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 % |
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.
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.
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 % |
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.
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.
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.
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%.
In this scheme you can save you money for a period of 5 years with an interest rate of 7%.
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.
Post office saving scheme is a trusted option to save your money and below i am providing you the official website so that you can find much more detailed information.
In this blog i have provided the main overview so that you can identify the schemes and select your way of investment.
Here is the official Department of Post Website to get started with post office saving scheme deposit. https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx
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