Opening of Account
loan facility Life insurance benefit

Monthly Savings Option

Name of the Scheme

Interest Maturity Period Limit of Deposit I.T.benefit Place of Deposit
PORD   5 years Min: Rs.10
Deposits can be in
multiples of Rs.5. Maximum: No limit
  All Post Offices

For example of Rs. 10 every month for 5 years will fetch interest of      Rs. 128.90/- with Principle of Rs.600/-

After 5 years  the account can be continued for another 5 years at the same rate of interest.

Opening of Account

The account can be opened by a single adult of two adults jointly or a minor who has attained the age of 10 years or a guardian on behalf of a minor.

Deposits may be made a minimum of Rs.10/- once in a calendar month, in multiples of Rs.5/-. Amount of deposit made at the time of opening the account shall not be changed.
A depositor may have more than one account in his own name or jointly with others. There is no ceiling on deposit. Monthly installments can be paid in advance and in that case, a suitable rebate is allowed.



Loan Facility

Loan up to half of the deposit may be taken after one year and before maturity. This must be repaid together with interest in one or more installments. Loan not repaid is deducted together with interest from the amount payable at the time of closure of the account.



Insurance Benefit

In case of death of a depositor, his legal heir or nominee becomes entitled to get immediately the full maturity value of the account/accounts subject to the maximum account value of Rs.50 /-


(a)  the account is not a discontinued one
(b)  twenty four months have elapsed from the dates of opening the account, and
(c)  the age of the depositor at the time of opening of the account was between 18 and 53 years.
(d)  There should not be withdrawal during the first 24 months.

Account may be opened through authorised women agents under Mahila Pradhan Kshetriya Bachat Yojana (MPKBY). Recurring Deposit account may be opened through Payroll Savings Scheme for employees in State / Centre Government and Public undertakings.