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Thread: FAQ on National Savings Certificates & Post Office Deposit Scheme

  1. #1
    PW Stalwart v.r.s.nathan's Avatar
    Join Date
    Apr 2009

    Lightbulb FAQ on National Savings Certificates & Post Office Deposit Scheme

    Whether, Annual interest of Post Office Time Deposit Account automatically credited in the savings account?
    Yes, In case of 2/3/5 year Time Deposit Accounts, the depositor on request to the post office can get annual interest due on his time deposit account credited in his Post Office Savings Account in the same post office.

    Whether, Post maturity interest is payable on Post Office Time Deposit Account?
    Yes. where repayment of a deposit has become due but has not been made, interest shall be allowed on the amount due for a maximum period of two years from the date of maturity to the date of repayment of the deposit subject to the following conditions -
    (i). The interest shall be simple and shall be calculated at the rate applicable from time to time, to savings accounts of the type of single or joint account.
    (ii). For the purpose of payment of interest any part of the period which is less than one month shall be ignored.
    (iii). The interest shall be paid to the depositor in a lump sum at the time of repayment of amount due.

    Whether, Monthly Income Scheme (MIS) account can be opened by Non Resident Indians or Karta of the Hindu Undivided Family?
    The Monthly Income Scheme account can not be opened by the Non Resident Indians and Karta of Hindu Undivided Family as there is no provision for opening of such accounts in M.I.S. Rules.

    Whether the National Savings Certificates can be purchased by the Karta of the Hindu Undivided Family by adding the words "HUF" after his name?
    No, Joint type certificate can be issued only to two adults under the rules. As such the Karta of Hindu Undivided Family can purchase certificates in his own name by adding the name of one of his co-partners without adding "HUF" after his name.

    Whether, irregular Monthly Income Scheme (MIS) accounts can be converted from single account to joint account or vice versa?
    No, MIS accounts opened irregularly by exceeding the prescribed limits from single to joint or vice versa in order to compound the irregularity is not admissible.

  2. #2
    Moderator CONFUSED's Avatar
    Join Date
    Apr 2009

    Exclamation Post office saving deposit scheme

    1. Minimum amount Rs20/- in case of non- cheque account, Rs.500/- in case of cheque account.
    2. Minimum balance of Rs.500/- is to be maintained for a cheque account.
    3. Account is opened with cash only.
    4. Maximum balance permissible Rs. 1,00,000/- in a single account and 2,00,000/- in Joint account.
    5. Two/Three adults, individuals, minor through guardian.
    6. A Minor having 10 years of age can also open an account directly.
    7. One individual account and one joint account can only be opened at a post office
    Rules/Guidelines at PolicyWala | Help Old People |
    I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.

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