Founder Member of this blogspot PSD Nashik:- Honble. CPMG Maharashtra Circle Col.K.C. Mishra (VSM), Hon Ex. PMG AGD, T. Murti Sir, Honble. PMG Aurangabad Shri. M.E. Haque, Honble DPS HQ Mumbai Dr. Vinod Kumar, Honble DPS Aurangabad V. Ramulu, Supdt PSD Nashik Shri. M.S.Ahirrao, Sys Admn Shri. N.R.Pandav.

 

Wednesday, 22 April 2015

POSB LATEST INTEREST CALCULATOR REVISED INTEREST 01.04.2015

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POSB Interest Calculator Dated 15.04.2015


Interest Calculator : Download
Features Updated On 15/04/2015:

New Interest rates w.e.f. 01/04/2015 configured for SCSS Account. Maturity amount for old accounts also can be viewed by entering Date of opening in Home page.

KVP (new) option is included in home page of Interest calculator. Discharge value of KVP (old) can be viewed in another link provided in bottom of Calculator table.

SSA Approximate maturity calculation - link is added in the Main page of Calculator (at right bottom of calculator)

"Print Tables/Forms" link is provided in Main calculator page to Print Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms. In "Print Tables/Forms" link, updated pamphlet is provided in PDF format incorporating new KVP, SSA.

Changes have been made in MIS to RD (auto credit option) maturity calculation, so as to see it after 31.03.2015 also.
In RD PMC Calculator available in "view more" link of RD, financial year 2015-16 has been included.

Source :https://sites.google.com/site/posbinterestcalculator/
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Thursday, 16 April 2015

Department of Posts DA Order

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Tuesday, 14 April 2015

How to reap big benefits from small saving schemes

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The interest rates of small saving schemes are linked to the yield of government bonds and revised every year. ET gives a ready reckoner of the current rates and features of these schemes.

POST OFFICE MONTHLY INCOME SCHEME

Interest rate offered: 8.4%

Lock-in period: Five years. Premature encashment allowed after one year, with deductions.

Tax benefits: None

Investment limit: Rs 1,500 to Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account.

Pros: Suitable for those looking for a secure monthly income. Senior citizens can park a portion of their investments in this scheme.

Cons: Long lock-in period. Unlike bank FDs, this does not offer senior citizens a preferential rate of interest.


KISAN VIKAS PATRA*

Interest rate offered: 8.7%

Lock-in period: 100 months. Premature withdrawal two and a half years.

Tax benefits: None

Investment limit: Minimim Rs 1,000 and no maximum cap. Investments have to be made in denominations of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000.

Pros: An attractive and secure interest rate. Can be encashed after two and a half years. Transfer of instrument is permitted.

Cons: Interest earned is taxable, eating into post-tax returns. Other more remunerative instruments have an upper hand.


PUBLIC PROVIDENT FUND*

Interest rate offered: 8.7%

Lock-in period: 15 years. Partial withdrawals allowed from the seventh financial year. Loans can be sought from the third financial year.

Tax benefits: Deductions under Sec 80C for investments up to Rs 1.5 lakh.

Investment limit : Rs 500 to Rs 1.5 lakh.

Pros: Attractive, guaranteed and taxfree returns. The instrument is exempt from tax at investment, accumulation and maturity stages (EEE).

Cons: Largely illiquid due to the long lock-in tenure. Will not help meet short-term needs.

10-YEAR NATIONAL SAVINGS CERTIFICATE


Interest rate offered: 8.8%

Lock-in period: 10 years

Tax benefits: Deductions up to Rs 1.5 lakh under Section 80C.

Investment limit: Minimum Rs 100. No maximum limit. Investments have to be made in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.

Pros: Easy to purchase and understand. Offers assured returns with tax benefits.

Cons: Interest earned is subject to tax on maturity. For senior citizens, not as lucrative as taxsaver bank fixed deposits.


SENIOR CITIZENS SAVINGS SCHEME*

Interest rate offered: 9.3%

Lock-in period: Five years. Premature closure allowed after one year and two years on deduction of 1.5% and 1% respectively of the deposit. Interest is paid out every quarter, offering liquidity during the lock-in period.

Tax benefits: Deduction under Section 80C for investments up to Rs 1.5 lakh.

Investment limit : Rs 1,000 to Rs 15 lakh.

Pros: High, secure returns, with partial liquidity.

Cons: Locking away huge amounts could deprive senior citizens of funds for medical and other emergencies in the interim.


5 YEAR NATIONAL SAVINGS CERTIFICATE

Interest rate offered: 8.5%

Lock-in period: Five years

Tax benefits: Deductions up to Rs 1.5 lakh under Sec 80C.

Investment limit: Minimum Rs 100. No maximum limit. Investments have to be made in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.

Pros: Easy to purchase and understand. Offers assured returns with tax benefits.

Cons: Interest earned is subject to tax on maturity. For senior citizens, not as lucrative as tax-saver fixed deposits from banks.


