<h1>New SOPs Enhance Post Office Savings: Tax Deductions for 5-Year Deposits, Senior Schemes, Bonus for Monthly Income.</h1> The government has announced new Standard Operating Procedures (SOPs) for post office small savings schemes to enhance their appeal. The Five Year Post Office Time Deposit Account and the Senior Citizens Savings Scheme will now qualify for tax deductions under Section 80C of the Income Tax Act, effective from the financial year 2007-08. Additionally, a 5% bonus will be introduced for the Post Office Monthly Income Account (POMIA) Scheme for new accounts opened on or after December 8, 2007, increasing the effective yield to 8.9%. These changes aim to make these savings options more competitive with other financial instruments.