Definition: The Post Office Recurring Deposit Account works on the same principle as that of the recurring deposit account in a bank, where the investor can deposit a fixed sum of money on a monthly basis. It is a scheme offered by the department of post and backed by the government of India on which fixed interest is paid. The salient features of the Post Office Recurring … [Read more...] about Post Office Recurring Deposit Account
Post Office Monthly Income Scheme
Definition: The Post Office Monthly Income Scheme is a saving scheme backed by the government of India on which fixed interest is paid. This scheme is offered by the department of post and aims at providing regular monthly income to the depositors. The post office monthly income scheme offers several features to help investors to earn regular monthly returns on the deposits. … [Read more...] about Post Office Monthly Income Scheme
Post Office Time Deposits
Definition: The Post Office Time Deposits are a saving scheme offered by the Indian Postal Service on which a fixed interest is paid. Often, the investors deposit a good chunk of their financial assets with a view to earning a fixed interest on it. The Post Office Time Deposits are similar to the fixed deposits of commercial banks (a saving or term deposit account opened in … [Read more...] about Post Office Time Deposits
Post Office Savings Account
Definition: The Post Office Savings Account is the deposit scheme offered by the department of post on which fixed interest is paid. The individual investors deposit a good portion of their financial assets in a postal savings account in order to earn a fixed rate of interest on the investments. The post office savings account is similar to a saving bank account ( a portion … [Read more...] about Post Office Savings Account
Employee Provident Fund
Definition: The Employee Provident Fund, popularly known as PF is the retirement saving scheme available to all the salaried employees, is backed by the government on which fixed interest is paid. The employee provident fund is administered by the Employees Provident Fund Organization (EPFO), a statutory body developed by the government of India under the Ministry of Labor … [Read more...] about Employee Provident Fund
National Pension Scheme (NPS)
Definition: The National Pension Scheme or NPS is a Government backed voluntary saving scheme that aims at inculcating saving habits for retirement amongst the citizens. It is designed to encourage systematic saving during the subscriber’s working life with an aim to offer old-age income or fixed retirement income to all the citizens of India, even NRIs. The NPS (National … [Read more...] about National Pension Scheme (NPS)
Atal Pension Yojana
Definition: Atal Pension Yojana, popularly known as APY Scheme is the government pension scheme offered to those individuals who are employed in rural and the unorganized sectors and are not the members of any social security scheme. The Atal Pension Yojana was named after Mr. Atal Bihari Vajpayee, ex-Prime Minister of India. The aim of this policy is to provide the fixed … [Read more...] about Atal Pension Yojana
Sukanya Samriddhi Account
Definition: Sukanya Samriddhi Account, also called as Girl Child Prosperity Account is the saving scheme backed by the Government of India on which the fixed interest is paid. This scheme was launched for the parents of a girl child to encourage them to save funds to meet the future expenses incurred in the higher education and marriage of their girl child. The Sukanya … [Read more...] about Sukanya Samriddhi Account
Kisan Vikas Patra
Definition: The Kisan Vikas Patra is a government small saving scheme offered by the department of posts, which guarantees that the amount invested gets doubled in 110 months, i.e. 9 years and 2 months. Kisan Vikas Patra is a saving certificate that comes in the denominations of Rs.1000, Rs.5,000, Rs.10,000 and Rs.50,000. These certificates are backed by the government of … [Read more...] about Kisan Vikas Patra
Senior Citizen Saving Scheme
Definition: The Senior Citizen Saving Scheme or SCSS is a short-term government saving scheme meant for the Indian citizens of the age of more than 60 years. The purpose of SCSS is to fulfill the needs of senior investors, who seeks for guaranteed returns, regular payouts, and safety of capital. The Senior Citizen Saving Scheme is backed by the government of India on which … [Read more...] about Senior Citizen Saving Scheme