Post Office Small Saving Schemes: Post Office schemes are a good investment option. The Post Office offers various types of investment schemes, but investors often wonder which one is the best to invest in. The interest rates for these schemes are updated every quarter. Yes, the rates are revised quarterly. The interest rates for the second quarter of the current financial year 2024-25, i.e., from July to September, were updated earlier. The rates for October to December will be announced by the end of September. If you are thinking about investing in a Post Office scheme, we will share the latest interest rates for all the schemes. This will help you choose the scheme with the best interest rate.

About Post Office Schemes

The Post Office offers a variety of investment schemes. You can invest in small savings options like Fixed Deposit, Recurring Deposit, Monthly Income Deposit, Senior Citizen Savings Scheme, Sukanya Samriddhi Yojana, National Savings Certificate, Kisan Vikas Patra, and Mahila Samman Saving Certificate. These schemes offer interest rates ranging from 6.7% to 8.2%. Besides high interest rates, these schemes provide several other benefits.

Post Office Savings Account

Just like a bank, you can open a savings account at the post office. Currently, the interest rate for savings accounts is 4% for the second quarter.

Post Office Fixed Deposit Scheme

The Post Office Fixed Deposit (FD) scheme offers high interest. There are four types of FD schemes:

  • 6.9% interest for 1-year FD
  • 7.5% interest for 5-year FD
  • 7% interest for 2-year FD
  • 7.1% interest for 3-year FD

Post Office Recurring Deposit Scheme

The Post Office Recurring Deposit (RD) scheme works similarly to a Mutual Fund SIP. It matures in 5 years, but you can extend the investment period by another 5 years. The current interest rate for this scheme is 6.7% for the July-September 2024 quarter.

Senior Citizen Savings Scheme

This scheme is specially designed for senior citizens. The interest rate for the current quarter is 8.2%. You can open an account with a minimum investment of Rs 1,000, and the maximum limit is Rs 30 lakh.

Post Office Monthly Income Scheme

The Post Office Monthly Income Scheme offers an interest rate of 7.4%. Interest is paid every month, but the interest income is taxable. Interest rates are revised every quarter.

National Savings Certificate (NSC)

The National Savings Certificate (NSC) scheme offers an interest rate of 7.7% for the July-September 2024 quarter. This scheme matures in 5 years and offers compound interest, i.e., interest on interest. Interest is paid only after maturity.

Public Provident Fund (PPF) Scheme

The Post Office PPF scheme offers an interest rate of 7.1% for the July-September quarter. Interest is calculated on a compound basis, and there is no tax on interest up to Rs 1.5 lakh in this scheme.

Kisan Vikas Patra (KVP)

The KVP scheme offers 7.5% interest for July-September 2024. The scheme matures in 115 months, and interest is calculated on a compound basis.

Mahila Samman Saving Certificate

This scheme is designed for women and offers 7.5% interest for the second quarter. Investment is allowed until March 31, 2025, and the scheme matures in 2 years.

Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana is popular for securing the future of daughters. For the second quarter of the financial year 2024-25 (July to September), this scheme offers an interest rate of 8.2%. Tax benefits are also available with this scheme.