indowealth

Post Office Savings Scheme

5-Year Post Office Recurring Deposit Account (RD)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained

From 01.07.2019, interest rates are as follows:-

  • 7.2​ % per annum (quarterly compounded)
  • On maturity INR 10/- account fetches INR 725.05 . Can be continued for another 5 years on year to year basis
Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.
  • Salient features including Tax Rebate
  • Account may be opened by
    • (i) a single adult
    • (ii) Joint Account (Maximum 3 adults)
    • (iii) Minor above 10 years of age
    • (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month
  • If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made
  • *If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS
  • ​There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100
  • Minor after attaining majority has to apply for conversion of the account in his name
  • One withdrawal up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
  • Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
  • Online Deposit facility is available through IPPB Saving Account
  • Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office
  • Post Office Time Deposit Account (TD)
Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained

Interest payable annually but calculated quarterly.

Minimum INR 1000/- and in multiple of 100. No maximum limit.
  • Interest rates From 01.07.2019
Period Rate

1yr.A/c

6.9%

2yr.A/c

6.9%

3yr.A/c

6.9%

5yr.A/c

7.7%
  • Salient features including Tax Rebate
  • Account may be opened by
    • (i) a single adult
    • (ii) Joint Account (Maximum 3 adults)
    • (iii) Minor above 10 years of age
    • (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name.
  • TD account can be extended by giving an application in account office
  • ​Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
  • The annual interest may be credited to the savings account of the account holder at his option
  • Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
  • The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
  • Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking
  • Post Office Monthly Income Scheme Account (MIS)
Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained

From 01.07.2019, interest rates are as follows:-

(i) 7.6​ % per annum payable monthly.

(i) In multiples of INR 1000/-
(ii) Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
(iii) An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
(iv) For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
  • Salient features including Tax Rebate
  • Account may be opened by
    • (i) a single adult
    • (ii) Joint Account (Maximum 3 adults)
    • (iii) Minor above 10 years of age
    • (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh)
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name
  • Maturity period is 5 years from 1.12.2011
  • Interest can be drawn through auto credit into savings account standing at same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices
  • Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
  • A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011
  • Interest shall be payable to the account holder on completion of a month from the date of deposit
  • If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
  • National Savings Certificates (NSC)
Scheme Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained Salient features including Tax Rebate
  • (i) National Savings Certificates (NSC)
  • (ii) 5 Years National Savings Certificate (VIII Issue)

From 01.07.2019, interest rates are as follows:-

  • (i) 7.9​ % compounded annually but payable at maturity.
  • (ii) INR 100/- grows to INR 146.25​​ ​after 5 years

Minimum of Rs. 1000/- and in multiples of Rs. 100/- No Maximum Limit
  • Certificate may be purchased by

    • (i) a single adult

    (ii) Joint Account (Maximum 3 adults)

    (iii) Minor above 10 years of age

    (iv) An adult on behalf of a minor.

    (v) A guardian on behalf of a person of unsound mind

  • NSC will be issued in the shape of Passbook w.e.f. 01.07.2016
  • Deposits qualify for tax rebate under Sec. 80C of IT Act.
  • The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.

*In case of NSC VIII , transfer of certificates from one person to another can be done only once from date of issue to date of maturity

*​At the time of transfer of Certificates from one person to another, old certificates will not be discharged. Name of old holder shall be rounded and name of new holder shall be written on the old certificate and on the purchase application(in case of non CBS Post offices) under dated signatures of the authorized Postmaster along with his designation stamp and date stamp of Post office

  • Kisan Vikas Patra (KVP )
Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained

From 01.07​.2019, interest rates are as follows:-

  • 7.6 % compounded annually
  • Amount Invested doubles in 113 months (9 years & 5​​ months)
Minimum of Rs. 1000/- and in multiples of Rs. 100/- No Maximum Limit.
  • Salient features
  • Certificate can be purchased by
    • (i) a single adult
    • (ii) Joint Account (Maximum 3 adults)
    • (iii) Minor above 10 years of age
    • (iv) An adult on behalf of a minor.
    • (v) A guardian on behalf of a person of unsound mind
  • KVP will be issued in the shape of Passbook w.e.f. 01.07.2016
  • KVP can be purchased from any Departmental Post office
  • Facility of nomination is available
  • Certificate can be transferred from one person to another and from one post office to another.
  • Certificate can be encashed after 2 & 1/2 years from the date of issue
  • Senior Citizen Savings Scheme (SCSS)
Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained

From 01.07.2019 , interest rates are as follows:-

  • 8.6 ​% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.
There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.
  • ​Salient features including Tax Rebate
  • An individual of the Age of 60 years or more may open the account.
  • An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits
  • Maturity period is 5 years
  • A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife)
  • Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by Cheque only.
  • In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
  • Nomination facility is available at the time of opening and also after opening of account.
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
  • Joint account can be opened with spouse only and first depositor in Joint account is the investor.
  • In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.
  • *Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.
  • Premature closure is allowed,

    (i) If closed before 1 year , no interest will be payable, if paid already will be recovered.

    (ii) after one year on deduction of an amount equal to1.5% of the deposit to be deducted

    (iii) after 2 years 1% of the deposit to be deducted.

  • After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of one year of extension without any deduction.
  • TDS is deducted at source on interest if the interest amount is more than INR 50,000/- p.a

Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Mrs. Kalpana Rahalkar and late Mr. Ajit Rahalkar started Investments & Insurance Consultancy firm in 1982 under the brand name of 'Kalpana Investments'.

The Success of 'Kalpana Investments' is the result of their dedication, devotion, determination, hard work and extra ordinary efforts. In the journey of more than three decades, Kalpana Investments has conquered remarkable achievements in the field of Fixed Deposits, Mutual Funds and Insurance.

We would like to dedicate this success of Kalpana Investments to our clients. It is only because of their Faith in us which has led Kalpana Investments to reach at this respectable position.

With their blessings we have expanded our business in a new way with the new name as:

- Vision -

To be the leading company in Distribution of Financial Products and Providing Professional Services in Conformity with Ethics and Professional Practice and Standards worldwide.


- Mission -

  • Create and present Financial Solutions to cater the needs, goals amd aspirations of the clients.
  • Distribution of Financial Products in accordance with the solutions presented.
  • Tie-ups with Financial Products Distributors
  • Provide Professional Services using expertise of empanelled professionals.
  • Form and expand the pool of Experienced Professionals in every field confied to objectives.
  • Give pre-eminent services to clients and attend 100% client satisfaction.
  • Develop innovative platform for long term client engagement.
  • Educate clients through Financial Literacy Initiatives and assist them to make informed decisions.
  • Expand means of approachability for clients to serve them better via online mode, branches and other point of access.
  • Develop Franchise and sub-brokers network by building state of art infrastracture & support platforms.

"Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives."
- William A. Foster -

CONTACT:

Kalpajit FinSol Pvt Ltd
(Formerly known as Kalpana Investments)
B-1 Dream Presidency,
Near P E School,
Vidya Nagari Jail Road,
Nashik Road,
Nashik- 422101.

Mobile No.:- +91 8888896454

Email Id :- support@kalpajit.com

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