Post Office Interest Rates
Post office investments include many savings programs that offer high post office plan interest rates
and tax benefits and most importantly, which carry the independent assurance of the Government of India. Continue reading to find out about the various postal savings programs and interest rates, key features and benefits, deposit duration, etc.
All postal investment plans are tax-free under Section 80C, i.e. tax exemptions up to Rs. 1,50,000 allowed. Some of the small savings programs offered by the Post Office are Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Nursing Certificate (NSC), 5-Year Post Office Deposit, and Citizens Saving Scheme (SCSS) .
Investing in Post Time Deposit, Continuous Office Deposit, Monthly Post Office Revenue Program, National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) in a given section will carry the rate for that quarter of all locks. savings plan.
The Post office interest rates of various schemes are listed below :
|Type of savings scheme||Rate of interest||Tenure||Tax deduction||Payable interest|
|Post Office Savings Account||4.00%||NA||No||Yes|
Post Office Recurring Deposit
|Post Office Monthly Income Scheme||5.50%||5 years||No||Yes|
|Post Office Time Deposit (2 year)||5.50%||1 years||No||Yes|
|Post Office Time Deposit (3 year)||5.50%||2 years||No||Yes|
|Post Office Time Deposit (5 year)||6.70%||3 years||No||Yes|
|Kisan Vikas Patra (KVP||5.80%||30 months||No||Yes|
|Public Provident Fund (PPF)||7.10%||15 years||Yes||No|
|Sukanya Samriddhi Account (SSA)||7.60%||21 years||Yes||Yes|
Post Office Savings Account – It acts as a standard savings account for any bank and the account is transferred from one post to another. The Post Office saving interest rate is 4.00% for this scheme.
National Savings Recurring Deposit Account – The program helps small / poor investors to build a corporation to meet their future needs. The account is opened by an adult or two adults together.
National Deposit Time Deposit Account – There is a tax return on investment made for a 5-year postal deposit. Investment is eligible for deduction under Section 80C of The Income Tax Act, 1961.
SSY is a savings program established by the Government of India, to develop a girl child financially. This program enables parents to raise funds for their daughter’s future education and marriage expenses and provides an attractive interest rate on investment.
Postal savings schemes are easy to register with and require limited documentation as simple procedures at post offices ensure that these savings plans are safe investment tools and provide consistent returns as they are government-supported.
These programs are best suited for rural and urban investors as the Post Offices are available in every corner of the country. To cater for the uneducated and rural people, these are simple and thus make this a very viable saving option.