tamilnadupost.nic.in Monthly Income/ Senior Citizens Savings Scheme : Tamil Nadu Postal Circle
Organization : Tamil Nadu Postal Circle
Facility : Monthly Income/ Senior Citizens Savings Scheme
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Monthly Income Scheme : https://www.indiapost.gov.in/vas/pages/pmodashboard/seniorcitizensavingsscheme.aspx
Senior Citizens Savings Scheme : https://tamilnadupost.cept.gov.in/
Home Page : http://www.tamilnadupost.nic.in/
Monthly Income Scheme :
** Only one deposit in an account.
** Only individuals can open the account; either single or joint (two or three). Maximum limit in case of joint accounts is Rs.9 lakhs.
Related : Tamil Nadu Postal Circle Registered Post : www.statusin.in/20395.html
| Period during which opened | Minimum Amount of Deposit (Rs.) |
Maximum Amount in case of Single Account (Rs.) |
Rate of Interest | Monthly Interest Payable on Minimum Deposit (Rs.) |
|
| From | To | ||||
| 01.06.1993 | 01.09.1993 | 6,000 | 2,04,000 | 14% | 70.00 |
| 02.09.1993 | 31.12.1998 | 6,000 | 2,04,000 | 13% | 65.00 |
| 01.01.1999 | 14.01.2000 | 6,000 | 2,04,000 | 12% | 60.00 |
| 15.01.2000 | 31.01.2000 | 6,000 | 2,04,000 | 11% | 55.00 |
| 01.02.2000 | 17.07.2000 | 6,000 | 3,00,000 | 11% | 55.00 |
| 18.07.2000 | 28.02.2001 | 1,000 | 3,00,000 | 11% | 9.00 |
| 01.03.2001 | 28.02.2002 | 1,000 | 3,00,000 | 9.5% | 8.00 |
| 01.03.2002 | 28.02.2003 | 1,000 | 3,00,000 | 9.0% | 7.50 |
| 01.03.2003 | 15.08.2007 | 1,000 | 3,00,000 | 8.0% | 7.00 |
| 16.08.2007 | 30.11.2011 | 1,500 | 4,50,000 | 8.0% | 10.00 |
| 01.12.2011 | 31.03.2012 | 1,500 | 4,50,000 | 8.2% | 10.00* |
| 01.04.2012 | onwards | 1,500 | 4,50,000 | 8.5% | 11.00* |
* Rounded off to the nearest rupee.
Features :
** Maturity period – 5 years for accounts opened on or after 01.12.2011
** Lockup period – 1 year.
** Interest rounded off to nearest rupee.
** Interest is paid to the depositor monthly on completion of the month from the date of initial deposit.
** Monthly interest can be automatically credited to savings account.
Premature closure is permitted (w.e.f 10/02/2006)
i. After 1 year and before 3 years, with reduction of 2% from deposit amount
ii. After 3 years, with reduction of 1% from deposit amount
On maturity, 10 % of principal is paid as bonus to the depositor, only in respect of accounts opened prior to 13/02/2006.
On maturity, 5 % of principal is paid as bonus to the depositor, only in respect of accounts opened during the period 08/12/2007 to 30/11/2011
Senior Citizens Savings Scheme :
| Period during which opened | Maturity Period | Rate of Interest per annum |
|
| From | To | ||
| October 2004 | 31.03.2012 | 5 years | 9% |
| 01.04.2012 | onwards | 5 years | 9.3% |
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Minimum Deposit – Rs.1,000. Maximum Deposit – Rs.15,00,000. |
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Features :
** Rate of Interest – 9.3% per annum for accounts opened from 01/04/2012 onwards.
** Interest is payable on quarterly basis on 31st March / 30th June / 30th September / 31st December.
** Maturity Period – 5 years. Deposit can be extended to a further period of 3 years by making an application within a period of 1 year after the maturity of the account.
** No withdrawal is permitted before the expiry of a period of five years from the date of opening of an account.
Premature closure is permitted after the lockup period of 1 year:
i. After one year before 2 years, with reduction of 1.5 % from deposit amount.
ii. After 2 years, with reduction of 1% from deposit amount.
Interest is taxable under the provisions of the Income Tax Act.
Eligibility :
** Any Individual who has attained the age of 60 years or above.
** Any Individual who has attained the age of 55 years or more but less than 60 years and who has retired under voluntary retirement scheme, within three months of date of retirement.
** A certificate from the employer indicating the date of retirement, retirement scheme, retirement benefits, nature and period of employment should be submitted along with the application for opening the account.
** Non-Resident Indians and Hindu Undivided Families are not eligible to open an account under this scheme
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