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Post Office Schemes

1) Post Office Savings Account

 A post office saving account is similar to a saving bank account. The current rate of interest offered by a post office saving account is 3.5% p.a., which is fully tax exempted.

 2) Post Office Time Deposits

 It is similar to the fixed deposits of commercial banks. In general, interest rates on post office time deposits are slightly higher than those on bank deposits. The interest is compounded quarterly and paid annually. The investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

 3) Monthly Income Scheme (MIS)

 Monthly Income Scheme is meant to provide regular monthly income to the depositors. Currently, it offers an 8% p.a. rate of interest, payable monthly, having a maturity period of six years. Also, a bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.2007.

 4) Kisan Vikas Patra

 Currently, in this scheme, money doubles in 8years and 7 months, which works out to a rate of return of 8.41% p.a. compounded annually. No income tax is deducted at source.

5) National Savings Certificate (NSC)


A National Savings Certificate has a term of six years, bearing interest rate of 8% compounded six monthly but payable at maturity, which works out to be 8.16% p.a. NSC deposits qualify for tax rebate under Sec. 80C of Income Tax Act, 1961. It can be pledged as a collateral security.