Small Savings Schemes: Your Funds In Post Office Account Yield These Returns

Sandeep Singh Sunday, 12th of July 2020 18:44:01 business 3720

Image Source: https://c.ndtvimg.com/2019-04/mht6cg_india-post-post-office--ndtv_625x300_23_April_19.jpg

Date: Sunday, 12th of July 2020

Written By: Sandeep Singh

Listen This News Article Now

India Post currently provides annual returns to the tune of 4-7.6 per cent through nine small saving schemes - including the 15-year Public Provident Fund (PPF). Funds can be parked in these small savings schemes through the designated post office branches. Currently, the interest rates applicable to these schemes are reviewed every quarter. For the quarter ending September 30, the small savings scheme interest rates were kept unchanged at existing levels, according to a finance ministry statement. Out of these nine financial instruments, the Time Deposit Small Savings Scheme comes in four options of maturity, ranging from one year to five years.

Here are the latest interest rates applicable to small savings schemes:

Post Office Scheme	Interest Rate	Compounding Frequency
Post Office Savings Deposit	4.00%	Annually
One-Year Time Deposit*	5.5%	Quarterly
Two-Year Time Deposit*	5.5%	Quarterly
Three-Year Time Deposit*	5.5%	Quarterly
Five-Year Time Deposit*	6.7%	Quarterly
Five-Year Recurring Deposit	5.8%	Quarterly
Five-Year Senior Citizen Savings Scheme	7.4%	Quarterly and paid
Five-Year Monthly Income Scheme	6.6%	Monthly and paid
Five-Year National Savings Certificate	6.8%	Annually
Public Provident Fund Scheme	7.1%	Annually
Kisan Vikas Patra	6.9%	Annually
Sukanya Samriddhi Account Scheme	7.6%	Annually
(Source: India Post)

* The time deposit savings scheme is available in four maturity period options: one year, two years, three years and five years.

In the five-year National Savings Certificate scheme, an investment of Rs 1,000 grows to Rs 1,389.49 â€‹at maturity, according to India Post's website - indiapost.gov.in.

India Post - which comes under the ambit of Ministry of Communications - has a network of more than 1.5 lakh post office branches across the country, according to its website.

News Source: https://www.ndtv.com/business/post-office-interest-rate-compare-latest-interest-rates-applicable-to-post-office-savings-schemes-2261462

No of Views: 3720