Opening
of new account and also accepting deposits in the existing account
will not be accepted.
Interest Rate
8.5% per annum.
(w.e.f. 1st March 2002)
Investment Limits and Denominations
Deposits in multiple of
Rs. 100/- Minimum Rs. 100/- and no Maximum Limits Accounts can
be opened in all HPOs and selected Sub Post Offices.
A
separate account shall be opened in a Post Office by every
depositor for each year.
1. In case of depositor being
individuals an account may be opened
by: (a) a single adult
or (b) two adults jointly, the
amount due on the account being
payable-
(i) to both jointly or survivor
or
(ii) to either of them or survivor
(c) a guardian on behalf of a minor 2. Hindu undivided
family. 3. Association of persons or Body of
individuals.
Features and Tax
Rebate
Deposits
(not interest) will be covered under section 88 of Income Tax
Act and depositor can claim 20 % deduction from Income
Tax. Interest on the account will be tax free up to the
limit of Rs. 12,000/- every year under section 80-L of Income
Tax Act.
Withdrawal The interest credited in
the account can be withdrawn at
any time at the option of the
depositor The deposits may be
withdrawn after the expiry of four years from the end of the
year in which the account was opened, at the option of the
depositor. The account can be closed on
expiry of 4 years from the end of the year in
which the account was opened. The
deposits or interest
amount if not withdrawn after it becomes
due, will continue to earn
interest at the rate of 8.5% p.a. up to the date of its
withdrawal.
For further Details
Contact:
Sri.G.S.Gurusamy, Asst.Director(Mails),
First Floor, O/o.The Postmaster General, RS Puram,
Coimbatore 641002 Phone: 0422 2552186 Fax: 0422 2545082
email
:kovaipost@rediffmail.com
Deposits
(not interest) will be covered under section 88 of Income Tax
Act and depositor can claim 20 % deduction from Income
Tax.