Name of the Scheme

Limits of

Rate of Interest

Amount

Investment

Maturity Period (Years)

(per cent per annum)

Deductions

Out-

Whether

under

standing

interest is

Sec.88 of

at end-

Tax free

Income

March

April

April

Since

Since

April

Since

Since,

Since

Since

under

Tax

2000

1991

1992

Sept. 2,

Jan. 1,

1991

April

Sept. 2

Jan. 15,

Mar. 1,

Income

Act $

(Rs.

1993

1999

1992

1993

2000

2001

Tax Act

crore)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

1.Post Office Savings

Minimum Rs.20 and maximum

#

#

#

#

5.50

5.50

5.50

4.50 ##

3.5+++

Yes

No

7978

Bank Accounts

Rs.1,00,000 for an individual

Sec.10

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

9.50

Yes

Yes

 4624###

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

8.0 to

7.5 to

Yes

No

5342

Deposit Account

Maximum no limit

and 5

and 5

and 5

and 5

11.50+

13.50++

12.50*

10.5**

9.0 $$$

Sec. 80-L

4.Post Office Recurring

Minimum Rs.10 per month

5

5

5

5

11.5@

13.5@

12.50@

.

.

do

No

14265

Deposit Account

or any amount in multiples

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

9.00

do

Yes

845

Scheme 1992

and Maximum no limit

6.Post Office Monthly

Minimum Rs.6,000 and

6

6

6

6

12.00

14.00

13.00

11.00

9.50

do

No

29974

Income Scheme

maximum Rs.3 lakhs in

single account and Rs.6 lakhs in

joint account

7.NSC VIII Issue

Minimum Rs.100

6

6

6

6

12.00@

12.00@

12.00@

11.83@

9.72

do

Yes

31003

Maximum no limit

8.Indira Vikas Patra $$

No limit

5

5

5 1/2

6

14.87@

14.87@

13.43@

-

-

No

No

12065

9.Kisan Vikas Patra

No limit

5 1/2

5

5 1/2

6@@

13.43@

14.87@

13.43@

12.25@

10.03

No

No

80060

10.Deposit Scheme for

Minimum Rs.1,000 and

#

#

#

#

9.00

9.00

10.00

9.00

8.50

Yes

No

362

Retiring Government

maximum not exceeding the

Sec.10

Employees 1989/

total retirement benefits

Retiring Employees

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 Years -10.0%, 3 Years -10.5% and 5 Years -11.0%.

++

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

+++

: Single Account, Pension Account, Joint Account, P.F., Superannuation, Gratuity Fund Account, Sanchayika Account 3.5%, Public Account 3%, Security Deposit Account

for purchase of motor vehicle or tractor 3%, for other purposes 2%, official capacity account 2%.

*

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

**

: Compounded quarterly and payable annually. 1 Year -9.0%, 2 Years -10.0, 3 Years -11.0% and 5 Years -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 and 7 years 3 months after first day of March 2001.

$$

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

$$$

: One year 7.5%, two years 8%, three years 9%, five years 9%.

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.