(from 01.04.2013)

Sl. No

SAVINGS
SCHEME

DEPOSIT PERIOD

INTEREST RATE

DEPOSIT LIMITS

FEATURES & TAX CONCESSIONS

1

Savings
Account
(SB)



4 % per
annum
(Interest
will be added to the A/c on 1^{st} April of every year)

Minimum
Balance:
Rs.50 (for Ordinary A/c)
&
Rs.500 (for Cheque A/c)

Savings Account with the facility
of making Deposits and withdrawals whenever the depositor wants through
cash/cheque.
Can be used for crediting the
interest of MIS/SCSS/TD Accounts and for debiting the monthly RD deposit
amount every month automatically.

2

Recurring
Deposit
(RD)

5 Years

8.3 %
Quarterly
Compound
Interest
(Approximately
Equal to
9.48%
p.a simple interest)
For
example:
Maturity
for denomination of
Rs.100 will be Rs. 7,445
Rs.200 will be Rs.14,891
Rs.500 will be Rs.37,227

Minimum
Denomination:
Rs.10
per Month
Maximum:
No limit
Deposit can
be made in multiple of Rs.5

Monthly deposit scheme with fixed
denomination.
Suitable for Salaried people and
for Monthly saving investors
Penalty fee @Re.1 for Rs.50
denomination will be collected for one default month if the monthly deposit
not made within the last date.
Account cannot be continued if it
has six default months.
Rebate amount will be given for
advance deposit for 6/12 months.
A/c Can be closed after 3 years
only (with SB rate of Interest)
50% amount in the A/c can be taken
as loan after 1 year if eligible.
A/c can be extended with or
without deposits for further period of 1/2/3/4/5 years.

3

Monthly
Income
Scheme
(MIS)

5 Years

8.4 %
per annum
(Payable
every Month)
For
Example:
Rs.1050
p/m for Deposit Rs.1,50,000
Rs.3150
p/m for Deposit Rs.4,50,000

Maximum
:
Rs.4,50,000
(for
Single A/c) &
Rs.9,00,000
(for
Joint A/c)
Deposit
can be made in multiple of Rs.1500

Useful scheme for pensioners and
people those who want to get Monthly income on their deposits.
No bonus from 01.12.2011
A/c can be closed after 1 year
with deductions.
For higher interest:
If the Monthly Interest is
automatically credited into RD account every month, total returns will be
around 10.4% p.a

4

Senior
Citizen
Savings
Scheme
(SCSS)

5 Years

9.2 %
per annum
Payable
Quarterly,
(4 times
in a year)
(Quarterly
interest shall be payable on the Last working day of March, June, September,
December)

Maximum
Limit:
Rs.15,00,000
Deposit
can be made in multiple of Rs.1000
Amount
exceeding
Rs.99,
000 should be made by Cheque only.

Useful for pensioners/Senior
citizens who want to get periodical income from their deposit amount.
(Deposit also eligible for Income tax rebate)
Minimum Age: 60 Years and For persons who retired on VRS
: 55 Yrs
Single and Joint A/c (with spouse
only) can be opened.
A/c can be closed after 1 year
with deductions.
TDS will be deducted on interest earned if the interest is more
than
Rs.10, 000/ p.a.
(If form 15G/H is given every year TDS will not be deducted)

5

Time
Deposit
(TD)

1 year
2 year
3 year
5 year

Below
mentioned interests are Quarterly Compound interests and payable every year.
Quarterly Equivalent
Compound Simple Interest
Interest
8.2 % QCI =
8.46 % p.a
8.2 % QCI =
8.46 % p.a
8.3 % QCI = 8.56 % p.a
8.4 % QCI = 8.67 % p.a

Deposit
can be made in multiple of Rs.200
No
maximum limit
on deposits

Useful scheme for persons who want
to deposit their Money for a specific period like 1/2/3/5 years
Can be closed after 6 months only
with SB rate of Interest.
If the A/c (except 1 yr T.D)
closed after one year, 1 % interest will be deducted on the interest rate of
Completed year TD.
5 year TD amount eligible for
income tax benefit under section 80C.

6

Public
Provident Fund
(PPF)

15 years

8.7 %
per annum *
(compounded
yearly)
Note:
*
Interest rate that changes from time to time will be applicable for the
balance in the A/c

Minimum
amount:
Rs.500
per Financial Year.
Maximum
deposit:
Up to
Rs.1, 00,000 in a financial year.

Useful scheme for Income Tax payers as the PPF Deposits qualify
for deduction from income under Sec. 80C of IT Act.
Interest is completely taxfree.
One Withdrawal is permissible every year from 7th financial
year.
Loan facility available from 3rd financial year.
PPF can be opened by any adult in
his/her name and in the name of a Minor as a Guardian.
Maximum 12 deposits can be made in
a year

7

National
Savings
Certificate
(NSC
VIII
issue)

5 year

8.5 %
halfyearly
compound interest
(payable
at the time of maturity)
which is
equivalent to simple interest rate of 10.32 % p.a

Certificates
Available in
Rs.100,
Rs 500, Rs.1000,Rs. 5000, Rs.10000
Denominations
No
maximum limit on investment.

Useful scheme for Income Tax
payers as the NSC investments qualify for tax rebate under Sec. 80C
of IT Act.
Can be encashed on maturity only
(i.e., after 5 years).
Loan can be taken by pledging the
NSC bonds at nationalized banks.
Maturity amount for Rs.10,000 NSC
will be Rs.15,162 after 5 years

8

National
Savings
Certificate
(NSC
IX
issue)

10 year

8.8 %
halfyearly
compound interest
(payable
at the time of maturity)
which is
equivalent to simple interest rate of 13.65 % p.a

Certificates
Available in
Rs.100,
Rs.500, Rs.1000 ,Rs.5000,Rs.10000 Denominations
No
maximum limit on investment

Useful scheme for Income Tax
payers as the NSC investments qualify for tax rebate under Sec. 80C
of IT Act.
Can be encashed on maturity only
(i.e., after 10 years).
Loan can be taken by pledging the
NSC bonds at Nationalized banks
Maturity amount for Rs.10,000 NSC
will be Rs.23,660 after 10 years

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