SMALL SAVINGS SCHEMES
 

Savings has an important place in the mobilization of resources for development expenditure because the investors would not only get back their money ,but also some interest and they would therefore prefer to lend money in this way instead of paying it as outright tax. Further in a developing economy in which there will be always surplus money available with some sectors to the extent that the savings are tapped the money available for circulation is taken away and to that extent pressure on prices and inflationary trend is reduced. So therefore savings have got a very important role to play in the sphere of economy. Rupnagar has important place in the field of Small Savings. The progress of Small Savings collection in the Rupnagar district during the last Eleven years is as under:-

Year
Target
Net Achievement of Collection
Position of the distt. in the State
Achievement %
1992-93
20 Carore
25.25 Carore
First
126%
1993-94
27 Carore
35.17 Carore
Second
130%
1994-95
32 Carore
50.24 Carore
Second
157%
1995-96
42 Carore
64.42 Carore
Second
153%
1996-97
49 Carore
78.71 Carore
Third
160%
1997-98
75 Carore
127.54 Carore
Second
170%
1998-99
106 Carore
171.00 Carore
Fourth
161%
1999-2000
205 Carore
206.75 Carore
Fourth
100%
2000-2001
246 Carore
252.60 Carore
Fourth
102%
2001-2002
252 Carore
253.60 Carore
Fourth
100%
2002-2003
253 Carore
290.47 Carore
Fourth
115%

*Why we recommend you to invest only in Small Savings Schemes *

* Risk Free Investment as Small Savings Schemes are fully secured by GOVT.OF INDIA.

* Higher rate of interest.

* Invest Rs. 5000/- or more in any Small Savings Scheme(except Savings Bank a/c and DSRGE) to get Lucky Coupon and Win fabulous prizes. Tax on these prizes will be paid by the State Govt.

* Nomination facility.

* Amount invested will be utilized for the development of the state.

* Govt. authorized Small Savings Agents are providing home service to all the depositors of these schemes.

Small Savings Schemes at a Glance

Scheme
Interest Payable/ Rate periodicity etc.
Investment Limits & Denominations.
Salient features Inc. Tax Rebate
KISAN VIKAS PATRA Money Doubles in 8 Years 7 Month. Facility for premature encashment. No limit on investment Available in denomination of Rs.100/-, 500/-,1000/-, 5000/-, 10000/-& 50,000/- in all Head Post Offices
A single Holder type certificate,may be issued to: an adult for himself or on behalf of a minor to a minor: can also be purch ased, jointly by two adu- lts, 2) a trust.
* POST OFFICE MONTHLY INCOME SCHEME 8% per annum. payable monthly. Minimum Rs. 6000/- Maximum Rs. 3.Lacs in single a/c. & Rs.6 Lacs in joint a/c.

Maturity period is 6 Yrs. Can be prematurely encashed, after one year at 5% discount. However, no such deduction shall be made if the account. is closed after three years from the date of opening of such account. Interest & bonus exempted under Section 80-L I.T. Act.

15 YEAR PUBLIC PROVINDENT FUND ACCOUNT. 8% per annum for compunded yearly. Minimum Rs.500/- Maxi70,000/- in a Financial year. Deposits Can be made in lump sum or in 12 monthly installments Deposits are qualified for for Income Tax. Rebate under Section 88-0f I.T. Act. Deposits completely exempted from Wealth Tax. Interest is completely Tax free. Withdrawal is permissible every year from 7th. Financial year. Loan facility available from 3rd, financial year No attachment under court decree.
POST OFFICE TIME DEPOSIT ACCOUNT Interest payable annually but calculated quarterly.
Period
Rate
1 Year
6.25 %
2 Years
6.50 %
3 Years
7.25 %
5 Years
7.50 %
Minimum Rs. 50/- No Maximum limit. Account may be opened by individual,trust,regimental fund & welfare fund. 2, 3 & 5 year account can be closed after 1 year at discount. Account can be closed after Six month but before one year with- out, interest. Interest exempt under sec. 80-L of I.T. Act. Deposits are exempt under Wealth Tax.
5-YEAR POST OFFICE RECURRING DEPOSIT ACCOUNT. On maturity Rs. 10/- Accut. fetches Rs. 728.90 can be continued for another 5 years on year to year basis. Minimum Rs. 10/- per month or any amount in maximum limit. One withdrawal upto 50% of the balance allowed multiple of Rs. 5/- No after three year.
NATIONAL SAVINGS CERTIFICATE (VIII-ISSUE) Interest compounded Six monthly payable at maturity.Rs. 10000/- grows to Rs. 16010/-. Annual accrual. rate of interest on Invesment, or Rs. 1000/- is as under and in proportion for other denominations. Minimum Rs. 100/- No maximum limit Available in denominations of Rs. 100/- 500/-,1000/-,5000/-,& Rs. 10000/-.

1)A single-holder type certificate can be purchased, by an adult for himself or an behalf of a minor.

2) A trust Deposit qualify for tax rebate, under Sec. 88 of I.TAct. The interest accruing annually but deemed to be reinvested will also qua- lify,for tax rebate under Sec. 88-of I.T.Act. Such interest will be entitled led to exemption under Sec.80-L of I.T.Act.

DEPOSIT SCHEME FOR RETIRING GOVT. EMPLOYEES (1989) 8% per annum payable half yearly on 30th June & 31st. December. Minimum Rs. 1000/- & in multiples thereof. Maximum not exceeding the total retirement benefits.

Interest earned is copmletely, tax free. Only one account can be opened by Retired Central/ State Govt. employee in own name or jointly with the spouse. The account can be opened within three months from the date of receiving the retirement benefits. The scheme will be operated through bran- ches, of SBI and its sub- sidiaries, and selected branches of National Banks,at distt.head quarters Entire balance or part thereof can be withdrawn after the expiry of 3 years from the date of deposit. Only one with- drawl, in multiples of Rs 1000/- can be made in respect of deposits in a calendar year. Premature encashment can be made after 1 year from the date of deposit but,be- fore, the expiry of 3 years in which case the interest on the amount so withdrawn will be payable at 4% from the date of deposit upto the date of withdrawal. The excess interest paid will be adjusted at the time of such withdrawal.

Select us for your Savings Always at your Service Small Savings Rupnagar

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