Financial and Passport Related Services by Post Offices - PIB News

Ministry of Communications

 

 Financial and Passport Related Services by Post Offices

Posted On: 28 NOV 2024 2:29PM by PIB Delhi

 

The details of the financial and passport related services primarily being provided by the post offices to the customers are attached herewith.

Scheme	Features
Post Office Passport Seva Kendras (POPSK)	Currently, providing the passport services at 442 Post Offices Passport Seva Kendras
Post Office Savings Account (POSA)	For regular savings, withdrawals etc. Min. balance - ₹ 500/- and ₹ zero in case of Basic Savings Account ATM / Internet & Mobile Banking Facility / NEFT & RTGS Post office Savings Accounts with India Post Payment Bank account linkage for UPI, IMPS etc.
Recurring Deposit (RD)	Min. instalment (per month): ₹ 100/- and thereafter any amount in the multiple of ₹ 10/- Max. instalment: No limit Term: 5 Years and extendable for another 5 years
Time Deposit (TD) 1/2/3/5 Year(s)	Min. Deposit (Single): ₹ 1000 /- or in the multiple of ₹ 100/- Max. Deposit: No limit Income Tax exemption for investment in 5 Year TD Extension – Twice after completion of term
Monthly Income Scheme  (MIS)	For source of monthly income Min. Deposit: ₹ 1,000/- or in its multiple Max. Deposit: ₹ 9.0 lakh /- (individual); ₹ 15 lakh (in Joint) Term – 5 Years
Senior Citizens Savings Schemes (SCSS)	Special scheme for Senior Citizens For source of quarterly income Min. Single Deposit: Rs. 1,000/- or in its multiple Max. Deposit: Rs. 30,00,000/- Term – 5 Year and extendable after the expiry of each block period of three years
Public Provident Fund (PPF)	Min. Initial Deposit: ₹ 500/- Max. Deposit: ₹ 1,50,000/- in a Financial Year Min. Subsequent deposit in the multiple of ₹ 50/- Income Tax exemption for investment Tax free Interest Term – 15 Years and extendable further
Sukanya Samriddhi Yojana Account (SSA)	Special Scheme for girl children Min. Initial Deposit: ₹ 250/- Max. Deposit: ₹ 1,50,000/- in a Financial Year Min. Subsequent deposit in the multiple of ₹ 50/- Income Tax exemption for investment Tax free Interest Term – 21 Years
National Savings Certificate – VIII Issue (NSC)	Minimum investment - ₹ 1,000/- Maximum investment: No limit - In multiples of ₹ 100/- Income Tax exemption for investment Term – 5 years
Kisan Vikas Patra (KVP)	Minimum investment - ₹ 1,000/- Maximum investment: No limit - In multiples of ₹ 100/- Maturity - Double the amount of investment
Mahila Samman Savings Certificate (MSSC)	Special Scheme for Women and girl children Investment is allowed from 01.04.2023 to 31.03.2025 Minimum investment - ₹ 1,000/- Maximum investment: ₹ 2 Lakh per individual - In multiples of ₹ 100/- 3 months-time-gap between the opening of accounts Term – Two years Lockup period – 6 months
PM Cares for Children Scheme 2021	Special scheme for the beneficiaries identified by Ministry of Women and Child Development Initially, 4515 accounts were opened and funded Investment differs based on the age of child and maturity amount is ₹10 Lakh MIS Interest is payable on 10 Lakh from the age of 18 to 23 Maturity at the age of 23 of the account holders.
India Post Payment Bank (IPPB)	Savings and current accounts  Virtual Debit Card  Domestic Money Transfer services  Bill and utility payments  Insurance services for IPPB customers

This information was given by the Minister of State for Communications, Dr. Pemmasani Chandra Sekhar in a written reply to a question in Rajya Sabha today.

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SB/DP/ARJ

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Source : https://pib.gov.in/PressReleasePage.aspx?PRID=2078393