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Latest Post Office Savings Scheme Interest Rates: Small savings schemes like the 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 rate of interest 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?
The rates of interest on various Small Savings Schemes for the second quarter of FY 2024-25 starting from July, 2024 and ending on 30′ September, 2024 are unchanged from those notified for the first quarter (1st April, 2024 to 30th June, 2024) of FY 2024-25,” the finance ministry said in a press release dated June 28, 2024.
For the July-September 2024 quarter, the interest rates for post office schemes are as follows:
Public Provident Fund (PPF) Interest Rate
- The current interest rate offered by the government on PPF is 7.1% per annum, compounded annually.
- The Public Provident Fund Scheme requires a minimum deposit of Rs 500 per fiscal year, with a maximum limit of Rs 1.50 lakh.
- Contributions to the PPF are eligible for tax deductions under Section 80C of the Income Tax Act.
Senior Citizen Savings Scheme (SCSS) Interest Rate
- A 8.2% interest is offered on the Senior Citizen Savings Scheme.
- To open an SCSS account, an individual must deposit a minimum of Rs 1000, with additional deposits allowed in multiples of Rs 1000, up to a maximum limit of Rs 30 lakh.
- 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, according to an ET report.
| Instrument | Rates of interest from July-September 2024 (%) |
| Savings Deposit | 4 |
| 1 Year Time Deposit | 6.9 |
| 2 Year Time Deposit | 7 |
| 3 Year Time Deposit | 7.1 |
| 5 Year Time Deposit | 7.5 |
| 5 Year Recurring Deposit | 6.7 |
| Senior Citizen Savings Scheme | 8.2 |
| Monthly Income Account Scheme | 7.4 |
| National Savings Certificate | 7.7 |
| Public Provident Fund Scheme | 7.1 |
| Kisan Vikas Patna | 7.5 (will mature in 115 months) |
| Sukanya Samriddhi Account | 8.2 |
Sukanya Samriddhi Yojana (SSY) Interest Rate
- For the Sukanya Samriddhi Yojana, there is a rate of interest of 8.2% per annum calculated on yearly basis, yearly compounded.
- The Sukanya Samriddhi Account Scheme has a minimum deposit requirement of Rs 250 and a maximum of 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 made in a month or a financial year.
3-year Post Office Time Deposit Interest Rate
- A Post Office Time 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 for investment in this scheme.
- Post office time deposit offers an interest rate 7.5% on 5-year term deposit.
- Investing in a 5-year Post Office Time Deposit qualifies for 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%
- The Post Office Monthly Income Scheme (POMIS) is an investment option that requires a minimum deposit of Rs 1000, with subsequent deposits in multiples of Rs 1000.
- The maximum amount that can be invested in a single account is Rs 9 lakh, while joint accounts have a limit of Rs 15 lakh. It is important to note that the total deposits across all MIS accounts held by an individual should not surpass Rs 9 lakh.
National Savings Certificate (NSC) Interest Rate
- The annual interest rate is 7.7%, compounded yearly, on National Savings Certificates, with payments made at maturity.
- National Savings Certificate (NSC) requires a minimum deposit of Rs 1000, with 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 deposits are eligible for tax deductions under section 80C of the Income Tax Act. The NSC has a maturity period of five years from the date of deposit.
Kisan Vikas Patra (KVP) Interest Rate
- The Kisan Vikas Patra (KVP) is an investment scheme where the invested amount doubles in 115 months (nine years and seven months). It’s important to note that “the deposit will mature on the date of the deposit at the maturity period and it will be revised by the government regularly.”
- The government provides an annual interest rate of 7.5% on KVP, which is compounded annually.
Mahila Samman Savings Certificate Interest Rate
- The government offers a 7.5% annual interest rate on Mahila Samman Savings Certificates.
- The Mahila Samman Savings Certificate is a savings scheme designed for women and minor girls. In this scheme, the interest is compounded quarterly and credited to the account. The accumulated interest is paid upon closure of the account.
- The account can be opened by a woman for herself or by a guardian on behalf of a minor girl.
