India Post, under the Department of Posts, which runs postal services in the country, also offers banking facilities. Besides allowing customers to open a savings account like banking peers, post offices also offer a number of saving schemes. Two such products offered by Post office are recurring deposit (RD) and monthly income scheme (MIS). Interest rates on these post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised on a quarterly basis
India Post, under the Department of Posts, which runs postal services in the country, also offers banking facilities. Besides allowing customers to open a savings account like banking peers, post offices also offer a number of saving schemes. Two such products offered by Post office are recurring deposit (RD) and monthly income scheme (MIS). Interest rates on these post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised on a quarterly basis
Given below are features of post office recurring deposit (RD) and monthly income scheme (MIS):
(As mentioned on India Post's official website- indiapost.gov.in)
Other saving schemes offered by post office are time deposit (TD), senior citizen savings scheme (SCSS), 15 year public provident fund (PPF), national savings certificates (NSC), kisan vikas patra (KVP), and sukanya samriddhi accounts.
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