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National Savings Recurring Deposit Account
5-Year Post Office Recurring Deposit Account (RD)
Interest payable, Rates, Periodicity etc.
Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:-
5.8 % per annum (quarterly compounded)
Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.
Salient features including Tax Rebate
Account may be opened by
(i) a single adult
(ii) Joint Account (Maximum 3 adults)
(iii) Minor above 10 years of age
(iv) A guardian on behalf of a minor/Person of unsound mind
Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque
Nomination facility is available at the time of opening and also after opening of account
Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of account
Account can be transferred from one post office to another
Any number of accounts can be opened in any post office
Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month
If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made
*If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS
There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100
Minor after attaining majority has to apply for conversion of the account in his name
One loan up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
Protected Savings Scheme is applicable for the account of denomination Rs 100/-
Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
Online Deposit facility is available through IPPB Saving Account
Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office
National Savings Time Deposit Account
Post Office Time Deposit Account (TD)
Interest payable, Rates, Periodicity etc.
Minimum Amount for opening of account and maximum balance that can be retained
Interest payable annually but calculated quarterly.
Minimum INR 1000/- and in multiple of 100. No maximum limit.
Interest rates From 01.04.2020 to 30.06.2020
Period
Rate
1yr.A/c
5.5%
2yr.A/c
5.5%
3yr.A/c
5.5%
5yr.A/c
6.7%
Salient features including Tax Rebate
.Account may be opened by
(i) a single adult
(ii) Joint Account (Maximum 3 adults)
(iii) Minor above 10 yearsof age
(iv) A guardian on behalf of a minor/Person of unsound mind
Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account
Nomination facility is available at the time of opening and also after opening of account
Account can be transferred from one post office to another
Any number of accounts can be opened in any post office
Single account can be converted into Joint and Vice Versa
Minor after attaining majority has to apply for conversion of the account in his name.
TD account can be extended by giving an application in account office
Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
The annual interest may be credited to the savings account of the account holder at his option
Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking
National Savings Monthly Income Account
Post Office Monthly Income Scheme Account (MIS)
Interest payable, Rates, Periodicity etc.
Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:-
6.6 % per annum payable monthly.
In multiples of INR 1000/-
Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Salient features including Tax Rebate
Account may be opened by
(i) a single adult
(ii) Joint Account (Maximum 3 adults)
(iii) Minor above 10 years of age
(iv) A guardian on behalf of a minor/Person of unsound mind.
Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account
Nomination facility is available at the time of opening and also after opening of account
Account can be transferred from one post office to another.
Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh)
Single account can be converted into Joint and Vice Versa
Minor after attaining majority has to apply for conversion of the account in his name
Maturity period is 5 years from 1.12.2011
Interest can be drawn through auto credit into savings account standing at same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices
Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011
Interest shall be payable to the account holder on completion of a month from the date of deposit
If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
ear47mtete|0000AD2F8806|sagportal|utilitie|detail|40D28E7A-6D90-4F45-9FEF-2C3D1D5B8A20
News Section
News
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26 Jul 24
New Tax Rules for Buy-Back of Shares by Domestic Companies
New TDS Rules for Payments to Partners: Section 194T w.e.f 1st April 2025
New TCS Rules on Luxury Goods: Section 206C Amendments w.e.f 1st January 2025
Finance Act 2024: Revised TDS Provisions for Transfer of Immovable Property
Major Key Changes of GST Law in Union Budget 2024-25
25 Jul 24
New Compliance Rules for Non-Resident Liaison Offices
Union Budget 2024: ICAI Welcomes Budget 2024-25 Focusing on Employment, Skilling, MSMEs and the Middle Class
