National Savings Schemes are a set of government-backed investment schemes designed to encourage savings. These schemes offer a variety of features, including tax benefits, guaranteed returns and flexible investment options.
National Savings Schemes are considered as a great way for individuals to save money and earn a safe and secure return.
There are a variety of National Savings Schemes available in India, each with its own set of features and benefits. Some of the most popular schemes include:
- Post Office Savings Account (SB)
- National Savings Recurring Deposit Account(RD)
- National Savings Time Deposit Account(TD)
- National Savings Monthly Income Account(MIS)
- Senior Citizens Savings Scheme Account(SCSS)
- Public Provident Fund Account(PPF )
- Sukanya Samriddhi Account(SSA)
- National Savings Certificates (NSC)
- Kisan Vikas Patra(KVP)
- Mahila Samman Savings Certificate
National Savings Schemes are trusted and secure investment options. However, it’s crucial to follow certain safety guidelines to protect yourself from fraud and ensure a seamless experience.
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Safety Guidelines For Investors Of National Savings Schemes
- An account for any of the National (Small) Savings Schemes can be opened by an Indian resident by visiting the post office in person along-with KYC documents (PAN card and identity proof such as Aadhaar or address proof).
- Mobile number, PAN number or Form-60/61 and nomination are mandatory for opening of new account and in all existing accounts.
- ATM Card/cheque book/Aadhaar Seeding/e-banking/m-banking facilities are available for PO Savings Account, can be availed by submitting prescribed form at the post office concerned.
- Through e-banking, account holders can deposit online in SB/RD/PPF/ SSA schemes and open and close RD/TD accounts online.
- Depositors can also credit amounts in SB, PPF and SSA accounts from their account in any other bank or PO Savings Account to other bank Bank Account using NEFT/RTGS services of POSB.
- Depositors can avail auto credit facility to get TD/MIS/SCSS interest directly into their bank account by submitting a mandate form along with a copy of the first page of bank passbook or cancelled cheque.
- Depositors can avail auto credit facility to get TD/MIS/SCSS interest directly into their PO Savings Account or auto credit RD deposit from PO Savings Account by submitting form (SB-83) at the post office concerned. Read More: International Women’s Day 2024: How Rs 5,000 investment can become Rs 28 lakh in this post office scheme
- Depositors can get maturity value of accounts/certificates in their bank account by submitting copy of first page of passbook or cancelled cheque along-with account closure form
- After receipt of the passbook, the depositor can check the balance of their account using ‘Interactive Voice Response (IVR)’ facility by calling through the registered mobile number at Indiapost toll-free number 18002666868.
- Blocking of ATM card facility can also be availed through toll free number.
- SMS is sent to the registered mobile number of the account holder. Check whether SMS is received for accounts opened and for every transaction.
- Present limit for SMS issuance on transactions initiated at the counter is Rs 1000 and above for debit(withdrawal) transactions and Rs 2000 and above for Credit (Deposit) transactions.
- In case of any suspicious transaction SMS/Alert is received, contact the concerned post office/divisional office immediately.
- Keep passbook/cheque/ATM in personal safe custody.
- Update your passbook frequently through any CBS Post Office to avoid any wrong/fraudulent transaction in your account.
- In case of any ATM transaction failure in DOP ATM or ATM card related issues, email from your registered email id with details to [email protected].
- In case of ATM transaction failure in another bank ATM, contact the concerned bank.
- For any e-banking, m-banking, NEFT, RTGS related issues, customers can email from registered email id to [email protected].