SUKANYA SAMRIDDHI YOJANA*

Interest rate offered: 9.2%

Lock-in period: Till the girl child turns 21. Partial withdrawal of up to 50% of the balance (as on last date of the preceding financial year) allowed after the girl turns 18 years old. Premature withdrawal of the entire balance permitted upon marriage of the girl after she turns 18.

Tax benefits: Deduction under Section 80C for investment up to Rs 1.5 lakh.

Investment limit : Rs 1,000 to Rs 1.5 lakh.

Pros: Offers high, tax-free and guaranteed returns. Ideal scheme for parents looking to build a corpus for the education of their girl child under 10.

Cons: Lengthy lock-in period. More illiquid than PPF.


FIVE-YEAR POST OFFICE TIME DEPOSITS#

Interest rate offered: 8.5%

Lock-in period: Five years

Tax benefits: Deduction up to Rs 1.5 lakh under Section 80C.

Investment limit : Minimum Rs 200. No maximum limit. Further investments have to be made in multiples of Rs 200.

Pros: Easy to understand, operate and invest in. Tax concessions.

Cons: Returns earned are taxable. Senior citizens can earn higher returns (9-9.25%) by investing in tax-saver FDs


*Apart from post offices, some banks also facilitate investments in these instruments

# You can also invest in five-year recurring deposits (8.4%) or fixed deposits with shorter tenures of between one to four years (8.4%). However, deposits with these tenures won't entitle you to tax benefits



Source :The Economic Times
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Sunday, 12 April 2015

D.A. ORDER RELEASED BY FINANCE MINISTRY ON 10.04.2015

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Click here for down load DA order released by Finance Ministry

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Tuesday, 7 April 2015

Toll Free Number, Website & Face Book page launched by Mumbai Region for Sukanya Account Campaign.

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Mumbai postal Region launched a Website, Face book Page & a Toll Free Number for Sukanya Samriddhi Account Campaign.

Reach SSA Mumbai Postal Region @:


Face book Page:


Website address:


Toll Free Number:     1800 22 3060
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Release of additional installment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners, due from 1.1.2015

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First ATM of India Post

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Union Minister for Communications and IT Shri Ravi Shankar Prasad on April 2, inaugurated the first ATM at Department of Posts, in General Post Office premises, Bangalore. It is the first an ATM will go live in Karnataka Postal Circle.

Speaking on the occasion, Minister Ravi Shankar Prasad said the need of the hour was for the Department of Posts to think a little out of box. “The Department of Posts should be ready to meet the three benchmarks – ensuring delivery of letters (post), money orders and parcels on time. It has to utilise its wide network for better performance and revenue,’’ Prasad said.

Praising MS Ramanujam, chief post master general, for taking measures to provide an ATM and other services in Karnataka Postal Circle, the minister said that the Department of Posts should make an attempt to increase revenue. “You have done a good job of associating with Department of Tourism which has agreed to find a sponsor for maintaining the heritage building of Postal Department on Museum Road,’’ he said.

  • The following are features of the ATM service:
  • The Department of Posts will issue ATM cards free of cost
  • Card holders can transact from any DOP ATMs in the country
  • Instant ATM cards will be issued at the Post Offices
  • Personalised cards will be issued within 15 to 20 days
  • The ATM will function from 8 am to 8 pm
  • The service will be available only for post office account holders
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Saturday, 4 April 2015

GOVERNMENT ANNOUNCES INTEREST RATES FOR VARIOUS SMALL SAVINGS SCHEMES; RATES TO COME INTO FORCE WITH EFFECT FROM 01-04-2015

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It was decided by the Government of India that interest rates on Small savings Schemes will be linked to yields on government securities of comparable maturity. In pursuance of that decision, the Government has decided to revise the rates applicable on various small savings schemes as given in the table below.
     Scheme
Rate of interest
w.e.f.01.04.2014
Rate of Interest
w.e.f. 01.04.2015
(1)
(2)
(3)
 Savings Deposit
4.0
4.0
 1 Year Time Deposit
8.4
8.4
 2 Year Time Deposit
8.4
8.4
 3 Year Time Deposit
8.4
8.4
 5 Year Time Deposit
8.5
8.5
 5 Year Recurring Deposit
8.4
8.4
 5 Year SCSS
9.2
9.3
 5 Year MIS
8.4
8.4
 5 Year NSC
8.5
8.5
 10 Year NSC
8.8
8.8
 PPF
8.7
8.7
Kisan Vikas Patra
8.7
8.7
Sukanya Samriddhi Account Scheme
9.1
9.2
The above rates will be effective from tomorrow i.e. 1.4.2015.
Thus the rates on many of the small savings scheme have undergone an upwards revision vis-à-vis 2014-15.

