Post office and government-backed small savings schemes are getting up to 8.2 percent interest. These include Sukanya Samriddhi and Post Office Time Deposit Scheme.
Post Office Saving Schemes: Some post office and government-backed savings schemes get higher interest than banks, so National Savings Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Mahila Samman Saving Certificate, Public Provident Fund and Post Office Time Deposit i.e. Post Office FD are preferred by customers. On June 29, the government announced the interest rates of these schemes for the July-September quarter. However, no change was made in the interest rate. Still, better interest is still being received in these schemes.
The Finance Ministry said in the notification, “The interest rates on various small savings schemes for the second quarter of the financial year 2024-25 (from July 1 to September 30, 2024) will remain the same as the rates notified for the first quarter.” Let us tell you what are the interest rates on all these small savings schemes at present and which one is getting the highest interest.
Post Office Time Deposit
Like banks, post offices also have a fixed deposit scheme, which is called Post Office Time Deposit. Post Office Time Deposit Scheme is for 1, 2, 3 and 5 years. The interest rate in these is different according to different periods. At present, the maximum interest available on time deposits is 7.5 percent, which is available on 5-year FD. On the other hand, 6.9 percent interest is available on one year time deposit, 7 percent for 2 years and 7.1 percent for three years.
Post Office Recurring Deposit
On the other hand, 6.7 percent interest is available on post office recurring deposit. In this scheme, customers deposit money in monthly installments.
Senior Citizen Saving Scheme
Senior Citizen Saving Scheme is a scheme for senior citizens above 60 years of age, in which 8.2 percent interest is being given. In this scheme, a minimum investment of Rs 1,000 to a maximum of Rs 30,00,000 can be made annually. This scheme provides exemption under Section 80C of Income Tax.
Monthly Income Account Scheme
This account can be started in the post office with a minimum investment of Rs 1000. A maximum of Rs 9 lakh can be invested in an individual account and a maximum of Rs 15 lakh in a joint account. This scheme gives interest at the rate of 7.4 percent.
PPF and National Saving Certificate
In this scheme, a minimum investment of Rs 500 has to be made every financial year. Investment made in this scheme is also eligible for tax exemption. A maximum of Rs 1.5 lakh can be invested in this scheme in a year. At present, 7.1 percent interest is being given on PPF. At the same time, 7.7 percent interest is being given on National Saving Certificate.
Kisan Vikas Patra
At present, 7.5 percent interest is being given on Kisan Vikas Patra. The lock in period of KVP is two years and six months, that is, money cannot be withdrawn from this scheme under normal circumstances before two and a half years. The maturity period of this account is 10 years.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a special scheme for daughters. 8.2 percent interest is being given on this scheme. An account can be opened in this scheme after the birth of a daughter. You can start investing in this scheme with just Rs 250. After your daughter turns 18, you can withdraw up to 50% of the amount from the account for her higher education. The remaining amount can be withdrawn at the time of the girl’s marriage.
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