NATIONAL SAVINGS CERTIFICATE- VIII ISSUE (NSC)

Types of account

1. Single account :

• Account can be opened by adult for himself
• An adult on behalf of minor (below 10 years) or a person of unsound mind of whom he is guardian
• Minor who has attained the age of 10 years.

2. Joint A type account :

• Account can be opened jointly in the name of upto 3 adults payable to all 3 holders jointly or survivor.

3. Joint B Type account :

• Account can be opened in the name of upto 3 adults payable to any of the account holder or to the survivors.

Features:

• The Term of the account is 5 years
• Multiple number of accounts can be opened
• Minimum investment: Rs.1,000/- and any sum in multiples of Rs.100/- can be deposited
• No maximum ceiling in amount
• Account should be funded on the same day of opening of the account
• Account cannot be opened by NRI or HUF
• Aadhaar Number and PAN or Form 97 (upto Rs 50,000/-) are mandatorily submitted by the customer to open account
• An application (Form-1) to be obtained to open an account
• Interest Rate GoI notifies interest rate for each quarter
• The account is available through Internet Banking (Click Here) and IndSMART.

KISAN VIKAS PATRA(KVP)

PRODUCT FEATURES:

 Types of account

1. Single account:

• Account can be opened by adult for himself
• An adult on behalf of minor (below 10 years) or a person of unsound mind of whom he is guardian
• Minor who is attained the age of 10 years.

2. Joint A type account:

• Account can be opened jointly in the name of upto 3 adults payable to all 3 holders jointly or survivor.

3. Joint B Type account:

• Account can be opened in the name of upto 3 adults payable to any of the account holder or to the survivors.

Features:

• The Term of the account is 115 months (9 years and 7 months)
• Multiple number of accounts can be opened
• Minimum investment: Rs 1,000/- and any sum in multiples of Rs. 100/- can be deposited
• No maximum ceiling in amount
• Account cannot be opened by NRI or HUF
• An application (Form-1) to be obtained to open an account
• The account is available through Internet Banking (Click Here) and IndSMART.

PUBLIC PROVIDENT FUND(PPF)

• An individual or an individual on behalf of a minor as guardian can open account
• Minimum – Rs.500.00 and thereafter in multiples Rs.50.00 and Maximum – Rs150000.00 in a financial year
• Account cannot be opened by NRI or HUF
• Tenure of account is 15 Years
• Depositor can nominate one or more individuals as nominee but not exceeding four individuals
• The account is available through Internet Banking (Click Here) and IndSMART

SENIOR CITIZEN SAVINGS SCHEME(SCSS)

• Eligibility

 60 years

 55 years –less than 60 years, who have retired under a voluntary or a special voluntary scheme

 The retired personnel of Defence services (excluding civilian Defence employees) will be eligible to invest on attaining the age of 50 years subject to the fulfilment of other specified conditions.

 Spouse of the Government employee who has attained the age of 50 years and died in harness

• Non Resident Indians(NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the scheme.
• Interest Rate GoI notifies interest rate for each quarter.
• Tax aspects Interest is taxable: Provision for entering Form 121 available
• Minimum Investment ₹ 1,000/- and in multiples thereof and Maximum investment

Limit ₹ 30.00 lakhs

• Customer is not eligible for loan against SCSS deposit.

The account is available through Internet Banking (Click Here)

The navigation for opening of Senior Citizen Savings Scheme(SCSS) through Internet Banking platform is
as under: Government Scheme → SCSS → SCSS Account Opening

Sukanya Samriddhi Account (SSA)

Salient Features

• The account may be opened by one of the guardian in the name of a girl child, who has not attained the age of ten years as on the date of opening of the account.
• High Rate of Interest – 8.20 % Per Annum ( FY 2024-25, Q-1 ).
• Accounts can be opened easily with the Birth Certificate of the girl Child accompanied by the guardian’s KYC  (POI & POA ). PAN and Aadhar of guardian are to be obtained mandatorily.
• Only one account can be opened for a girl child Maximum of 2 girl Children in one family.
• A SSY account holder can invest minimum Rs 250 & Maximum Rs 1,50,000 in a Financial Year.
• SSY investment are Compounded annually & the credited to the account on the last day of the FY.
• Investments can be claimed under Income tax Sec 80 C.
• Deposits may be made in the account till the completion of a period of 15 years and the account will mature after 21 years from the date of opening of the account.
• Withdrawal of upto a Maximum of 50% of the amount in the account can be allowed for Education purpose after the girl child attaining 18 years or after passing Standard 10th , Whichever is earlier.
• Irregular SSY accounts can be regularised with a payment of Minimum investment ( ie -Rs.250 ) plus Rs.50.
• Account can be regularised by depositing (Rs.250+50) * No of irregular Years
• The interest shall be credited to the account at the end of each financial year.
• Premature Closure of account can be allowed in case of extreme compassionate grounds such as medical support .
• Customers can now open Sukanya Samriddhi accounts through Net Banking. The procedure for opening of Sukanya Samriddhi accounts through Internet Banking platform (Click Here) is as under:

  Government Scheme==> SSY==>SSY Account Opening

National Savings (Monthly Income Account) Scheme (NSMIS)

• Tenure of the scheme – 5 Years
• Interest Rate - 7.4% per annum at present (April–June 2026 quarter)
• Eligibility of the scheme - The account can be opened by the following:

1. A single adult;
2. up to a maximum of three adults in joint names;
3. a minor who has attained the age of ten years;
4. a guardian on behalf of a minor or a person of unsound mind.

