi Account (SSA)

Salient Features

• The account may be opened by one of the guardian in the name of a girl child, who has not attained the age of ten years as on the date of opening of the account.
• High Rate of Interest – 8.20 % Per Annum ( FY 2024-25, Q-1 ).
• Accounts can be opened easily with the Birth Certificate of the girl Child accompanied by the guardian’s KYC  (POI & POA ). PAN and Aadhar of guardian are to be obtained mandatorily.
• Only one account can be opened for a girl child Maximum of 2 girl Children in one family.
• A SSY account holder can invest minimum Rs 250 & Maximum Rs 1,50,000 in a Financial Year.
• SSY investment are Compounded annually & the credited to the account on the last day of the FY.
• Investments can be claimed under Income tax Sec 80 C.
• Deposits may be made in the account till the completion of a period of 15 years and the account will mature after 21 years from the date of opening of the account.
• Withdrawal of upto a Maximum of 50% of the amount in the account can be allowed for Education purpose after the girl child attaining 18 years or after passing Standard 10th , Whichever is earlier.
• Irregular SSY accounts can be regularised with a payment of Minimum investment ( ie -Rs.250 ) plus Rs.50.
• Account can be regularised by depositing (Rs.250+50) * No of irregular Years
• The interest shall be credited to the account at the end of each financial year.
• Premature Closure of account can be allowed in case of extreme compassionate grounds such as medical support .
• Customers can now open Sukanya Samriddhi accounts through Net Banking. The procedure for opening of Sukanya Samriddhi accounts through Internet Banking platform (Click Here) is as under:                                          Government Scheme==> SSY==>SSY Account Opening