Calcutta HC: Dept’s Failure to Serve Section 69A Notice Invalidates Assessment Order
Budget 2024-25: New Rules for Transfer Pricing of Domestic Transactions
Section 271FAA Amended for Automatic Exchange of Information (AEOI) Compliance
24 Jul 24
Section 80G Amendment: Tax Deduction for Donations to National Sports Development Fund w.e.f 1st April 2025
Income Tax Slabs FY 2023-24 & AY 2024-25 (New & Old Regime Tax Rates)
Budget 2024-25: Black Money Act Liabilities to be Settled Against Seized Assets from October 2024
Budget 2024 Proposes Six-Year Limit on TDS/TCS Correction Statements
Budget 2024-25 Changes in NPS: All You Need to Know [Read Bill]
23 Jul 24
Key Highlights of Union Budget 2024-2025
GST Reduces Logistics Costs and Truck Travel Time by Up to 30%
AIS-26AS Issues: ICAI and Others Seek Permanent ITR Due Date of August 31
Gujarat AAR: GST Liability Arises on Advance Amounts Received Against Supply Portion of a Work Contract
22 Jul 24
CBDT awards Taxnet 2.0 Project to M/s Bharti-Airtel Ltd
Income Tax Portal Update Denies Rebate for Short-Term Capital Gains
CBIC releases National Time Release Study (NTRS) 2024
21 Jul 24
CESTAT Allows a Cement Trader to Claim Cenvat Credit on Welding Electrodes Used in the Production Process
Calcutta HC Grants Relief for Non-Receipt of GST SCN U/S 73 Due to Technical Glitches
Orissa HC Allows Businesses to Rectify GSTR-1 Filing Error (B2C to B2B)
20 Jul 24
Bombay HC: IT Section 148A(d) Order Cannot Be Passed Without a Valid Sanction Under Section 151
Madras HC Allows Contestation of Three Missed GST Personal Hearing Notices with 10% ECR Pre-deposit
ICAI Highlights Tax Payment Issues to CBDT on ITR Portal
19 Jul 24
SC to Consider TDS Applicability on Allowances for Judicial Officers Under SNJPC, Next Hearing on 5th Aug
Karnataka HC Orders Verification of GST Documents Not Submitted Due to Noticee’s Hospitalization
CBIC Notifies Integration Services Between the GST e-Invoicing 1 and 2 Web Portals
16 Jul 24
GSTN: Refund of Additional IGST paid on account of Upward Revision in prices of goods subsequent to Exports
Uber and Other Ride-Hailing Apps Seek Government Clarity on GST Liability
Income Tax Portal Payment Issues: ICAI addresses Issue before CBDT
GST Council Reconstitutes Key Panel to Boost System Reform
15 Jul 24
Bengaluru CA Taunts Narayana Murthy to Work on 70 Hours a Week Slogan
Ahmedabad ITAT: IT Section 254(2) Only Allows Rectification of Mistakes, Not Recalling or Reviewing Orders
Madras HC Orders Reconsideration of Unprocessed GST Refund Flagged by DGRAM
14 Jul 24
SC Rejects Anticipatory Bail in GST Summons Case U/S 69, Grants Interim Protection
Uber and Others Seek Clarification from the Govt on GST Applicability to Its Business
Kolkata ITAT: IT Sec 80G Benefits Are Not Denied Because Of A Technical Error During Approval
13 Jul 24
Madras HC Orders Reconsideration of Unprocessed GST Refund Flagged by DGRAM
CBIC Adds New Procedures for Voluntary GST Payments to Rule 142 of the CGST Rules
CBIC Dept. Updates Table 6.1 of GST Return Form 3B for Adjustments Prior Negative Liability
12 Jul 24
Delhi HC: If One Member is Not Responsible for the Violation, ICAI may Proceed Against the Full Firm
11 Jul 24
Budget 2024-25: No Income Tax for Salaried Individuals If Exemption Limit Reaches ?5 Lakh, See How
09 Jul 24
Budget 2024: Call for Amendments to Advance Tax Provisions for Individuals
GSTN Expands Digital Payment Options to West Bengal and 16 Other States
Not Responding GSTR-3A Triggers Action u/s 62: Madras HC Allows Contesting the Penalty with a Partial Deposit
Calcutta HC: Mobile Service Provider Cannot Be Obliged to Deduct TDS on Income Earned by Supplier
Due Date Reminder
Jan
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May
June
July
Aug
Sep
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28 Jul 24
Return for June by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
30 Jul 24
Issue of TCS certificate for April-June by All Collectors.
30 Jul 24
Deposit of TDS u/s 194-IA on payment made for purchase of property in June.
30 Jul 24
Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in June. (Else TDS is to be deposited on annual basis by 30 April of next year.)
30 Jul 24
Deposit of TDS on certain payments made by individual/HUF u/s 194M for June.
30 Jul 24
Deposit of TDS on Virtual Digital Assets u/s 194S for June.
31 Jul 24
Statement of tax deposited to be furnished by an exchange in relation to transfer of virtual digital asset u/s 194S for April-June.
31 Jul 24
Quarterly TDS Statements for April-June.
31 Jul 24
Statement of foreign income in FY 23-24 & tax deducted or paid on such income to claim foreign tax credit. Applicable where due date of ITR is 31 July.
Readmore...
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