Post Office schemes News

Sukanya Samriddhi Yojana Rules: Under the new rules, Sukanya Samriddhi Yojana accounts that were not opened by legal guardians or natural parents must now undergo a mandatory transfer of guardianship to comply with the scheme's original guidelines. 

Indian citizens between the ages of 19 and 45 can take benefit from the programme. This plan also offers 10 lakh rupee insurance. After the unfortunate passing of the policyholder, the insurance amount will be credited to the legal heir or nominee, or family member.

Despite rising repo rate, bank fixed deposit interest rates remained lower than post office plans in 2022. FD interest rates offered by top banks such as SBI, ICICI, HDFC, Axis Bank, PNB, BoB, and others are significantly lower than interest rates on post office schemes.

Post Office RD also offers higher interest rates. The advantages of this scheme are that the minimum investment is as little as Rs 100, and there is no maximum investment limit. This strategy, which has an interest rate of 5.8 percent, is one of the more popular options.

Currently, investors receive an interest of 7.1 per cent per annum for the investments in Post Office Public Provident Fund Account. National Savings Certificates (NSC) is currently offering a 6.8 per cent return to investors.

A one-year to three-year Post Office Time Deposit (TD) now pays 5.5 percent interest. Because there is only a 4.0 percent interest rate available, your money will double in 18 years. The current rate of interest on Post Office Recurring Deposits (RD) is 5.8%.

Children above the age of ten can also open an account in their name. If you open this special account (Post Office Monthly Income Scheme) in your children's name, you will be able to pay tuition fees with the interest you will receive each month.

A one-year to three-year Post Office Time Deposit (TD) now pays 5.5 percent interest. The current rate of interest on Post Office Recurring Deposits (RD) is 5.8%. The interest rate on the Post Office Monthly Income Scheme (MIS) is currently 6.6 percent.

The three companies in the partnership are aiming to bridge the financial ga by offering insurance products to the unbanked. Bajaj Allianz Life Insurance will sell Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal. The former is a term insurance product while the latter is an annuity plan.

A one-year to three-year Post Office Time Deposit (TD) earns 5.5 percent interest. You can currently earn 5.8% interest on a Post Office Recurring Deposit. The interest rate on the Post Office Monthly Income Scheme (MIS) is currently 6.6 percent.

Post Office Time Deposit offers 5.5% annual interest. Post Office Savings Bank Account provides just a 4% annual return on their investments. Post Office Recurring Deposit Scheme is one of the most popular investment schemes.

In order to open a savings account at the nearest post office, one would require valid KYC documents along with an initial deposit of Rs 500. The interest on the post office savings account is calculated on the minimum balance between the 10th of every month and the last day of the month. If the balance comes down to zero, the post office savings account will get automatically closed.

Anyone who is above the age of 10 years or so can make a Post Office Monthly Income Scheme Account in his own name. Even a guardian on behalf of a minor or person of unsound mind can also invest in this post office scheme. The Post Office Monthly Scheme comes with an interest rate of 6​.6​ percent per annum.

The scheme will be implemented by a team of five Gramin Dak Sevaks who will be assigned a village for the marketing of all products, savings, and insurance schemes of the Department of Posts This team will be headed by the Branch Post Master of the concerned Branch Office. The mail overseer will keep personal watches on the progress of the team on a daily basis The teams will be led and monitored by concerned Divisional Head, Assistant Superintendents Posts, and Inspector Posts