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Tuesday, 24 February 2015

Small Savings Scheme at a glance

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Sukanya Samriddhi Account / Yojana - at a glance

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http://sapost.blogspot.in/

Sukanya Samriddhi Account / Yojana is a Small Savings Special deposit Scheme for girl child. This scheme is specially designed for girl’s higher education or marriage needs.

The Scheme launched for the welfare of the girl child, to save and educate the girl child.


·           Who can open the account? – Sukanya Samriddhi Account (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.

·           What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of  10 years.  ( As per SB Order No. 2/2015 : The Girl child who is born on or after  02.12.2003 can open account )

·           How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.

·           How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.

·          What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.

·          What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.

·          Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.

·           Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.

·          What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank. The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.

·          What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme

·          Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.
·           The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.

·            Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.

·           Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.

·          Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.

·         The scheme would mature on completion of 21 years.

·           Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.

·            What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.

·          On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.

http://sapost.blogspot.in/

Tax Benefits on Sukanya Samriddhi Account Scheme


The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.

At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C. But discussions are on to also exempt the interest income and withdrawal amount. We can expect a formal announcement on this in the coming Union Budget 2015-16.

(Issue of making interest income and withdrawal exempt from taxation can be done by Department of Revenue (DoR) through legislative amendments. The matter is under examination of DoR)

Sukanya Samriddhi Account ( SSA ) deposits eligible for deduction u/s 80C of Income Tax Act, 1961 : Click Here

Sukanya Samriddhi Account vs Public Provident Fund (PPF)

Both Sukanya Samriddhi Account (SSA) and Public Provident Fund (PPF) aims to seed the savings habit but both schemes have their own pros and cons.

Stressing on the girls role in making the India competitive and prosperous nation, Prime Minister Shri Narendra Modi has today launched a new small savings account for the girl child “Sukanya Samriddhi Account” as an integral part of the “Beti Bachao-Beti Padhao” campaign.

Sukanya Samriddhi Account was initially introduced by Shri Arun Jaitely in his maiden budget speech but has been officially launched today by Prime Minister Shri Narendra Modi. He has handed over bank account details to five girls under the “Sukanya Samridhi Yojna” (girl child prosperity scheme).

Sukanya Samridhi Yojna is a special deposit scheme for girl child only but one another popular scheme to benefit child (irrespective of girl or boy) is Public Provident Fund (PPF).

Let’s see the difference between Sukanya Samriddhi Account and Public Provident Fund (PPF)

Points of Difference
Sukanya Samriddhi Account (SSA)
Public Provident Fund (PPF)
For whom
Only for Girl Child.
For every Indian Citizen.

Age Limit
From the birth till she attains age of 10 years.
No age limit.



By whom
By the girl child who has attained the age of 10 years or by the natural or legal guardian.
By the Individual but by the natural or legal guardian for the minor child.

Where to open
Post office and nationalized banks but not   private banks.
Post office and nationalized banks, including private banks.


Number of Account
One account for each girl child, maximum up to 2 or 3 accounts if twin girls are born in the second birth or triplets are born in the first birth.
Each Individual can hold only one account in   his name.

Minimum Contribution
    Rs.1,000
Rs.500

Maximum Contribution
   Rs.1.5 lakhs in all accounts.
Rs.1.5 lakhs in all accounts.
Interest Rate
9.1% per annum for fiscal year 2014-15.
8.70% per annum for fiscal year 2014-15.

Tax Benefit on the Contribution
Contributed Amount will be deductible u/s 80C.
Contributed Amount will be deductible u/s 80C.

Tax Benefit on the interest earned
At present no tax benefit is announced for the interest earned. A mere sum of Rs.1,5o0 will be deductible u/s 10(32) .
Interest Earned is tax free under PPF.

Time Period of contribution
Minimum tenure of contribution is 14 years from the date of opening of account.
Minimum 15 years and then in blocks of 5 years.


Maturity
21 years from the date of opening of account.
15 years from the fiscal year of opening of account.


Penalty
Rs.50 per year if minimum contribution is not made.
Rs.50 per year if minimum contribution is not made.

Mode of Deposit
Cash or Demand Draft or Cheque
Cash or Demand Draft or Cheque


Premature Withdrawal
Allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age
No premature withdrawal is allowed except in case of death of the account holder.


Loan
No loan can be taken on the SSA balance.
Loan can be taken from the third year of opening of account to the sixth year.
Taxation on Maturity
No tax will be levied on the maturity amount.
No tax will be levied on the maturity amount.

Note:

1.      Interest rate under both the schemes will be notified each year by the Government.
2.      Interest will be compounded yearly under both schemes.
3.      Loan on the PPF balance is restricted to 25% of the balance at the end of 2nd year.
4.      At present interest earned on SSA account is taxable in the hands of guardian but it may get tax rebate in the upcoming budget.
5.    Contributed amount get deduction u/s 80c up to Rs.1.5 lakhs including all other eligible investments.



SB Order 02/2015 : Introduction of new scheme "Sukanya Samriddhi Account" under Small Savings Scheme from 22.01.2015. : View

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