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National Savings Recurring Deposit Account

5-Year Post Office Recurring Deposit Account (RD)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:-
  • 5.8 % per annum (quarterly compounded)
 Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.
Salient features including Tax Rebate
  • Account may be opened by
    (i) a single adult
    (ii) Joint Account (Maximum 3 adults)
    (iii) Minor above 10 years of age
    (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque
  • Nomination facility is available at the time of opening and also after opening of account
  • Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month
  • If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made
  • *If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS
  • There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100
  • Minor after attaining majority has to apply for conversion of the account in his name
  • One loan up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
  • Protected Savings Scheme is applicable for the account of denomination Rs 100/-
  • Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
  • Online Deposit facility is available through IPPB Saving Account
  • Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office

National Savings Time Deposit Account

Post Office Time Deposit Account (TD)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
Interest payable annually but calculated quarterly. Minimum INR 1000/- and in multiple of 100. No maximum limit.

Interest rates From 01.04.2020 to 30.06.2020

Period Rate
1yr.A/c 5.5%
2yr.A/c 5.5%
3yr.A/c 5.5%
5yr.A/c 6.7%
Salient features including Tax Rebate
  • .Account may be opened by
    (i) a single adult
    (ii) Joint Account (Maximum 3 adults)
    (iii) Minor above 10 yearsof age
    (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name.
  • TD account can be extended by giving an application in account office
  • Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
  • The annual interest may be credited to the savings account of the account holder at his option
  • Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
  • The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
  • Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking

National Savings Monthly Income Account

Post Office Monthly Income Scheme Account (MIS)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:-
  • 6.6 % per annum payable monthly.
  • In multiples of INR 1000/-
  • Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
  • An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
  • For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Salient features including Tax Rebate
  • Account may be opened by
    (i) a single adult
    (ii) Joint Account (Maximum 3 adults)
    (iii) Minor above 10 years of age
    (iv) A guardian on behalf of a minor/Person of unsound mind.
  • Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another.
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh)
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name
  • Maturity period is 5 years from 1.12.2011
  • Interest can be drawn through auto credit into savings account standing at same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices
  • Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
  • A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011
  • Interest shall be payable to the account holder on completion of a month from the date of deposit
  • If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

