Post office saving scheme

Post office saving scheme is one of the best option available to save your money. Recently there is a rise in the interest rates such that saving’s are further increased.

The various options available in post office saving scheme interest rate are as below.

Scheme	Interest Rate
Post Office Savings Account(SB)	4.0 %
National Savings Recurring Deposit Account(RD)	5.8 %
National Savings Time Deposit Account(TD) ( 1 – 5 years)	6.6 % – 7.0 %
National Savings Monthly Income Account(MIS)	7.1 %
Senior Citizens Savings Scheme Account(SCSS)	8.0 %
Public Provident Fund Account(PPF )	7.1 %
Sukanya Samriddhi Account(SSA)	7.6 %
National Savings Certificates (VIIIth Issue) (NSC)	7.0 %
Kisan Vikas Patra(KVP)	7.2 %

Post Office Savings Account(SB) :

When you open a account in the post office then the rate of interest for your balance is 4% per annum. This account can be used to save you money and collect the interest from various schemes you invested in post office.

Minimum amount of INR 500/- is required to open a account.

National Savings Recurring Deposit Account(RD):

Recurring deposit can be made every month with a specific amount. For example you want to deposit 1000 rupees per month in your RD then you will be provided interest rate of 5.8% on the accumulated money.

National Savings Time Deposit Account(TD):

Time deposit can be classified in a deposit made for period of time like 1 yr, 2 yr, 3yr and 5 yr.

Period	Interest Rate
1 Year	6.6 %
2 Year	6.8 %
3 Year	6.9 %
5 Year	7.0 %

Minimum amount of rupees INR. 1000 needs to be deposited.
Only 5 year deposit qualify for 80c deduction’s.

National Savings Monthly Income Account(MIS) :

This scheme is for those who are expecting a monthly pension kind of payment here you can avail 7.2 % of interest such that every month the interest is deposited in you post office savings account.

There is a cap of 4.5 lakhs upto which a individual can deposit. And joint account holders can invest 9.0 lakhs (4.5 individual)

Senior Citizens Savings Scheme Account(SCSS) :

This scheme is for senior citizens who are above 60 years of age are planning to earn a pension by depositing lump sum amount in post office.

There is a cap of 15 lakhs upto which a individual can deposit.
Deposit qualify for 80c deduction’s.

Public Provident Fund Account(PPF ) :

Provident fund is deposit which can be made in instalments or lump-sum such that interest is calculated yearly at the rate of 7.1%. This scheme can also be a post office saving scheme for boy child or girl child can also invest.

*** Amount invested will be returned after 15 years of time period.
Minimum amount of rupees INR. 500 needs to be deposited.
There is a cap of 1.5 lakh upto which a individual can deposit in a year.
Deposit qualify for 80c deduction’s.

Sukanya Samriddhi Account(SSA) :

This deposit is purely for a Girl child(post office saving scheme for girl child) such that the amount is calculated at a interest rate of 7.6%.

Minimum amount of INR. 250 and Max INR. 1,50,000 to be invested every year.
Deposit can be made in lump-sum or in instalments in multiples of INR. 50
Deposit qualify for 80c deduction’s.

National Savings Certificates (VIIIth Issue) (NSC) :

In this scheme you can save you money for a period of 5 years with an interest rate of 7%.

Minimum amount of INR 1000/- to be invested every year.
Deposit qualify for 80c deduction’s.

Kisan Vikas Patra(KVP) :

From the date of deposit the money shall be doubled in a span of 10 years. Minimum amount of rupees 1000 needs to be invested.

Minimum amount of rupees INR. 500 needs to be deposited.
No max limit.