Post Office Schemes: Find out how much interest is accruing on Savings Account, RD and Fixed Deposit?
Post Office Schemes Interest Rates: Most investors invest in post office schemes as the money in the post office scheme is completely safe. There are many schemes available such as Post Office Savings Account, Recording Deposit (Post Office RD), Post Office Public Provident Fund (POPPF), Post Office Senior Citizen Scheme (POSCS), Sukanya Samriddhi Yojana (SSY), in which returns are also good. Recently the post office has issued a circular stating that the central government has decided not to change the post office interest rates for the July-September quarter of the financial year 2020-21. The post office has issued the circular on July 1. Let us know how much interest is being paid on post office savings account, post office 5-year RD and fixed deposit.
The post office savings account is getting 4% interest.
Post Office 5-Year RD: Here investors will get interest at the rate of 5.8%.
Post Office fixed Deposit: For 1-3 years – 5.5% interest rate. The 5-year fixed deposit has a 6.7% interest rate. Apart from this, investors will also get tax exemption under Section 80C of Income Tax Act, 1961 on 5 years fixed deposit in post office.
Explain that the post office saving account is similar to the savings account of other banks. You can open a savings account in the post office. The special thing is that it can also be transferred from one post office to another.
Good returns in these post office schemes
Post Office Recurring Deposit Scheme
Recurring deposit is a scheme of the post office, in which small deposits get good returns on deposits. Post office recurring deposit accounts can be opened for five years. Currently, the scheme is getting 5.8 percent interest. Explain that the Government of India announces the interest rate of all its small savings schemes every quarter.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana gets an annual interest rate of 8.5% on investment. The parents of this scheme have to invest only for 14 years. After this, maturity is attained when it is 21 years. After 14 years, interest on closing amount will be 8.5% per annum.
Post Office Public Provident Fund (PPF)
The post office public provident fund gets interest at the rate of 7.9 per cent annually. Individuals can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh in a financial year. You can deposit money in the scheme in lump sum or in 12 installments. The duration of maturity is 15 years, in which a joint account cannot be opened and a citizen of India can open only one account.