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National Post Day: Every year, October 10 is celebrated as National Post Day in India to honor the contributions of the Indian Postal Department, which has been serving the nation for over 150 years.
New Delhi:
National Post Day is celebrated annually on October 10 in India, following World Post Day on October 9. The day commemorates the vital role of the Indian Postal Department, which has been serving the country for over 150 years. Postal services were introduced in India during the British era and formally established in 1854 by Lord Dalhousie. Today, the Indian Postal Department operates under the Ministry of Communications and is recognised as one of the most widely distributed postal systems in the world. Over the years, India Post has diversified beyond traditional mail services, offering several savings and insurance schemes that continue to benefit citizens. Here’s a look at some of the major schemes still operating.
List of Indian postal schemes
- Post Office Savings Account (SB): A simple savings account facility available at almost every post office. It offers safe savings with 4% annual interest rate. Withdrawals can be made easily at post offices nationwide.
- National Savings Recurring Deposit (RD): A monthly savings scheme where subscribers deposit a fixed sum each month for a predetermined period. The scheme is currently offering a 6.7% annual interest rate compounded quarterly. At maturity, the amount is returned with interest, making it ideal for disciplined savings.
- Post Office Monthly Income Scheme Account (MIS): Aimed at providing a steady monthly income, this scheme is ideal for retired people or anyone looking for a consistent cash flow. This scheme offers a 7.4% annual interest rate.
- Senior Citizens Savings Scheme Account (SCSS): Designed specifically for senior citizens above 60 years of age. The scheme provides a 8.2% annual interest rate. It is a popular choice for those seeking a steady income after retirement.
- Public Provident Fund Account (PPF): A long-term investment scheme with tax benefits under Section 80C of the Income Tax Act. PPF currently offering a 7.1% per annum, with interest compounded annually. PPF accounts have a 15-year maturity period, which can be extended in blocks of 5 years, and offer compounded interest.
- Sukanya Samriddhi Account (SSA): A scheme for girl child education and empowerment, it allows parents or guardians to invest in the account of a girl child, with an 8.2% annual interest rate. The investment matures when the girl turns 21 and offers attractive interest rates along with tax benefits.
- National Savings Time Deposit (TD): Similar to a fixed deposit in banks, TD accounts allow customers to deposit money for a fixed period ranging from 1 to 5 years, with interest rates varying from 6.9% to 7.5% depending on the period.
- Kisan Vikas Patra (KVP): An investment scheme where the amount invested doubles over a period of 115 months (9 years and 7 months), with an interest rate of 7.5 % (compounded yearly).
- Mahila Samman Savings Certificate, 2023: The Mahila Samman Savings Certificate provides financial security for girls/women, with 7.5% interest, a 2-year tenure, and partial withdrawal up to 40%.
- National Savings Certificates (VIII Issue) (NSC): A popular savings certificate with a 7.7% annual interest rate, payable at maturity.
