Post Office Savings Schemes Interest Rate: The government has implemented the same interest rate on post office savings schemes for the July-September 2024 quarter as it was for the April-June quarter. Mahila Samman Savings Certificate was announced in the budget for the financial year 2023-24. This scheme is available in all 1.59 lakh post offices in the country. The scheme is valid for a period of two years till March 31, 2025.
Post Office Small Savings Schemes: Even though the stock market is luring countless youth, there are still many people who believe in the small savings schemes of the post office. The biggest reason for this is that they are risk free. There is a sovereign guarantee on the money deposited in the post office, that is, every penny of the customer is safe. At the same time, investment in the stock market is subject to market risks and only up to Rs 5 lakh of a customer’s deposit in banks is safe. Apart from this, good returns also make small savings schemes attractive.
There are a total of 10 savings schemes of the post office including savings account. These are as follows – National Savings Recurring Deposit Account i.e. Post Office RD, National Savings Time Deposit Account i.e. Post Office FD/TD, Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), National Income Monthly Income Account (MIS), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Sukanya Samriddhi Account (SSY), Mahila Samman Savings Certificate and Post Office Savings Account.
The interest on these savings schemes is fixed on a quarterly basis. But it is not necessary that the interest changes. Many times the government continues the interest of the previous quarter for the next quarter. Let us know how much interest is being given annually for the July-September quarter on which of these schemes…
Savings Account
A savings account can be opened in the post office for Rs 500. The interest rate on this is 4 percent per annum.
Post Office Time Deposit (TD)
You can open a TD in the post office for a period of 1 year to 5 years. The account can be opened for a minimum of Rs 1000, there is no maximum limit. Currently, the interest rate for different maturity periods ranges from 6.9 percent to 7.5 percent per annum.
5-year Recurring Deposit (RD)
RD is opened in the post office at a minimum installment of Rs 100 per month. Its maturity period is 5 years. The interest rate is 6.7 percent per annum.
PPF
Post Office PPF account can be started with a minimum of Rs 500. The interest rate is 7.1 percent per annum.
Post Office Monthly Income Scheme Account (MIS)
The maturity period of MIS is 5 years. An account can be opened in Post Office MIS with a minimum of Rs 1000. The interest rate is currently 7.4 percent per annum.
Sukanya Samriddhi Scheme
SSY account can be started with a minimum of Rs 250. The annual interest is 8.2 percent for the September 2024 quarter.
Senior Citizen Savings Scheme (SCSS)
The maturity period of this scheme is 5 years. Investment can be made in this account only once, which ranges from a minimum of Rs 1000 to a maximum of Rs 15 lakh. The interest rate is 8.2 percent per annum.
NSC
The maturity period of NSC is 5 years. Investment can be started in it with a minimum of Rs 1000. The interest rate is 7.7 percent per annum.
KVP
KVP can be taken for a minimum of Rs 1000. The current interest rate for this is 7.5 percent per annum.
Mahila Samman Savings Certificate
Investment in Mahila Samman Savings Certificate Scheme can be started from Rs 1000. The interest rate is 7.5 percent per annum.
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