National Savings Schemes are a group of government-backed investment plans meant to encourage people to save. These programs provide several benefits, such as tax breaks, guaranteed returns, and flexible investment alternatives. National Savings Schemes are seen to be an excellent way for consumers to save money while earning a safe and secure return.
In India, there are several National Savings Schemes, each with its unique set of characteristics and advantages. Among the most common schemes are:
- 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 reliable and safe investment vehicles. However, following basic safety standards is critical to protecting oneself against fraud and ensuring a smooth encounter.
Safety Guidelines For Investors Of National Savings Schemes
- An Indian resident can establish an account for any of the National Small Savings Schemes by visiting the post office in person with KYC papers (PAN card and identification evidence such as Aadhaar or residence proof).
- For all new and existing accounts, a mobile number, PAN number or Form-60/61, and nomination are required.
- ATM Card/chequebook/Aadhaar Seeding/e-banking/m-banking facilities are available for PO Savings Accounts and can be obtained by submitting the appropriate form to the relevant post office.
- Account users can deposit in SB/RD/PPF/SSA schemes and create and terminate RD/TD accounts online using e-banking.
- Depositors can also credit funds in SB, PPF, and SSA accounts from any other bank or PO Savings Account to any other bank Bank Account using POSB’s NEFT/RTGS services.
- Depositors can use auto credit to have TD/MIS/SCSS interest deposited immediately into their bank account by completing a mandate form together with a copy of the first page of their bank passbook or a cancelled check.
- Depositors can use auto credit to get TD/MIS/SCSS interest straight into their PO Savings Accounts or auto credit RD deposits from PO Savings Accounts by submitting a form (SB-83) to the relevant post office.
- Depositors can get the maturity value of their accounts/certificates in their bank account by providing a copy of the first page of their passbook or a cancelled check, along with an account closure form.
- After receiving the passbook, the depositor can check the balance of their account using the ‘Interactive Voice Response (IVR)’ option by dialling the Indiapost toll-free number 18002666868 from their registered mobile number.
- ATM card blocking is also available by calling a toll-free number.
- SMS is delivered to the account holder’s registered cellphone number. Check to see if SMS is being sent for new accounts and transactions.
- The current limit for SMS issuance on counter transactions is Rs 1000 and above for debit (withdrawal) transactions and Rs 2000 and above for credit (deposit) transactions.
- If you get a suspicious transaction SMS/Alert, contact the relevant post office/divisional office right away.
- Keep your passbook, cheques, and ATM cards in a personal safe.
- To avoid any incorrect/fraudulent transactions in your account, update your passbook regularly at any CBS Post Office.
- In the event of an ATM transaction failure in a DOP ATM or ATM card-related difficulties, send an email with details to [email protected] from your registered email address.
- Contact the relevant bank if an ATM transaction fails at another bank’s ATM.
- Customers can contact [email protected] from their registered email address with any e-banking, m-banking, NEFT, or RTGS-related questions.