Wednesday, April 20, 2011
Saturday, April 16, 2011
PUBLIC PROVIDENT FUND (P.P.F.)
Who can open a Public Provident Funds account:
- An individual :
- in his own name,
- on behalf of a minor of whom he is a guardian,
- a Hindu Undivided Family.
POST OFFICE TIME DEPOSITS
Post office Time deposit scheme is a type of fixed deposit account offered by Department of post, Government of India at all post office. This saving plan is best for those investors who want to deposit a lump sum for a fixed period. Investor gets a lump sum (principal + interest) at the maturity of the deposit, where rate of interest on investment depend on the term of deposit.
MONTHLY INCOME SCHEME (M.I.S.)
Who can open Monthly Income Scheme
- A single adult or 2-3 adults jointly can open monthly income scheme in Indian post office.
- More than one account can be opened subject to maximum deposit limits.
NATIONAL SAVINGS CERTIFICATES (N.S.C.)
Who can purchase NSC:
- An adult in his own name or on behalf of a minor,
- A minor,
- A trust,
- Two adults jointly,
- Hindu Undivided Family.
RECURRING DEPOSIT (R.D.)
Who can open Recurring Deposit Accounts:
- A single adult or two adults jointly,
- A guardian on behalf of a minor or a person of unsound mind; or
- A minor who has attained the age of ten year, in his own name.
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