
Sl. No

SAVINGS
SCHEME

DEPOSIT PERIOD

INTEREST RATE

DEPOSIT LIMITS

FEATURES & TAX CONCESSIONS

1

Savings Account
(SB)



4 % per
annum
(Interest
will be added to the A/c on 1^{st} April of every year)

Minimum
Balance:
Rs.50
(for
Ordinary A/c)
&
Rs.500
(for
Cheque A/c)

Savings
Account with the facility of making Deposits and withdrawals whenever the
depositor wants through cash/cheque.
Can be
used for crediting the interest of MIS/SCSS/TD Accounts and for debiting the
monthly RD deposit amount every month automatically.

2

Recurring
Deposit
(RD)

5 Years

8.3 %
Quarterly
Compound
Interest
(Approximately
Equal to
9.48%
p.a simple interest)
For
example:
Maturity
for denomination of
Rs.100
will be Rs. 7,445
Rs.200
will be Rs.14,891
Rs.500
will be Rs.37,227

Minimum Denomination:
Rs.10
per Month
Maximum:
No limit
Deposit
can be made in multiple of Rs.5

Monthly
deposit scheme with fixed denomination.
Suitable
for Salaried people and for Monthly saving investors
Penalty
fee @Re.1 for Rs.50 denomination will be collected for one default month if
the monthly deposit not made within the last date.
Account
cannot be continued if it has six default months.
Rebate
amount will be given for advance deposit for 6/12 months.
A/c Can
be closed after 3 years only (with SB rate of Interest)
50%
amount in the A/c can be taken as loan after 1 year if eligible.
A/c can
be extended with or without deposits for further period of 1/2/3/4/5 years.

3

Monthly
Income
Scheme
(MIS)

5 Years

8.4 % per
annum
(Payable
every Month)
For
Example:
Rs.1050
p/m for Deposit Rs.1,50,000
Rs.3150
p/m for Deposit Rs.4,50,000

Maximum
:
Rs.4,50,000
(for
Single A/c) &
Rs.9,00,000
(for
Joint A/c)
Deposit
can be made in multiple of Rs.1500

Useful
scheme for pensioners and people those who want to get Monthly income on
their deposits.
No bonus
from 01.12.2011
A/c can
be closed after 1 year with deductions.
For
higher interest:
If the
Monthly Interest is automatically credited into RD account every month, total
returns will be around 10.4% p.a

4

Senior
Citizen
Savings
Scheme
(SCSS)

5 Years

9.2 %
per annum
Payable
Quarterly,
(4 times
in a year)
(Quarterly
interest shall be payable on the Last working day of March, June, September, December)

Maximum
Limit:
Rs.15,00,000
Deposit
can be made in multiple of Rs.1000
Amount
exceeding
Rs.99,
000 should be made by Cheque only.

Useful
for pensioners/Senior citizens who want to get periodical income from their
deposit amount. (Deposit also eligible for Income tax rebate)
Minimum
Age: 60
Years and For persons who retired on VRS : 55 Yrs
Single
and Joint A/c (with spouse only) can be opened.
A/c can
be closed after 1 year with deductions.
TDS will
be deducted on interest earned if the interest is more than
Rs.10,
000/ p.a.
(If form
15G/H is given every year TDS will not be deducted)

5

Time
Deposit
(TD)

1 year
2 year
3 year
5 year

Below mentioned
interests are Quarterly Compound interests and payable every year.
Quarterly
Equivalent
Compound
Simple
Interest
Interest
8.2
% QCI = 8.46 % p.a
8.2
% QCI = 8.46 % p.a
8.3
% QCI = 8.56 % p.a
8.4
% QCI = 8.67 % p.a

Deposit
can be made in multiple of Rs.200
No
maximum limit
on deposits

Useful
scheme for persons who want to deposit their Money for a specific period like
1/2/3/5 years
Can be
closed after 6 months only with SB rate of Interest.
If the
A/c (except 1 yr T.D) closed after one year, 1 % interest will be deducted on
the interest rate of Completed year TD.
5 year
TD amount eligible for income tax benefit under section 80C.

6

Public
Provident Fund
(PPF)

15 years

8.7 %
per annum *
(compounded
yearly)
Note:
*
Interest rate that changes from time to time will be applicable for the
balance in the A/c

Minimum
amount:
Rs.500
per Financial Year.
Maximum
deposit:
Up to Rs.1,
00,000 in a financial year.

Useful
scheme for Income Tax payers as the PPF Deposits qualify for deduction from
income under Sec. 80C of IT Act.
Interest
is completely taxfree.
One
Withdrawal is permissible every year from 7th financial year.
Loan
facility available from 3rd financial year.
PPF can
be opened by any adult in his/her name and in the name of a Minor as a
Guardian.
Maximum
12 deposits can be made in a year

7

National
Savings
Certificate
(NSC
VIII
issue)

5 year

8.5 %
halfyearly
compound interest
(payable
at the time of maturity)
which is
equivalent to simple interest rate of 10.32 % p.a

Certificates
Available in
Rs.100,
Rs 500, Rs.1000,Rs. 5000, Rs.10000
Denominations
No
maximum limit on investment.

Useful
scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec.
80C of IT Act.
Can be
encashed on maturity only (i.e., after 5 years).
Loan can
be taken by pledging the NSC bonds at nationalized banks.
Maturity
amount for Rs.10,000 NSC will be Rs.15,162 after 5 years

8

National
Savings
Certificate
(NSC
IX
issue)

10 year

8.8 %
halfyearly
compound interest
(payable
at the time of maturity)
which is
equivalent to simple interest rate of 13.65 % p.a

Certificates
Available in
Rs.100,
Rs.500, Rs.1000 ,Rs.5000,Rs.10000 Denominations
No
maximum limit on investment

Useful
scheme for Income Tax payers as the NSC investments qualify for tax rebate under Sec.
80C of IT Act.
Can be
encashed on maturity only (i.e., after 10
years).
Loan can
be taken by pledging the NSC bonds at Nationalized banks
Maturity
amount for Rs.10,000 NSC will be Rs.23,660 after 10 years
