Post office scheme interest rates: If you are thinking of investing in the Post Office Small Savings Scheme this month, then you can check the complete list here to know how much interest is being offered in which scheme.
Post Office Small Saving Scheme: If you are planning to invest money in the Post Office Small Saving Scheme this month, then this news is useful for you. There are many schemes available in the post office for investors. These small savings schemes are also giving better returns. However, for the last two quarters, the government has not made any change in the interest rates of any scheme of the post office.
The post office has small savings schemes like Fixed Deposit, Recurring Deposit, Monthly Income Deposit, Senior Citizen Saving Scheme, PPF Sukanya Samriddhi, National Saving Certificate, Kisan Vikas Patra, Mahila Samman Saving Certificate. In these schemes, interest is being given between 6.7 percent to 8.2 percent on the investment amount. In such a situation, which small savings scheme is giving the highest return. Let’s take a look at this.
Which scheme is giving the highest return
post office scheme | Interest Rate (for July-September 2024) | Compounding Frequency |
Post Office Savings Account | 4.0 | Annually |
1 Year Time Deposit | 6.9 (Annual Interest ₹708 for ₹10,000/-) | Quarterly |
2 Year Time Deposit | 7.0 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
3 Year Time Deposit | 7.1 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
5-Year Time Deposit | 7.5 (Annual Interest ₹771 for ₹10,000/-) | Quarterly |
5 Year Recurring Deposit Scheme | 6.7 | Quarterly |
Senior Citizen Savings Scheme | 8.2 (Quarterly Interest ₹205 for ₹10,000/-) | Quarterly and Paid |
Monthly Income Account | 7.4 (Monthly Interest ₹62 for ₹10,000/-) | Monthly and paid |
National Savings Certificate (VIII Issue) | 7.7 (Maturity Value ₹14,490 for ₹10,000/-) | Annually |
Public Provident Fund Scheme | 7.1 | Annually |
Kisan Vikas Patra | 7.5 (will mature in 115 months) | Annually |
Mahila Samman Savings Certificate | 7.5 (Maturity Value ₹11,602 for ₹10,000/-) | Quarterly |
Sukanya Samriddhi Account Scheme | 8.2 | Annually |
Post Office Savings Account
Like banks, there is an option to open a savings account in the post office as well. For the second quarter of the current financial year i.e. July-September 2024, the government is giving interest at the rate of 4 percent on the amount deposited in this savings account.
Post Office Time Deposit Scheme
Post Office Time Deposit Scheme is also known as Post Office Fixed Deposit Scheme. There are 4 options available for investors in this scheme. They can invest by choosing fixed deposit schemes of different tenures according to their capacity. Post Office is giving interest between 6.9 percent to 7.5 percent on FDs. FDs maturing in one year are getting 6.9 percent interest, while the post office is giving 7.5 percent interest on FDs maturing in 5 years. At the same time, FDs of 2 years and 3 years are getting 7 percent and 7.1 percent interest respectively.
Post Office Recurring Deposit Scheme
By investing in the Post Office Recurring Deposit Scheme, you can keep your savings little by little like SIP. The maturity period in recurring deposit is 5 years i.e. 5 years from the date of opening the account (60 monthly deposits). This account can be extended for a further 5 years by applying in the concerned post office. The interest rate on Post Office RD for July-September 2024 is 6.7 percent. The government had last increased the interest rate on it from 6.5 percent to 6.7 percent in the third quarter of the last financial year i.e. October-December 2023 quarter. Since then, this rate is applicable till now.
Senior Citizen Saving Scheme
Post Office Senior Citizen Saving Scheme is getting 8.2% interest on quarterly basis. The government last increased the SCSS rates from 8% to 8.2% in April 2023. Since then, it is applicable for the quarter July-September 2024. SCSS account can be opened with a minimum deposit of Rs 1000. Investors can invest up to Rs 30 lakh in this account. Retired citizens above 55 years but below 60 years of age get three months to open SCSS account.
Monthly Income Account
Post Office is paying 7.4% interest on Monthly Income Account for the July-September quarter of the current financial year. The government last increased the MIS rate from 7.10% to 7.4% in April 2023. Since then, the same rate is applicable for July-September 2024. Investors opening an account under the Monthly Income Scheme (MIS) will get interest payment every month. Interest is paid at the end of every month from the date of opening the account till maturity. The interest earned by the account holder will be taxable. The government revises the interest rate of the scheme on a quarterly basis.
National Savings Certificate
The post office is paying 7.7 percent interest on the National Savings Certificate (NSC) scheme. The government last increased the interest rate on this scheme from 7 percent to 7.7 percent in April 2023. Since then, the same rate is applicable for July-September 2024. The maturity of the National Savings Certificate account is 5 years. The interest in this is compounded annually, but it is paid on maturity.
Public Provident Fund Scheme
The Public Provident Fund Scheme of the post office is getting 7.1 interest for the July-September quarter. The government had last reduced the interest rate on this scheme from 7.90 to 7.10 percent from April 2020. Since then, the same rate is applicable till this quarter. Interest in the Public Provident Fund Scheme of the post office is compounded annually. The investor can make 1 withdrawal during the financial year after completion of 5 years excluding the year of opening the account. For example, if the account is opened during the financial year 2017-18, then withdrawal can be done during 2013-14 or later. PPF account falls under the “E-E-E” category where deposits up to Rs 1.5 lakh in a year, interest earned etc. are tax free.
Kisan Vikas Patra
The government is giving 7.5 interest on the Kisan Vikas Patra of the post office for July-September 2024. The maturity time of this scheme is 115 months. The government last reduced the maturity time by 10 years i.e. from 120 months to 115 months in April 2023. Interest on KVP account is compounded annually.
Mahila Samman Saving Certificate
The government is paying 7.5% interest on the Mahila Samman Saving Certificate of the Post Office for July-September 2024. Interest on MSSC account is compounded quarterly. The Mahila Samman Saving Certificate Scheme of the Post Office was started from April 2023. This scheme will be available for subscription of women and girls till 31 March 2025.
Sukanya Samriddhi Account Scheme
The interest rate on the Sukanya Samriddhi Account Scheme of the Post Office is 8.2% for July-September 2024. The government last increased the interest rate from 8% to 8.2% in January this year. Interest on SSAC account is compounded annually.
Let us tell you that the government revises the interest on post office schemes every three months. In the last two quarters, the government has not made any change in the interest rates of any scheme of the post office. In such a situation, people have a lot of expectations from the month of October which is starting about 20 days from today.
