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Savings Schemes at a Glance 1.3.11 Welcome. SAVING SCHEMES—AN OVERVIEW Savings Bank is an important agency work of DOP. A large percentage of revenue.

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Presentation on theme: "Savings Schemes at a Glance 1.3.11 Welcome. SAVING SCHEMES—AN OVERVIEW Savings Bank is an important agency work of DOP. A large percentage of revenue."— Presentation transcript:

1 Savings Schemes at a Glance 1.3.11 Welcome

2 SAVING SCHEMES—AN OVERVIEW Savings Bank is an important agency work of DOP. A large percentage of revenue is earned by DOP through these savings schemes. The schemes are formulated by Ministry of Finance. These Schemes are governed by Govt. Savings Bank Act 1873. DOP gets commission from MOF, per live account and per certificate sold and discharged. The rates of commission for 2010-2011 are as follows Accounts----Rs 135.96 Certificates---- Rs 38.97 The rates of commission are revised from time to time. The amount deposited under the schemes is given to respective states as soft loan for their development. 1.3.12

3 SAVING SCHEMES—AN OVERVIEW Looking in to the needs of all sections of the society, presently eight types of savings schemes are available in Post Offices. (a) Accounts--------------6 types (b) Certificates-----------2 types ACCOUNTS Saving account (SB) Recurring Deposit account (RD) 1.3.13

4 SAVING SCHEMES—AN OVERVIEW Time Deposit Account (TD) Monthly Income Scheme Account(MIS) Public Provident Fund Account (PPF) Senior Citizens Saving Scheme Account (SCSS) 1.3.14

5 CERTIFICATES Five Years National Saving Certificate (viii) Issue (NSC) (Maturity period revised as 5 years from 6 years w.e.f.1/12/2011) Ten years National Saving Certificate (ix) Issue (introduced w.e.f.1/12/2011) 1.3.15

6 LIMITS 1.3.16 CATEGORYRate of InterestTYPEMINIMUMMAXIMUM SB4%SINGLE Rs. 50/- -For Cheque A/C Rs.500 No limit JOINTNo limit RD8.4% 746.51 SINGLE RS. 10/-in multiple of Rs.5/- NO LIMIT JOINTNO LIMIT TD1 year 8.4% 2 year 8.4% 3 year 8.4% 5 year 8.5% SINGLE Rs. 200/ in multiple of Rs.200/- NO LIMIT JOINTNO LIMIT MIS8.4% NO BONUS SINGLE Rs. 1500/- in multiple of 1500/- Rs. 4,50,000/- JOINT Rs.9,00,000/- PPF8.7%SINGLE only Rs.500/- in a financial year Rs.100000/- In a financial year SCSS9.2%SINGLERs.1000/- in multiple of Rs.1000/- Rs.15,00,000/- JOINT

7 Basic savings account Nil balance account Applicable to beneficiaries of all types of schemes run by Government. Only single account can be opened by an adult Cheque facility not available Other deposits by account holder allowed Scheme code is required to open account 1.3.17

8 Exercise 1.3.18

9 9

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Welcome.

Welcome.

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