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Government Business

Last Updated on: 19/05/2023


I. PPF (Public Provident Fund)


Can be opened by individual (not for NRE / HUF)

Minimum and Maximum Deposit

a) Minimum deposit Rs. 500/- &

b) Maximum deposit Rs. 1,50,000/- in a FY.

Interest Rate


Tenure of account

15 years (after maturity, can be extended for any number for a block of 5 years with or without further deposits)

Loan facility

From 3rd financial year up to 6th financial year.

Partial Withdrawal facility

Withdrawal is permissible every year from 7th financial year.

Tax benefits

a) Deposit qualifies for deduction under Sec.80-C of I.T.Act.

b) Interest earned is free from Income Tax under Section -10 of I.T.Act.

Premature closure

Allowed on three grounds such as medical, higher education and change in residency status.

Other features

Account can be retained indefinitely without further deposit after maturity with the prevailing rate of interest.


II. SCSS - Senior Citizens Savings Scheme


Can be opened by individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS, can open an account.

Retired personnel of Defence Services (excluding Civilian Defence employees) may open an account on attaining the age of fifty years subject to the fulfilment of other specified conditions.

Minimum and Maximum Deposit

Minimum deposit Rs.1000/- & in the multiples of 1000 thereof Maximum deposit of Rs.15 lacs.

Interest Rate

8.20% (paid quarterly) w.e.f 01.04.2023

Tenure of account

5 years

After maturity, account can be extended for another 3 yrs.

Tax benefits

Deposit qualifies for deduction under Sec.80-C of I.T.Act.

Premature closure

Premature closure is permissible subject to certain conditions.


III. SSY - Sukanya Samridhi Yojana


Account can be opened in the name of a girl child till she attains the age of 10 years. Only one account can be opened in the name of a girl child.

Minimum and Maximum Deposit

a) Minimum deposit Rs. 250/- &

b) Maximum deposit Rs. 1,50,000/- in a FY.

Interest Rate

8.0% w.e.f 01.04.2023

Tenure of account

21 years

Partial Withdrawal facility

Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.

Tax benefits

a) Deposit qualifies for deduction under Sec.80-C of I.T.Act.

b) Interest earned is free from Income Tax under Section -10 of I.T. Act.

Premature closure

The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.

Conditions to be followed for opening

An account under this Scheme may be opened for a maximum of two girl children in one family:

Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family:

Provided further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children.

NPS - National Pension System:


All citizen aged between 18-70 can open the account.

However, till age of 75, we can stay invested in NPS.

Features of the Scheme

Individual can open Tier I and Tier II account under NPS.

Tier I account is mandatory and Tier II is optional.

Withdrawal Facility

Partial withdrawal permitted after 3 years in NPS.

Subscriber is free to withdraw their savings from Tier II account alone, without any restriction.

On superannuation, maximum 60% withdrawal permitted. 40% to be contributed for annuity.

If the amount of investment is less than Rs.5 lacs, full amount can be withdrawn.

Tax Benefits

Tax benefit up to Rs.150000/- u/s 80C and additional Tax benefit up to Rs. 50,000/- u/s 80CCD(1B) for Tier 1 investments.

Other Features

Customer has the choice to Fund allocation and returns are based on Market performance.

Choice of multiple pension fund managers and Investment Choice is also available.


Registration User Manual (Click here)


Contribution User Manual (Click here)


SIP User Manual (Click here)

SGB - Sovereign Gold Bond:

What is SGB?

Government securities denominated in grams of gold and this offers a superior alternative to holding gold in physical form. Bond is issued by Reserve Bank on behalf of Government of India.

Who can open?

Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trust, Universities & Charitable Trust

Minimum and Maximum limit

Individual: Min - 1 gram & Max - 4 Kg

Others: Min - 1 gram & Max - 20 Kg

Interest Rate

2.5% (paid half-yearly)

Apart from the coupon payment (as per the gold rate as the time of coupon payment)

Tenure of account

8 years (lock in period - 5 years)

Withdrawal facility

Exit option may be exercised from 5th year on the interest payment dates.

Other features

Bonds are eligible for conversion to DEMAT form.

Investors to pay the issue price and the bonds will be redeemed on maturity. Investors are assured of the market value of gold at the time of maturity and periodical interest (half yearly).

FRSB (T), 2020 – Floating Rate Savings Bond:


Can be invested by individuals and HUF (NRI not allowed)


A depositor may open an account individually or jointly or on behalf of minor.

Minimum and Maximum limit

Minimum amount - Rs.1000/- & in multiples of Rs.1000/- thereof.

No Maximum limit.

Rate of Interest


Interest is paid on semi-annually on 1st Jan and 1st July every year.


7 years

Premature Closure

Premature encashment is allowed for individual investors of age 60 years & above, after the minimum lock in period (as per the age bracket), from the date of issue as below:

✔ Investors of 60 to 70 years - 6 years

✔ Investors of 70 to 80 years - 5 years

✔ Investors of 80 years & above - 4 years

Also 50% of interest due and payable for the last six months of the holding period will be recovered in such cases.

TIN 2.0 – Tax Information Network:

✔ Customers to initiate the tax payment through the e-fling portal: and pay the tax using the internet banking platform of IOB.

✔ As of now, all branches of IOB are authorized to collect direct tax. Hence, customers who prefer to pay through branch, can choose the PAY AT COUNTER option under the mode of payment, get the challan generated and present the same at branch for paying the tax.

✔ For any other issues, taxpayer be advised to raise the grievance on dedicated mail id- Team concerned of Income Tax Dept will log the issue and help get it resolve.