The calculation of interest is on an annual basis. Thus the interest rate offered by Kisan Vikas Patra makes it look more attractive. At a minimum amount of Rs 1,, the KVP account can be opened and thereafter in multiples of Rs There is no maximum limit. A KVP can be opened at any post office. Kisan Vikas Patra: Account opening 1. Three adults can open a joint account. Claim Form Death certificate of account holder s. Id and address proof of the nominee.
ID and address proof of two witnesses. Death certificate of account holder s. Id and address proof of the claimant s. Self attested copy of ID and address proof of two witnesses. Issue of statement of account or deposit receipt-Rs. Cancellation or change of nomination —Rs. Charges on dishonour of cheque-Rs. Note:- If there is no nomination and deposit value at the date of death is above Rs.
Claim in case of without nomination up to 5 lakh can be settled after 6 month of death of the depositor. How to open an account in post office and its requirements? What is silent account and how to revive it? What is the procedure for the issue of duplicate certificates? How I get duplicate passbook? What are the norms for issuing a Cheque Books?
What is the minimum balance required for an account? Minimum balance in respect of different types of Small Savings Accounts is given below. Premature encashment conditions for Small Savings Schemes as below. Fund transfer between Post Office Savings Accounts. Deposit in linked RD Accounts. Deposit in linked SSA Account.
Deposit in linked PPF account. Opening of TD account. Opening of RD account. Cheque Stop payment request. KYC Norms How to transfer accounts and certificate? What are late payment fees for recurring deposits? Minimum balances in respect of different types of account is given below. No premature encasement possible. Account can be extended for further 5 year by giving application at account office.
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annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder The annual interest may be credited to the savings account of the account holder at his option Premature encashment not allowed before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, from 1.
Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts Rs. Discount means deduction from the deposit. No bonus is payable on the deposits made on or after 1. In case of Cheque, the date of realization of Cheque in Govt. 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. Premature closure is allowed, i If closed before 1 year , no interest will be payable, if paid already will be recovered. 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. Account can be transferred from one post office to another The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on Maturity value can be retained without extension and without further deposits also Premature closure is can be allowed after 5 years from the end of the year in which the account was opened subject to the following conditions.
No attachment under court decree order The PPF account can be opened in a Post Office which is Double handed and above Loan can be taken after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made Withdrawal can be taken after the expiry of five years from the end of the year in which the account was opened.
Salient features including Tax Rebate 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. NSC will be issued in the shape of Passbook w. Deposits qualify for tax rebate under Sec. Salient features Certificate can be purchased by i a single adult ii Joint Account Maximum 3 adults iii Minor above 10 years of age i An adult on behalf of a minor.
A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children. Account can be opened up to age of 10 years only from the date of birth. Investment is made in the form of certificates in Kisan Vikas Patra scheme.
Certificates worth Rs , Rs , Rs 10, and Rs 50, can be purchased under this scheme. There is no investment limit in this scheme, so there is also the risk of money laundering. Therefore, the government has made PAN card mandatory for investments of more than Rs 50, in it.
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