About Post Office Scheme:
Nowadays, it is very easy to save your money. The safety of money is not a big issue for any person. You may have awesome post office savings. The post office is offering many saving schemes these days. It is also providing many services in the country. You can save your money perfectly in the post office by using the post office savings option. You can also take advantage of the services offered by a post office.
Everyone needs a saving account to secure his money. India’s post is offering many types of saving accounts for all the people. When you want to open an account, you have to consider your income and saving.
In this article, we are discussing something about the schemes and saving offered by the government of India.
Key Features/ Benefits of post office schemes
India’s post is offering different types of services along with saving accounts. You can choose the best that could fulfill your needs. The post office savings are very beneficial. They save your money very well.
You can easily go to a post office that is near to your house to take advantage of post office savings. You can easily open a savings account in a post office. The minimum amount to open a post office account is 500INR.
The account could be single or joint. You have to deposit cash to open the account. The minimum balance to maintain the account is 500 INR. The maintenance fee of account for one year is 100 INR. ATM facility is available. Cheque facility is also available.
There is no tax deduction for an amount of less than 10,000/ INR. At least one transaction in three years is necessary. If you do not perform any transaction in three years, your account will be inactive. You can open one account in one post office. The account can be transferred to any other post office. An online fund transfer facility is available. A mobile banking facility is available for a post office saving account.
Post Office Services
These days, many schemes and services are available with a lot of benefits. You can save your money in India post to secure your future. It has many branches in the country. They are serving the people very well. You can use the services and schemes from any branch that is near to your house.
India’s post is offering many services and schemes. The services of India post are the best in the country. The mission of India’s post is to maintain its position in the market. The satisfaction of the customers is its priority. It is the largest network that has many branches in the country. Providing services at a very reasonable price is its mission. It believes that customers are their power. The things delivered by India post are very secure. It is reliable than any other postal service. It is providing the following services:
- Mail parcel
- Money transfer
- Retail services
Post office services are very fast and reliable. It believes in service before self. It has a very flexible technology for different operations. India’s post is well known for its best performance.
All the people who are living in India are eligible for the services and schemes of India post. They can use any postal service. Almost, all the people who are working in different departments are using India post. They are saving their money in saving accounts for their future. Women are having their accounts to save money. Students are also saving money for their higher studies.
Post office schemes and services are also available in the villages. People who are living in villages are using post office services for them. They are saving their money perfectly. They are going to the post office in their area.
How to download the Post office application form?
The process to download the application form is very easy. You can easily download it from the official website of India post. Log in with your name and id to download the application form.
It is very important to fill the application form correctly. You will submit it along with the documents.
If you have any problem in downloading the application form, you can take help. There is a helpline for you where you can call to take help.
How to apply for the Post office scheme?
You can apply for the schemes and services if you are registered at the India post. After registration, you can apply online for many services and schemes. You can also go to any post office to apply directly.
It is important to provide the correct information for the services and schemes of India post. Do not give any wrong information. The information that you provide could be verified. If you provide all the true information, your application will be processed fast.
If you give any wrong information, it could create a problem for you and approval of your application could be late. Also, make sure that you enter the information correctly while writing. If you have a problem understanding any instruction, you must contact the helpline or send an email to India post. You will get help immediately.
Post Office Saving Schemes
India’s post is offering many schemes for the people. It is having branches everywhere in the country. Here are some well-known post office schemes;
Gramin Dak Sevaks Group Insurance Scheme (GDSGIS)
This post office scheme was started on the official Gazette in 2010. It was started for the people working for the department of post. The purpose of this scheme is to help the workers and their families. The scheme is compulsory for all the workers. There is no age limit to join the scheme. All the workers are eligible without considering the age limit. Here are some features of the scheme:
Department of post maintains the funds for this scheme. The scheme contains two funds, insurance fund and saving fund. The workers can join the scheme without any medical check-up.
A worker gets the saving amount at the time of retirement with interest. If a worker dies during his service, his family will get the saving. His family gets a handsome amount with interest. The member of the scheme can nominate anyone for the insurance fund. There could be more than one nominees.
There is a deduction of rupees fifty every month from the salary of a worker for the insurance of fifty thousand. Rupees Seventeen and fifty paisa go to insurance fund and Rupees thirty-two and fifty paisa go to saving fund.
The member of this scheme is not getting any bonus from this scheme. They can not withdraw any money from the scheme. They can not get a loan from the scheme. If there is any claim, the head office in Dehlideals with it.
The department of the post is reviewing the working of the scheme every three years. It ensures that the scheme is self-financing and self-supporting.
Extra-Departmental Agents’ Group Insurance Scheme (EDAGIS)
This post office scheme was started in 1992. All the workers of EDA are eligible for this scheme. It was started for the people working for the Extra Department Agents. The purpose of this scheme is to give relief to the workers and their families. All the workers must join the scheme. The minimum age to join the scheme is 19 years. The maximum age to join the scheme is 50 years. Here are some features of the scheme:
Extra Department Agents maintains the funds for this scheme. The scheme has two types of funds, insurance fund and saving fund. The EDA workers can join the scheme without any medical examination.
A worker gets the amount back with interest at the time of retirement. If a worker dies during the service, his family will get the amount. The head office obtains nomination. There could be one more than one nominee. If there is more than one nominee, the person will decide the share of every nominee.
There is a deduction of ten rupees every month from the salary of a worker for the insurance of ten thousand rupees. Three rupees and fifty paise go to insurance fund and six rupees and fifty paise go to saving funds.