An individual may have more than one account in his name or jointly with another subject to the ceiling of maximum deposit limit.

Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the scheme

• Frequency of computing interest:

• 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.

• Tax aspects:

• The monthly interest earned under NSMIS is fully taxable as per the investor’s income tax slab.
• Investment in NSMIS does not qualify for deduction under Section 80C of the Income Tax Act.

• Investment to be in multiples of ₹1,000 (or any sum in multiples of ₹1,000 thereafter).
• Facility of premature closure:

• if the account is closed on or before the expiry of three years from the date of opening of such account, an amount equal to two per cent. of the deposit shall be deducted and the remainder shall be paid to him;
• If the account is closed after the expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted and the remainder shall be paid to him.

• Pledging of an account - not be eligible for pledging or transfer as security to any institution or authority.
• Nomination facility - More than one or more person not exceeding four, either successively or simultaneously nominee allowed.
• Closure of account:

• The deposit made at the time of opening of the account and the interest accrued thereupon, shall be paid by the accounts office after completion of five years from the date of the opening the account to the account holder
• In case the account holder dies before the maturity of the account, the account may be closed and the deposit shall be refunded as per provisions of the General Rules, along with interest up to the month preceding the month in which refund is made.

National Savings (Monthly Income Account) Scheme (NSMIS)

• Tenure of the scheme – 5 Years
• Interest Rate - 7.4% per annum at present (April–June 2026 quarter)
• Eligibility of the scheme - The account can be opened by the following:

1. A single adult;
2. up to a maximum of three adults in joint names;
3. a minor who has attained the age of ten years;
4. a guardian on behalf of a minor or a person of unsound mind.

An individual may have more than one account in his name or jointly with another subject to the ceiling of maximum deposit limit.

Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the scheme

• Frequency of computing interest:

• 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.

• Tax aspects:

• The monthly interest earned under NSMIS is fully taxable as per the investor’s income tax slab.
• Investment in NSMIS does not qualify for deduction under Section 80C of the Income Tax Act.

• Investment to be in multiples of ₹1,000 (or any sum in multiples of ₹1,000 thereafter).
• Facility of premature closure:

• if the account is closed on or before the expiry of three years from the date of opening of such account, an amount equal to two per cent. of the deposit shall be deducted and the remainder shall be paid to him;
• If the account is closed after the expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted and the remainder shall be paid to him.

• Pledging of an account - not be eligible for pledging or transfer as security to any institution or authority.
• Nomination facility - More than one or more person not exceeding four, either successively or simultaneously nominee allowed.
• Closure of account:

• The deposit made at the time of opening of the account and the interest accrued thereupon, shall be paid by the accounts office after completion of five years from the date of the opening the account to the account holder
• In case the account holder dies before the maturity of the account, the account may be closed and the deposit shall be refunded as per provisions of the General Rules, along with interest up to the month preceding the month in which refund is made.

National Savings (Monthly Income Account) Scheme (NSMIS)

• Tenure of the scheme – 5 Years
• Interest Rate - 7.4% per annum at present (April–June 2026 quarter)
• Eligibility of the scheme - The account can be opened by the following:

1. A single adult;
2. up to a maximum of three adults in joint names;
3. a minor who has attained the age of ten years;
4. a guardian on behalf of a minor or a person of unsound mind.

An individual may have more than one account in his name or jointly with another subject to the ceiling of maximum deposit limit.

Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the scheme

• Frequency of computing interest:

• 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.

• Tax aspects:

• The monthly interest earned under NSMIS is fully taxable as per the investor’s income tax slab.
• Investment in NSMIS does not qualify for deduction under Section 80C of the Income Tax Act.

• Investment to be in multiples of ₹1,000 (or any sum in multiples of ₹1,000 thereafter).
• Facility of premature closure:

• if the account is closed on or before the expiry of three years from the date of opening of such account, an amount equal to two per cent. of the deposit shall be deducted and the remainder shall be paid to him;
• If the account is closed after the expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted and the remainder shall be paid to him.

• Pledging of an account - not be eligible for pledging or transfer as security to any institution or authority.
• Nomination facility - More than one or more person not exceeding four, either successively or simultaneously nominee allowed.
• Closure of account:

• The deposit made at the time of opening of the account and the interest accrued thereupon, shall be paid by the accounts office after completion of five years from the date of the opening the account to the account holder
• In case the account holder dies before the maturity of the account, the account may be closed and the deposit shall be refunded as per provisions of the General Rules, along with interest up to the month preceding the month in which refund is made.

Introduction of National Savings Time Deposit Scheme (NSTDS)