News Section

News

21 Apr 21
GST: ITC can’t be availed on distribution of promotional product done for marketing and brand promotion, rules AAAR
20 Apr 21
States seek urgent GST Council meeting amid rising COVID-19 cases
GST applicable on Reverse Charge basis on Amount Paid for Reimbursement of Stamp Tax as Pure Agent: AAR
GST Officers to be soon equipped with real-time data on Vehicles moving without E-Way Bills
Guj AAR: 12% GST Rate for the Work Contract Services from 25 Jan 2018
States: Need GST Meeting to Discuss Tax Rates on Medicines & Equipment
19 Apr 21
States seek urgent GST Council meeting amid rising COVID-19 cases
GST officers to soon have real-time data on vehicles moving without e-way
GST: SCN to Petitioner Due to Failure of E-way Transaction Details
GST Officers to be soon equipped with real-time data on Vehicles moving without E-Way Bills
18 Apr 21
Madras High Court directs GST Dept. to Refund Rs.2 cr paid at the time of Investigation
12% GST applicable on Flavoured Milk: AAR
Karnataka Govt. notifies authorities to exercise the Powers, Discharge Functions as per provisions of five Subsumed Acts under GST Regime
17 Apr 21
National Institute of Design qualifies as ‘Government Authority’ under the GST Act, 2017: AAR
12% GST on Service of Work Contract provided by the Sub-Contractor w.e.f. 25 Jan, 2018: AAR
Madras HC directs GST Authorities to facilitate the uploading of Form TRAN-1
16 Apr 21
18% GST on Bollards, Bolts, Nuts, Screw, Washer, Frontal Frames, Fascia Pads: AAR
GST Audit is not an avoidable Compliance, Chartered Accountant ensures checks and balances: ICAI President
Experts Opinion: 10%- 20% GST Revenue Loss in May 2021 Due to Lockdown
The Tussle of Different AAR’s for Flavored Milk Over GST Rates
15 Apr 21
18% GST on Parboiling Rice & Drying plant: AAR
GST Exchequer Falls, While Indirect Tax Collection is on Upsurge by 12% for FY21
18% GST on Contract relating to Electrical Works from Sub-Contractor for Work of Government Company: AAR
5% GST on pick-up charges paid to the owner/driver: AAR
GST: Failure to Produce Necessary Documents will lead to Cancellation of Registration for Supply of Goods, says Madhya Pradesh High Court
14 Apr 21
CBIC enables New features of Form GSTR-2B & GSTR-3B made available to Taxpayers under QRMP Scheme
No GST applicable on Rent received from Backward Classes Welfare Department: AAR
Decoding GST levied on gold purchases
India’s Net Indirect Tax Collections Rise 12% In FY21
Central govt indirect tax collection up 12% in FY21, GST number falls
13 Apr 21
Rajasthan HC: Inquiry Not Required if Physical Verification & Inspection of Goods Available
Trade Association Demands Date Extension in GSTR Filing Due to Covid-19
GSTN added New features in GST Search Taxpayer tab at GST Portal
Supreme Court lists issues of Validity of Refund of Inverted Duty on Input Services on April 28, 2021 for final hearing
Personal Hearing mandatory before Cancellation of GST Registration: Madras High Court
12 Apr 21
Widening the net: How e-invoicing is boosting GST compliance
CBI registers case against Commissioner of Income Tax & Others on allegations of Possession of Disproportionate Assets
Income Tax Demand against BT India: Delhi High Court dismisses Writ Petition
11 Apr 21
MCA sets Minimum Default threshold at Rs.10 lakh for MSME pre-pack Insolvency Resolution
6 digits HSN Code now mandatory for GST taxpayers, check direct link here
Private firm proprietor granted bail in GST invoice fraud case
10 Apr 21
GST: CBIC issues Advisory on Payment of Tax by Taxpayers under QRMP Scheme, for the month of March 2021
Waiting for Reply on 1.2 Lakh Orders Under Tax Faceless Schemes
Orissa HC Expresses Concern on Harassment of Advocates Due to GST/Service Tax
New Tax Law on Non-Resident Indians’ Income for FY 2020-21
09 Apr 21
Must-Know Major Changes in New ITR Forms for AY 2021-22
Waiting for Reply on 1.2 Lakh Orders Under Tax Faceless Schemes
RBI orders Banks to make policy to refund ”interest on interest” charged during moratorium
Penalty imposed without specifying exact ground is defective: ITAT
CBDT issues Approval for notifying Commissioners of Income Tax (Appeals) to exercise jurisdiction post Faceless Appeal Scheme, 2020

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
24 Apr 21 Summary Return of Jan-Mar quarter by Quarterly filers in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, t
30 Apr 21 Updation of UDIN for Audit Forms / Audit certificates at Income tax portal.
30 Apr 21 Apply for QRMP Scheme for June quarter.
30 Apr 21 Payment of TDS Deducted in March (both Salary & non-salary)
30 Apr 21 Deposit of TDS on payment made for purchase of property in March.
30 Apr 21 Deposit of TDS @ 5% on total payment of Rent more than 50,000 pm by individual of HUF (not liable to tax audit) during last FY.
30 Apr 21 Upload of particulars of declarations received in Form 60 from Oct - Mar.
30 Apr 21 Deposit of TDS  u/s 194M for March.
30 Apr 21 Specified Companies(receiving supplies from Micro & Small whose outstanding dues exceed 45 days) to file details of all outstanding dues to Micro or Small enterprises suppliers for Oct to March in PY
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