« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing 2025: These individuals are exempt from paying tax. Do they need to file returns?  Full List Of Trump's Reciprocal Tariffs Announced Wednesday  Top 5 tax-saving investment options for salaried individuals to consider before March 31, 2025  5 lesser lesser-known avenues of tax saving you can use to save income tax before March 31, 2025  March 15 is deadline for last advance tax installment: Know if you must pay «  MNCs on alert on Rolls I-T ruling... Tax collections record unprecedented growth: Chidambaram... » Govt offers bonus, tax relief on PO savings December, 08th 2007 The government today announced a 5% bonus on new monthly post office deposits. The bonus will be applicable for Post Office Monthly Income Accounts opened on or after December 8, the finance ministry said in a statement. The government will also offer tax relief on deposits with a maturity of five years and senior citizen savings scheme, the statement said. The measures are aimed at promoting post office small savings, which has been witnessing a sharp decline due to lower return and lack of tax benefit for most of the schemes. There has been a demand from different sections for restoring the element of bonus on monthly post office savings. There has also been a demand that the Five Year Post Office Time Deposit Account and the Senior Citizens Savings Scheme should enjoy the same tax treatment as is applicable to five year bank deposits.