Post Office Saving Schemes 2022 – Yojana List, Interest Rate & Apply

Last Updated on June 30, 2022 by Team Gyankunj

Post offices play a vital role as trusted banking, insurance, and investment partner, especially in rural areas. Post office saving schemes are trusted by millions of people across the country. In this article, we are discussing various types of Post office savings yojana. Below, we have prepared a chart where we are discussed the Interest rate, Minimum investment requirement, eligibility, and other important factors. 

In October 1854, during the British period, the Post Office began distributing mail (post) and eventually expanded into other financial services such as Banking, Insurance, and Investments. The main benefit of these plans is that they are supported by the state. Some post office savings plans provide tax advantages under Section 80C of the IRS Code. Following is a list of similar plans and their interest rates

Post Office Savings Schemes 2022

Here is the complete list where you can see scheme-wise details :

New Post Office Saving Schemes List 2022

Post Office Savings Account – It works like a regular bank savings account and is transportable across post offices. The current interest rate under this scheme is 4%.

National Savings Recurring Deposit RD Account – The Scheme helps small/poor investors save for future requirements. An adult or two people jointly establish an account. The current interest rate is 5.8%.

National Savings Time Deposit Account – The 5-year post office time deposit has a tax advantage. The investment is deductible under Section 80C of the 1961 Income Tax Act.

National Savings Monthly Income Accounts – A monthly fixed interest rate is paid.

Senior Citizen Savings Scheme Account – This is savings account for Indian citizens over 60. The deposit matures after 5 years, but the investor has the option to extend it by 3 years.

PPF Account – The PPF scheme is a long-term investment plan launched by the Indian Government. It is a secure post office deposit system with tax benefits and competitive interest rates.

The Sukanya Samriddhi Account (SSY) –  SSY is a government-sponsored savings program for girls. The program allows parents to save money for their daughter’s future education and marriage expenditures while earning a high rate of return.

National Savings Certificate (NSC) – A fixed income investment program that may be opened at a post office. It is a savings bond issued by the Indian government to encourage small and medium-sized investors to save on income tax.

Kisan Vikas Patra (KVP) – A post office certificate system. It doubles as a one-time investment in around 9 years and 10 months. For example, a 5000 Kisan Vikas Patra will mature with a 10,000 capital.

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How to Apply for a Post Office Savings Scheme – Online/Offline Form 2022

Almost all post office schemes require you to open an account in the post office. If you have never availed of any service from the post office, you probably don’t have the account. Here is the process of opening a post office account:

Here is the step by step process to apply for KVP

1. Visit your nearest post office
2. Get the account opening form from the post office. You may also download the form from the Indian Post Office’s official website.
3. Fill in the form properly and submit it with the KYC proof. You will also need to provide additional required documents.
4. Complete the enrolling procedure by depositing the scheme’s money.

Required Documents for Post Office Saving Schemes

• Form (Depends on which scheme you are applying for)
• KYC Form
• PAN
• Aadhaar
• Driving license
• Voter’s ID card
• Job card 
• Proof of date of birth

What are the benefits of investing in Post Office Schemes?

Here are the key reasons/benefits why you should invest in any of the post office schemes:

• Simple processes of Post office saving schemes at post offices guarantee that these saving plans are secure investment instruments and give a predetermined return since they are supported by the government.
• Investing in these projects is suitable for both rural and urban investors. These are easy enough for the uneducated and rural populace, making them a popular savings choice.
• With a PPF account, you may invest for up to 15 years, making Post Office Schemes a better retirement or pension plan. An investor may diversify their portfolio while receiving a guaranteed return.
• Post office savings schemes provide between 4% and 8% interest, which is risk-free and competitive with banks. The government of India regulates this thus there is no danger.
• The Post Office of India offers a variety of products for various investor levels. The products available differ in tax consequences, investment timeframes, and estimated return.

FAQs on Post Office Savings Scheme