Latest Post Office Savings Scheme Interest Rates: Small savings schemes like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) and other post office savings schemes are a popular investment option for conservative investors.
The government reviews the interest rate offered on all small savings schemes every quarter. So, what are the latest interest rates on small savings schemes for the July-September 2024 quarter?
In a press release issued on June 28, 2024, the Finance Ministry said, “The interest rates on various small savings schemes for the second quarter of FY 2024-25 commencing July, 2024 and ending September 30, 2024 remain unchanged from the rates notified for the first quarter of FY 2024-25 (April 1, 2024 to June 30, 2024).”
Here are the interest rates for post office schemes for the July-September 2024 quarter:
The government reviews the interest rate offered on all small savings schemes every quarter. So, what are the latest interest rates on small savings schemes for the July-September 2024 quarter?
In a press release issued on June 28, 2024, the Finance Ministry said, “The interest rates on various small savings schemes for the second quarter of FY 2024-25 commencing July, 2024 and ending September 30, 2024 remain unchanged from the rates notified for the first quarter of FY 2024-25 (April 1, 2024 to June 30, 2024).”
Here are the interest rates for post office schemes for the July-September 2024 quarter:
Public Provident Fund (PPF) Interest Rate
- The current interest rate offered by the government on PPF is 7.1% per annum, compounded annually.
- In the Public Provident Fund Scheme, it is necessary to deposit a minimum of Rs 500 and a maximum of Rs 1.50 lakh per financial year.
- Contribution to PPF is eligible for tax deduction under section 80C of the Income Tax Act.
Senior Citizen Savings Scheme (SCSS) Interest Rate
- 8.2% interest is given on Senior Citizen Savings Scheme.
- To open an SCSS account, one needs to deposit a minimum of Rs 1,000, and additional deposits will be allowed in multiples of Rs 1,000, and the maximum limit will be Rs 30 lakh.
- According to an ET report, if the total interest earned from all SCSS accounts exceeds Rs 50,000 in a financial year, the interest becomes taxable, and TDS will be deducted at the prescribed rate from the total interest paid.
Sukanya Samriddhi Yojana (SSY) Interest Rate
- The interest rate for Sukanya Samriddhi Yojana is 8.2% per annum calculated on a yearly basis, compounded annually.
- The minimum deposit amount in Sukanya Samriddhi Account Scheme is Rs 250 and the maximum is Rs 1,50,000 in a financial year.
- Subsequent deposits can be made in multiples of Rs 50, and there is no limit on the number of deposits in a month or a financial year.
3-Year Post Office Time Deposit Interest Rate
- Post Office Term Deposit Account can be opened with a minimum investment of Rs 1000, and additional investments can be made in multiples of Rs 100. There is no maximum limit of investment in this scheme.
- Post Office Fixed Deposit offers 7.5% interest rate on 5-year fixed deposit.
- Investing in 5-year Post Office Term Deposit offers tax benefits under Section 80C of the Income Tax Act, 1961.
Post Office Monthly Income Scheme (POMIS) Interest Rate
- The interest rate on Post Office Monthly Income Scheme is 7.4%
- Post Office Monthly Income Scheme (POMIS) is an investment option which requires a minimum deposit of Rs 1000 and in multiples of Rs 1000 thereafter.
- A maximum of Rs 9 lakh can be invested in a single account, while joint accounts have a limit of Rs 15 lakh. It is important to note that the total deposits in all MIS accounts held by an individual should not exceed Rs 9 lakh.
National Savings Certificate (NSC) Interest Rate
- The annual interest rate on National Savings Certificates is 7.7%, compounded annually, and paid on maturity.
- National Savings Certificate (NSC) requires a minimum deposit of Rs 1000 and additional deposits in multiples of Rs 100. There is no upper limit on the investment amount in NSC.
- One of the advantages of investing in NSC is that the amount deposited in it is eligible for tax deduction under Section 80C of the Income Tax Act. The maturity period of NSC is five years from the date of deposit.
Kisan Vikas Patra (KVP) Interest Rate
- Kisan Vikas Patra (KVP) is an investment scheme in which the amount invested doubles in 115 months (nine years and seven months). It is important to note that “the amount deposited will mature on the maturity period on the date of deposit and it will be revised regularly by the government.”
- The government offers an annual interest rate of 7.5% on Kisan Vikas Patra, which is compounded annually.
Mahila Samman Savings Certificate Interest Rate
- The government offers an annual interest rate of 7.5% on Mahila Samman Savings Certificate.
- Mahila Samman Savings Certificate is a savings scheme designed for women and minor girls. In this scheme, interest is received as compound interest on a quarterly basis and is credited to the account. The accumulated interest is paid on closing the account.
- This account can be opened by a woman herself or on behalf of a minor girl by her guardian.
