Post Office Schemes Interest Rate: Numerous varieties of schemes are operated within the post office. There are numerous plans in which the bank also benefits from significant interest. At the post office, you have the opportunity to contribute in various investment options such as FD, RD, and PPF similar to a bank. Other than that, there are certain schemes that you won’t even find available at the bank.
Changes on January 1
Typically, every three months, the government updates the interest rates for post office schemes. The interest rates will undergo changes on January 1 during the next review. Before investing in the postal service, make sure to understand the amount of profit being gained from each scheme. NSC and MSSC are similar to fixed deposits. Any individual from India has the option to invest in NSC for a duration of 5 years. This plan is part of Prime Minister Narendra Modi’s own portfolio as well. Simultaneously, MSSC is operated with the aim of promoting women’s saving habits. Funds must be placed in this plan for a duration of two years. This scheme has also received investments from ex-Union Minister Smriti Irani.
The POMIS scheme provides a monthly source of regular income. In this plan, a single account can hold up to 9 lakh rupees and a joint account can hold up to 15 lakh rupees. This sum will be held in the account for a period of 5 years. Money is distributed with a 7.4% interest rate. Investors make money from interest.
Post Office Schemes’ interest rates
Savings Account at the Post Office- interest rate of 4%
A 1-year fixed-term savings account offers an annual interest rate of 6.9%.
2 year fixed term deposit offering a 7.0% interest rate.
Three-year term deposit with an interest rate of 7.1%.
5 Year Fixed Deposit- 7.5% Interest Rate
Recurring deposit account for 5 years- interest rate of 6.7%
The Senior Citizen Savings Scheme offers an interest rate of 8.2%.
7.4% interest rate for Monthly Income Scheme.
PPF Scheme offers an interest rate of 7.1%.
Sukanya Samriddhi Account offers an interest rate of 8.2%.
National Savings Certificates offer an interest rate of 7.7%.
KVP- 7.5% interest rate for farmers’ development.
Mahila Samman Savings Certificate offers a return rate of 7.5%.