LATEST SAVINGS SCHEME

AMENDMENTS
 SAVINGS ACCOUNT
BEFORE AMENDMENT
Type of accounts Can open Pension account,
Basic savings account
Minor account Minor can open both
accounts
• a guardian on behalf of a
minor
• a minor who has attained
the age of ten years, in his
own name
Joint account Two or three adults can
open
NEW AMENDMENT
Can not open pension &
basic saving account
Minor can open any one of
the accounts
• a guardian on behalf of a
minor
(or)
• a minor who has attained
the age of ten years, in his
own name
Two adults only
 SAVINGS ACCOUNT
BEFORE AMENDMENT NEW AMENDMENT

Number of accounts An individual can open 1 An individual can open

single account and 2 joint only 1 single account and 1
account in a PO joint account

Minimum amount for Rs.50 Rs.500 for all accounts

Account open Rs.500 (Cheque account)
Rs.0 (Basic saving account)

Minimum amount for Rs.5 Rs.10

subsequent deposit

Minimum amount for Rs.1 Rs.50

withdrawal Rs.20 (Cheque account)
 SAVINGS ACCOUNT
BEFORE AMENDMENT NEW AMENDMENT

Transaction Paisa allowed Whole rupees only

Minimum balance to be Rs.50 Rs.500 for all accounts

maintained Rs.500 (Cheque account)

Withdrawal 1. Allowed below 1. Not allowed below

minimum balance minimum balance

2. Presentation of 2. Presentation of
passbook is not passbook is mandatory
mandatory except BO
accounts

Nomination Optional Mandatory

 SAVINGS ACCOUNT
BEFORE AMENDMENT NEW AMENDMENT
Cheque book Free of cost. Cheque book Cheque book containing 10
containing 20 leaves leaves issued at free of cost
issued in a calendar year.
Subsequent issue of
cheque book shall be
charged at Rs.2/chq
Account maintenance fee Service charge Rs.20 shall Rs.100 shall be deducted
be deducted in silent when balance is less than
account having balance Rs.500
less than Rs.50
Accounts not bearing Allowed Treated as deleted
interest
Cheque dishonoured fee Rs.50 Rs.100+GST
 RECURRING DEPOSIT
BEFORE AMENDMENT NEW AMENDMENT

Joint account Two adults only Two or three adults can

open

Minimum amount for Rs.10 & multiples of Rs.5 Rs.100 & multiples of Rs.10
Account open

RD Loan amount Multiples of Rs.5 Multiples of Rs.10

 RECURRING DEPOSIT
BEFORE AMENDMENT NEW AMENDMENT

RD Loan interest 5 year TD interest + 2% RD interest + 2%

Protected Savings Scheme Age: not more than 53 at Age: not more than 55 at
the time of account open the time of account open

Maturity value: restricted Maturity value: restricted

to maximum of Rs.50 to maximum of Rs.100
denomination denomination
 TIME DEPOSIT
BEFORE AMENDMENT NEW AMENDMENT

Joint account Two adults only Two or three adults can

open

Minimum amount for Rs.100 & multiples of Rs.1000 & multiples of

Account open Rs.100 Rs.100

Number of times Extension Auto renewal or manual Extension allowed only

allowed renewal for any number of twice after initial
times repayment date
 TIME DEPOSIT
BEFORE AMENDMENT NEW AMENDMENT

Extension Based on the interval a TD May extend the account

account can be re for which it was initially
deposited to different opened.
types of TD.
Time limit for opting
extension after maturity:
1 year TD – 6months
2 year TD – 12 months
3 year TD – 18 months
5 year TD – 18 months

Interest rate for PMC of 2
year TD, 3 year TD or 5
year TD after 1 year
Pledge fee
Pledge release fee
TIME DEPOSIT
BEFORE AMENDMENT
For completed years –
compound interest at
reduced rate of 1% less
than the rate specified for
completed year
For completed months –
simple interest at reduced
rate of 1%
NIL
NIL
NEW AMENDMENT
For completed years –
compound interest at
reduced rate of 2% less
than the rate specified for
completed year
For completed months –
rate applicable to Post
Office Savings Account
Rs.100+GST
NIL
 MIS
BEFORE AMENDMENT NEW AMENDMENT

Minimum amount for Rs.100 & multiples of Rs.1000 & multiples of

Account open Rs.100 Rs.1000
 SCSS
BEFORE AMENDMENT NEW AMENDMENT
Minimum amount for Rs.1000 & multiples of Rs.1000 & multiples of
Account open Rs.1000 Rs.1000

