Most of the government banks are giving interest ranging from 2.5 percent to 3 percent on savings accounts. On opening a savings account in the post office, you get 4% interest annually. The amount up to 10 thousand received in the form of this interest remains tax free.
New Delhi. While depositing money in banks, the interest rates available with its security are also kept under watch. Whether it is a savings account or FD or any other savings scheme to choose from, the interest rate is the most important. Post office savings account earns more interest than other banks.
In most government banks, where the minimum balance has to be kept high, the limit is very less in the post office savings account. The government has fixed interest rates for various savings schemes of the post office from January-March, 2022. Before 2016-17, these interest rates were revised once a year, but now it is fixed every quarter. We are giving complete information about various schemes related to post office-
Saving account
- Savings account can be opened with a minimum of Rs 500.
- At present, interest of 4 percent is available on this account annually.
- A minimum balance of Rs 500 will have to be maintained in the account, less than that will attract a fine of Rs 100.
- Account can be transferred from one post office to another.
Fixed Deposit (FD)
- FD can be opened with a minimum of Rs 1,000, no maximum limit.
- FDs of one to three years are getting 5.5% interest annually.
- 6.70 percent interest is available on FD of 5 years, tax exemption is also available on it.
- If you break the FD within 6 to 12 months of opening the account, then you will get the same interest as the savings account.
Recurring Deposit (RD)
- You can start an RD of minimum 100 rupees every month. Maturity is 5 years.
- At present, 5.80 percent interest is available on RD annually.
- If the money is not deposited on time, a fine of Re 1 will have to be paid for every Rs 100.
- After one year, you can take 50 percent of the balance amount of the RD as a loan.
Monthly Income Scheme (MIS)
- Maximum amount of Rs 4.5 lakh can be deposited on a single account and Rs 9 lakh on a joint account.
- The maturity period of this account is also 5 years.
- At present, interest of 6.60 percent is being available on MIS annually.
- The interest earned on the account every month will be the monthly income. No interest is earned on this amount of interest.
National Savings Certificate (NSC)
- NSC can be opened with minimum Rs 1,000, no maximum limit.
- It is getting an interest of 6.80 percent annually.
- The account will mature in 5 years, on which tax exemption is also available.
- It can be opened in the name of single, joint or minor.
Kisan Vikas Patra (KVP)
- This account can be opened by depositing a minimum of Rs 1,000, no maximum limit.
On this, 6.90 percent interest is being earned annually, which can change every quarter. - The money deposited on maturity will double, but the maturity period can also change every quarter.
- This account can be opened in the name of single, joint or minor.
Senior Citizen Savings Scheme (SCSS)
- This account can also be opened by depositing a minimum of Rs 1,000, maximum can be deposited Rs 15 lakh.
- This is a type of FD, on which 7.40 percent interest is being given annually.
- One person can open multiple accounts, but all together the deposit should not exceed 15 lakhs.
- The maturity period of the account is 5 years.
