I.   Duration

No duration fixed

II.   Rate of Interest

3.5%

III.  Where to Invest ?

In any Head post office/Sub post office

IV.  Who can invest ?

A.       Single Account

(i)            An individual (18 years & above)

(ii)          A  minor who has attained the age of 10 years.

(iii)        A guardian on behalf of a minor.

(iv)        A guardian of a person of unsound mind.  

B.           Joint Account

Two or three adults

V.   How much to invest ?

(i).     A  Single Account Minimum      Rs. 20/-. Upto Rs. 1.00 lac.

(ii).    Joint Account Minimum Rs. 20/-. Upto Rs. 2.00 lacs.

VI.   Deposits and Withdrawals

(i).     No subsequent deposit shall be of a sum less than five rupees.

(ii).    No withdrawl shall be for a sum less than five rupees.

VII.   Closure of Account

Any Time

VIII.   Nomination facility

Available

IX.   Tax benefits

Interest income exempted from Income Tax U/s 10 of I.T. Act 1961