LATEST INTEREST RATES OFFERED BY POST OFFICE SMALL SAVING SCHEMES

Small saving schemes offered by post offices throughout the country may be a good investment idea. The interest rates of small saving schemes are decided every quarter as they are linked to government yields. Small saving interest rates for the quarter ending Junehave been kept the same as the March quarter. Post offices offer nine small saving schemes. These are: Post Office Savings Account, 5-Year Post Office Recurring Deposit Account (RD), Post Office Time Deposit Account (TD), Post Office Monthly Income Scheme Account (MIS), Senior Citizen Savings Scheme (SCSS), 15-year Public Provident Fund Account (PPF), National Savings Certificates (NSC), Kisan Vikas Patra (KVP), and Sukanya Samriddhi Accounts.

An investment of up to Rs. 1,50,000 in all or any of these schemes makes you eligible for tax deduction under Section 80 C of the Income Tax Act.

Here are the latest interest rates offered by post office small saving schemes, according to the website of India Post – indiapost.gov.in:

Post Office Savings Account
Post Office Savings Account offers an interest rate of 4 per cent per annum on individual / joint accounts. The government notified the same interest rate on savings deposits for June quarter, stated a report by news agency Press Trust of India.

5-Year Post Office Recurring Deposit Account (RD)
5-Year Post Office Recurring Deposit Account (RD) offers an interest rate of 6.9 per cent per annum (quarterly compounded) with effect from 1.1.2018. A Rs. 10/- deposit in post office RD account fetches Rs. 717.43 on maturity. The post office RD account can be continued for another five years on year-to-year basis.

(Also Read: State Bank Of India (SBI) Fixed Deposits (FDs): What Interest Rates You Get Now)

Post Office Time Deposit Account (TD)
Interest on Post Office Time Deposit Account (TD) is payable annually but calculated quarterly.

​Period	​Rate
1yr.A/c	6.60%
2yr.A/c	​6.7%
3yr.A/c	6.90%
​​5yr.A/c	7.40%

Post Office Monthly Income Scheme Account (MIS)
Post Office Monthly Income Scheme Account (MIS) fetches 7.3 per cent per annum payable monthly with effect from 1.1.2018.

Senior Citizen Savings Scheme (SCSS)
Deposits in Senior Citizen Savings Scheme (SCSS) have been fetching an interest rate of 8.3 per cent per annum with effect 1.07.2017. The interest rate on SCSS was retained for June quarter by the government. The interest rate on the senior citizens' scheme is paid quarterly. The interest is payable from the date of deposit of 31st March/30th September/31st December in the first instance and thereafter, interest shall be payable on 31st March, 30th June, 30th September and 31st December, according to India Post.

15-year Public Provident Fund Account (PPF)
PPF accounts have been fetching an interest rate of 7.6 per cent per annum (compounded yearly) with effect from 1.1.2018, said India Post. The interest rate on PPF accounts was retained for June quarter also.

(Also Read: Why You Must Deposit Money In PPF Accounts Before Or On 5th Of Every Month)

National Savings Certificates (NSC)
From 1.1.2018, interest rate on NSC certificates stand at 7.6 per cent, compounded annually, but payable at maturity. The interest rate for June quarter is the same. A deposit of Rs. 100 in an NSC certificates grows to Rs. 144.23 after five years, stated India Post.

Kisan Vikas Patra (KVP)
From 1.1.2018, interest rate on KVP is at 7.3 per cent, compounded annually. For the June quarter, this interest rate was retained. The amount invested doubles in 118 months (9 years and 10 months), said India Post.

Sukanya Samriddhi Accounts
Sukanya Samriddhi Accounts offer an interest rate of 8.1 per cent per annum with effect from 1.1.2018, calculated on a yearly basis and compounded yearly. The interest rate on Sukanya Samriddhi Accounts was retained at the same for June quarter.

 

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