The member of this scheme can not get any bonus from this scheme. They can not withdraw any money from the scheme. They can not get a loan from the scheme.
Recovery of the premium is compulsory. If a person dies before recovery of the premium, it will be recovered from the salary. If there is any claim, it will be referred to the head office in Dehli, to deal with it.
The department is reviewing the working of the scheme every three years. It ensures that the scheme is self-financing and self-supporting.
Postal Life Insurance (PLI)
- This post office savings scheme was introduced on 1st February 1884 for the workers of the post office.
- These days, many people are taking advantage of this scheme.
- The people working in different sectors are getting benefits from this service.
- This is very useful for people.
Rural Postal Life Insurance(RPLI)
- This post office scheme is having special advantages for the people of rural areas.
- The scheme is very useful for people living in the villages.
- All the people who are living in a village can avail of this scheme.
- The purpose of this scheme is to improve the lives of people living in the villages.
- If they move to the city, they still could get the benefits of this scheme.
- Many people who moved to any other country, are still getting the benefits from this scheme.
- This scheme is changing the lives of the people.
- The people are improving their lives with the amount of this scheme.
Post Office Investment Schemes:
a. Sukanya Samriddhi Account Scheme (SSA)
- This post office scheme is having a lot of benefits for the girls.
- You can open one account for one girl.
- This account needs a maturity age that is 21 years.
- The account holder could extend it. You could open maximum of two accounts.
- There is no tax on the amount in this account.
- If you have a daughter, there is no need to be worried about her future.
- This scheme is for you, to secure the future of your daughter.
- This scheme will make the future of your daughter very bright.
- This post office scheme is very useful.
b. Post Office Monthly Saving Scheme
- This post office scheme is highly reliable.
- You can invest from Rs. 4.5 lakh to Rs. 9 lakh.
- The investment period is five years.
- The interest rate is 7.7%. you can start with a minimum investment of Rs. 1500.
- Only Indian citizens are eligible.
- You can open a single or joint account.
- A joint account could be with 2 or 3 people.
- If you withdraw the amount before one year, you will not get any benefit.
- You can transfer the account from one post office to another.
- This post office saving is very popular because it is a monthly basis.
c. Senior Citizens Saving Scheme
- This is a small saving scheme.
- This saving scheme is for old people.
- Only Indian citizens are eligible for this scheme.
- All the people who are above 60 can use this saving scheme.
- The interest rate is 8.6%.you can start with a minimum amount of Rs. 1,000.
- The amount should not be more than 15 lakh.
- The account could be single or joint.
- A joint account will be with your spouse.
- With the help of this scheme, you could spend your life better.
- This scheme cares for you when you are old.
- You can nominate anyone after you if you want.
d. 15 Years Public Provident Fund Account (PPF)
- If you are a student, this scheme is for you.
- It will give you a lot of advantages.
- This account needs a maturity period of 15 years.
- The account holder could ask for an extension.
- He can get the extension for 5 years. The interest rate is 8%.
- The amount in the account should not be more than 1.5 lakh.
- You can continue your studies very easily with the help of this scheme.
- In this way, you can make your future bright.
e. Public Provident Fund (PPF)
- This is the best post office saving.
- This is a long term investment.
- The scheme is very popular in the country.
- The amount is safe with an awesome interest.
- The interest rate varies attractive.the interest rate is 7.5%.
- There is no tax on the amount in this scheme.
- If you are a member of this scheme, you can get a loan.
- The period for the account is 15 years.
- The period could extend to the request of the account holder.
f. Post Office Time Deposit ( POTD)
- This is a small post office saving.
- It is very popular among people.
- The time could be one year, two, three or five according to the choice of the account holder.
- Anyone who is above 10 years old, could take this post office saving.
- There is no tax on the amount which is in this account.
- It is 100% secure.
- You could deposit the amount up to 1 lakh in this account.
- Everyone likes this scheme.
g. Kisan Vikas Patra ( KVP)
- This is the awesome post office saving.
- If you want to double your investment, you should choose this.
- The times for this scheme change according to the interest.
- Mostly, interest and time remain fix for one quarter.
- The amount in this account is very safe.
- Every citizen of India can take part in this post office saving.
- This is very useful. It is popular due to the profit that it gives. It can change your life.
When you are applying for a saving account at the post office, you will need the following documents;
- Aadhaar card
- Voter ID
- Ration card
- Electricity bill
- Bank book pass
- Telephone bill
You have to submit all these documents along with your application form. The electricity bill will tell your correct address. You must show your identity with documents.
More about scheme
To avail of the benefits of post office savings, you must have a savings account in the post office. You can deposit and withdraw your amount very easily. Your amount ids save with a wonderful profit. The amount that you deposit in a post office is risk-free. If you want a safe investment, post office savings are best for you. They are suitable for everyone. The post office monthly income scheme is the perfect scheme. When you deposit your money in a post office, it is saved. There is no difference in the safety of the post office and bank. In case of any accidental loss, you will get compensation.
Post office savings are very popular and useful. You all should take advantage of these schemes. This will make your life better. Your future will have a bright future. Your deposit of money will give you a lot of profit. With that profit, you can improve the style of living.
Website Link: https://www.indiapost.gov.in/
Post office schemes: https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx
Toll-Free Enquiry Helpline: 1800-266-6868
Timings: 9:00 AM – 6:00 PM (Monday to Saturday)