PVS (Prashant V Shah)

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Archive for the ‘Small Savings’ Category

Smaller Savings Schemes for CFP Exams

Posted by Prashant Shah on January 3, 2012

Find the rates of smaller savings schemes which are applicable from 1st  February, 2014 in CFP exams.

National Savings Certificate (NSC) 5 Years

Interest 8.5%
Compounding Half yearly
Minimum Investment 100
Maximum Investment No limit
Tenure 5 years
Tax Benefit
  • U/S 80C.
  • Accrued interest qualifies under 80C cause deemed to be reinvested
Premature Withdrawal NA but Encashment is allowed
Who can invest? Individuals, HUF cannot purchase from 13th May 2005

National Savings Certificate (NSC) 10 Years

Interest 8.8%
Compounding Half yearly
Minimum Investment 100
Maximum Investment No limit
Tenure 10 years
Tax Benefit
  • U/S 80C.
  • Accrued interest qualifies under 80C cause deemed to be reinvested
Premature Withdrawal NA but Encashment is allowed
Who can invest? Individuals, HUF cannot purchase from 13th May 2005

PO Monthly Income Scheme

Interest 8.4% payable monthly
Compounding NA
Minimum Investment 1500
Maximum Investment
  • Single Account – 4.5 lakh
  • Joint Account – 9 lakh
Tenure 5 years and 0% bonus on maturity
Tax Benefit NA
Premature Withdrawal After 1 year
Who can invest? Individuals

PO Time Deposit

Interest
  • 1 year: 8.2%
  • 2 year: 8.3%
  • 3 year: 8.4%
  • 5 year: 8.5%
Compounding Quarterly
Minimum Investment 200
Maximum Investment No limit
Tenure 1, 2, 3 and 5 year
Tax Benefit 5 year deposit U/S 80C
Premature Withdrawal NA for first 6 months

PO Recurring Deposit

Interest 8.3%
Compounding Quarterly
Minimum Investment 10
Maximum Investment No limit
Tenure 5 year tenure, extend for 5 years and can make deposits for the Same
Tax Benefit NA
Premature Withdrawal After 3 years
Who can invest? Individuals
Maturity benefit Rs.10 invested monthly becomes Rs.738.62

Senior Citizen Savings Scheme

Interest 9.20% payable quarterly
Compounding NA
Minimum Investment 1000
Maximum Investment Rs. 15 lakh. If husband & wife are eligible to invest, then each of them can invest up to Rs.15 lakh taking the total to Rs.30 lakh
Tenure
  • 5 year tenure, can extend for 3 years
  • Min. Age should be 60 years on opening of A/c Age can be >=55 & < 60 if retired under VRS or SVRS
Tax Benefit Section 80C benefit (Since AY 08-09)
Premature Withdrawal NA

Public Provident Fund

Interest 8.7%
Compounding Yearly
Minimum Investment 500
Maximum Investment 1,00,000
Tenure 15 year tenure, extend in a block of 5 years
Tax Benefit 80C
Loan After 3 years – 25% of the 2nd preceding year @ 2%
Premature withdrawal
  • After 5 years – 50% of the 4th preceding year
  • At extension – 60% of the closing bal of 15th year
Who can invest? Individuals

Posted in CFP, Small Savings | 3 Comments »

Small Savings – Kisan Vikas Patra

Posted by Prashant Shah on September 20, 2010

Kisan Vikas Patra (Discontinued from 1st December, 2011)

Interest 8.41%
Compounding Yearly
Minimum Investment 100
Maximum Investment No limit
Tenure Money doubles in 8 years 7 months
Tax Benefit NA
Premature Withdrawal NA
Who can invest? Individuals

Posted in Small Savings | Leave a Comment »