In certain postal savings schemes, like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), the Department of Post has made it easier for the public from rural areas to invest. As per records provided by the department, the Gramin Dak Sevak (GDS) branches of the post office do not provide cheque facility. In perspective of this, it is allowed to make deposits and open accounts by means of a withdrawal form (SB-7).
Deposits up to Rs.5,000
The savings account passbook with withdrawal form (SB-7) will now be used for the upcoming deposit and opening of new accounts in the Gramin Dak Sevak Branch following the above proposal of the Department of Posts. This form allows for a deposit of up to Rs 5,000. And also opening a new public provident fund account up to Rs 5,000, this rule will also be applicable.
Deposits more than Rs.5,000
The depositor will also have to submit the post office savings passbook and pay-in-slip and withdrawal form SB-7 for parking more than Rs 5,000. In addition to this, the SB / RD / SSA or PPF passbook for the respective scheme will also have to be provided.
Get your passbook back with receipt
The Gramin Dak Sevak will then verify the withdrawal form, pay-in-slip and passbook. The depositor will have to get the passbook and receipt from the account office of the Gramin Dak Sevak branch after adding the specifics.
Interest rates are same for the quarter of December
For the quarter of December the central government intended not to change the interest rate offered on the Small Savings Schemes i.e. Public Provident Fund and NSC. This government's announcement suggests that for the October-December quarter, there will now be no adjustment in interest rates on these schemes. The Ministry of Finance, which had info on the interest rates of small savings schemes in the third quarter of the 2020-21 fiscal year, issued a circular in this same respect. In this confirmation, it was stated there would be no modification in the interest rates of these schemes until 31 December.
|Post office deposit schemes||ROI|
|Senior Citizen Savings Scheme||7.40%|
|Sukanya Samriddhi Account||7.60%|
|Public Provident Fund||7.10%|
|5-Year NSC VIII Issue||6.80%|
|Time Deposits||5.50 - 6.70%|
|Post Office Monthly Income Scheme||6.60%|
|Kisan Vikas Patra||6.90%|
Revision of interest rates
Every three months, the Ministry of Finance modifies the interest rate on small savings schemes. Information about this is then issued through the issuance of updates. This is the third consecutive quarter where the rates of small savings schemes have not changed in any manner.