PMC Lock in period : 1 year No lock in period. If

account is closed before 1
year, the paid interest shall
be recovered
Annexure-I Required. Additional form Discontinued
to be taken for opening of
account
 SCSS
BEFORE AMENDMENT NEW AMENDMENT
Continuation of account by 1. In case of a joint 1. In case of a joint
spouse on death of account, or where the account, or where the
depositor spouse is the sole spouse is the sole
nominee, the spouse may nominee, the spouse may
continue the account even continue the account on
if do not meet eligibility the same terms and
under the scheme conditions as specified
under this scheme, if the
spouse meets eligibility
conditions under the
Scheme on the date of
death of the account
holder.
 SCSS
BEFORE AMENDMENT NEW AMENDMENT
Continuation of account by 2. Even though the spouse 2. The spouse should not
spouse on death of have opened separate SCSS have separate SCSS
depositor account, Spouse may account for continue the
continue the account. account
 PPF
BEFORE AMENDMENT NEW AMENDMENT

Account can open All departmental POs All departmental POs &
except ‘C’ class SO & Authorized banks
Authorized banks
Minimum amount for Rs.100 Rs.500
Account open

Minimum amount for Any sum of multiples of Any sum of multiples of

subsequent deposit Rs.5 Rs.50

Number of Subscription Minimum – 1 No limit.

per Financial year Maximum – 12
 PPF
BEFORE AMENDMENT
Loan interest 2% - if loan is fully repaid
within 36 months
Withdrawal while Allowed after reducing
outstanding loan outstanding loan
Annexure-I Required. Additional form
to be taken for opening of
account
NEW AMENDMENT
1% - if loan is fully repaid
within 36 months
Not allowed. Only when
loan along with interest is
paid, withdrawal is
allowed.
Discontinued
 PPF
BEFORE AMENDMENT NEW AMENDMENT

PMC conditions (a) treatment of life (a) treatment of life

threatening disease of threatening disease of
the account holder, his the account holder, his
(on production of spouse or dependent spouse or dependent
supporting documents) children or parents children or parents
(b) higher education of the (b) higher education of the
account holder account holder, or
dependent children
(c) on change in residency
status of the account
holder on production
of copy of Passport and
visa or Income tax
return
 SSA
BEFORE AMENDMENT
Proof of DOB Any of DOB proof
Birth certificate, Certificate
of DOB from school,
Certificate from head of
village, certificate from
hospital where the child
born
For opening of more than Medical certificate is
two accounts required
NEW AMENDMENT
Birth certificate is
mandatory. (“birth
certificate” means birth
certificate issued by the
municipal authority or any
office authorised
to issue birth and death
certificate by the Registrar
of Births and Deaths or the
Indian Consulate)
an affidavit by the guardian
supported with birth
certificates of the
twins/triplets regarding the
birth of such multiple girl
children
 SSA
BEFORE AMENDMENT NEW AMENDMENT

Minimum amount for Rs.250 Rs.250

Account open
Minimum amount for Any sum of multiples of Any sum of multiples of
subsequent deposit Rs.100 Rs.50
Nomination Facility not available Mandatory.

If any default is not
regularized within 15 years
from date of opening
If girl child becomes NRI
PMI
Only SB interest rate is Rate applicable to the SSA
allowed for whole amount scheme till closure of
account
PMC allowed PMC not allowed. Account
can be continued till
maturity
No PMI available
 NSC
BEFORE AMENDMENT NEW AMENDMENT
Minimum amount for Rs.100 & multiples of Rs.1000 & multiples of
Account open Rs.100 Rs.100

Opening of minor account By any adult irrespective of Only by Guardian

relationship

Joint account Two adults only Two or three adults can

open

Pledge fee Rs.5 Rs.100+GST

 NSC
BEFORE AMENDMENT NEW AMENDMENT
Pledge release fee Rs.5 NIL

Interest rate for PMC As per table for completed Closed before 1 year - No
half year Interest
After 1 year but before 3
years – SB rate
After 3 years - as per table
 KVP
BEFORE AMENDMENT NEW AMENDMENT
Minimum amount for Rs.1000 & multiples of Rs.1000 & multiples of
Account open Rs.1000 Rs.100

Opening of minor account By any adult irrespective of Only by Guardian

relationship

Joint account Two adults only Two or three adults can

open

Pledge fee Rs.1 except Rs.100+GST

(Rs0.25 for Rs100
denomination certificate)
 KVP
BEFORE AMENDMENT NEW AMENDMENT
Pledge release fee Rs.1 except NIL
(Rs0.25 for Rs100
denomination certificate)