Post Office Small Saving Schemes: There is good news for those investing for fixed income.
Post Office Small Saving Schemes: There is good news for those investing for fixed income. In a recent decision, the central government has not cut the rate of interest on post office i.e. small savings schemes. In the latest judgment, there has been no change in the interest rate for the July-September quarter of the financial year 2020-2021
The Indian Postal Department had issued an order in this regard yesterday or Wednesday itself. According to this order, interest on PPF i.e. Public Provident Fund (PPF) will continue to accrue at the current rate of 7.10 per cent. Similarly, interest on schemes related to senior citizens will continue to get 7.40 percent interest. At the same time, interest will be available from 5.5 to 6.7 percent on the post office small saving schemes. These interest rates are from 1 July 2020 to 30 September 2020.
On the other hand, the country’s largest bank SBI pays only 2.75 per cent interest on deposits in savings account. 4.50 percent on deposits for seven to 45 days, 5.50 percent on deposits for 46-179 days, 5.80 percent on deposits for 6 to 12 months, 6.10 percent on deposits for one to five years and deposits for five to 10 years But only 6.10 percent pays interest.
SBI Flexi Deposit: Pay in desired installments, understand the specialty of the scheme
In this way, the post office schemes get half to one percent more interest than SBI.
In fact, the central government had cut the interest rate on small savings schemes by 70 to 140 basis points for the last quarter i.e. April to June 2020. 100 basis points is one per cent. In this way, interest rates were cut from 0.7 percent to 1.4 percent. But the government has not cut interest rates for the quarter starting tomorrow i.e. Wednesday. It is a relief.
Interest on various post office schemes (Post Office Small Saving Yojana)
Savings Account – 4%
deposit for one year – 5.5% deposit for
two years – 5.5% deposit for
three years – 5.5% deposit for five years –
6.7% for
5 years Recurring Deposit – 5.8% for
5 years Senior Citizen Saving Scheme – 7.4%
Monthly Income Plan for 5 years – 6.6%
5 Year National Savings Certificate (NSC) – 6.8%
Public Provident Fund (PPF) – 7.1%
Kisan Vikas Patra (KVP) – 6.9%
Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana) – 7.6 percent
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