The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
A day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 per cent.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
rediffGURU T S Khurana answers readers' personal income tax queries.
The receipts have risen after falling for two successive years. Within the gainers among the small savings schemes, the maximum increase was seen in the case of post bank deposits, which had bucked the trend in earlier years as well. During 2008-09, the total receipts were estimated to have increased by 21.65 per cent to Rs 52,513 crore, as against Rs 43,165 crore. The outstanding under the scheme rose 12.27 per cent to Rs 22,217 crore.
Get Ahead reader Prashant tells us how much he earns, where he invests and where his money goes.
Can you file your tax returns for the last three years before March 31, 2009? Is a post office recurring deposit covered under Section 80C? Can you claim any tax benefit on money spent on your child's school uniform? How can you avail of tax deductions under Section 80 DD? Can you claim tax deduction on interest paid on personal loans? Here are the answers.
Longer-tenure FDs generally give higher returns. Nonetheless, going for a tenure higher than two to three years is not advisable.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
You must remain invested in bank deposits, unless you are considering the idea of earning higher returns by moving to gilt or liquid funds, says Adhil Shetty, CEO, BankBazaar.com.
Post office savings deposit, recurring deposit accounts and the senior citizen savings scheme account have shown the highest growth in the current financial year.
A N Shanbhag examines various proposals of Budget 2003 which are of interest to individual assessees.
'One evening, my mother announced during dinner that we would open a Cumulative Time Deposit account in the post office. 'My father froze. 'The handful of curd rice that he had just put into his mouth remained there for a few extra seconds.' Colonel K Thammayya Udupa (retd) recalls an important decision that changed his family's life forever.
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
Felcy Pinto, who works as HR coordinator, tells us how she is preparing for the difficult days ahead.
Even if interest rates go down, they may continue to offer better returns than fixed deposits.
The popular Five-Year National Savings Certificates will earn an interest rate of 8.1 per cent from April 1 as against 8.5 per cent, at present.
The Union government is keen to ensure financial security for unorganised sector workers
The next revision will make the rates similar to those of bank FDs.
Start now, and sail through your tenure like a pro!
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
The market players were expecting that if long-term gains are taxed, the STT would go. But this has not happened, says Debashis Basu.
The Gujarat government's competitive examination for the recruitment of junior clerks was cancelled hours before it was scheduled on Sunday after its question paper leaked, officials said.
Many millennials believe that they have enough time to plan for long-term goals, hence they do not worry about goals such as retirement.
Evaluate recurring investment products and do the numbers before making any investments.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances