Name of the Scheme

Limits of

Maturity Period (Years)

Rate of Interest

Whether

Deduc-

Amount

Investment

(Per cent per annum)

Interest

tions

Out-

is Tax

under

standing

April

April

Since

Since

April

Since

Since

Since

Free

Sec. 88 of

at end-

1991

1992

Sept. 2,

Jan. 1,

1991

April

Sept. 2,

Jan. 15

under

Income

March

1993

1999

1992

1993

2000

Income

Tax Act $

1999

Tax Act

(Rs. crore)

1

2

3

4

5

6

7

8

9

10

11

12

13

1.

Post Office Saving

Minimum Rs.20 and

#

#

#

#

5.50

5.50

5.50

4.50 ##

Yes

No

7,650

Bank Accounts

maximum Rs.1,00,000 for

Sec.10

an individual account

(Rs.2 lakh jointly. No limit

on group, institutional or

official capacity accounts.)

2.

Public Provident

Minimum Rs.100 and

15

15

15

15

12.00

12.00

12.00

11.00

Yes

Yes

3,204###

Fund 1968

maximum Rs.60,000 in a

Sec.10

fiscal year

3.

Post Office Time

Minimum Rs.50 and

1,2,3

1,2,3

1,2,3

1,2,3

9.50 to

12.00 to

10.50 to

8.00 to

Yes

No

4,219

Deposit Account

Maximum no limit

and 5

and 5

and 5

and 5

11.50+

13.50++

12.50*

10.50**

Sec.80-L

4.

Post Office

Minimum Rs.10 per month

5

5

5

5

11.50@

13.50@

12.50@

..

do

No

11,139

Recurring Deposit

or any amount in multiples

Account

of Rs. 5. No maximum limit.

5.

National Savings

Minimum Rs.100 and

4***

4***

4***

4*** 11.00

11.00

11.00

10.50

do

Yes

820

Scheme 1992

Maximum no limit

6.

Post Office Monthly

Minimum Rs.6,000 and

6

6

6

6

12.00

14.00

13.00

11.00

do

No

20,293

Income Scheme

maximum Rs.3 lakhs

payable

and Rs.6 lakhs in

monthly

joint account

7.

NSC VIII Issue

Minimum Rs.100

6

6

6

6

12.00@

12.00@

12.00@

11.83@

do

Yes

25,831

Maximum no limit

8.

Indira Vikas Patras$$  

No limit

5

5

5 1/2

6

14.87@

14.87@

13.43@

-

No

No

12,430

9.

Kisan Vikas Patras

No limit

5 1/2

5

5 1/2

6@@

13.43@

14.87@

13.43@

12.25@

No

No

67,214

10.

Deposit Scheme for

Minimum Rs.1,000 and

#

#

#

#

9.00

9.00

10.00

9.00

Yes

No

280

Retiring

maximum not exceeding

Sec.10

Government /

the total retirement

Employees 1989 Retiring Employees

benefits

of Public Sector

Companies 1991

$

Currently, the eligible amount to be invested in the specified savings is Rs.60,000 per annum.The maximum rebate is 20 per cent subject to Rs. 12,000 per annum.

#

open ended scheme.

##

4.5 % for individual/joint and group account, 4.0% for public account and security deposit accounts for purchase of motor vehicles or tractors, official capacity accounts and other accounts 3%.

###

Relate to Post Office Transactions only.

+

Compounded quarterly and payable annually. 1 Year -9.5%, 2 Year -10.0, 3 Year -10.5% and 5 Year -11.0%.

++

Compounded quarterly and payable annually. 1 Year -12.0%, 2 Year -12.5.%, 3 Year -13.0% and 5 Year -13.5%.

*

Compounded quarterly and payable annually. 1 Year -10.5%, 2 Year -11.0%, 3 Year -12.0% and 5 Year -12.5%.

**

Compounded quarterly and payable annually. 1 Year -9.0%, 2 Year -10.0%, 3 Year -11.0% and 5 Year -11.5%.

***

From the year of opening account.

@

Compounded interest rate.

@@Maturity Period has been raised to 6¹/₂ years with effect on January 15, 2000.

$$

The Scheme has been discontinued with effect from July 17, 1999.

Note : All the Postal Savings Schemes do not come under the purview of Wealth Tax Act from the assessment year 1993-94.

Source : (1) National Savings Organisation, (2) Receipts Budget, Government of India, (3) Accountant General, Posts & Telegraph.