Latest Interest Rates Offered By Post Office Small Saving Schemes

Small saving schemes offered by post offices throughout the country may be a good investment idea. The interest rates of small saving schemes are decided every quarter as they are linked to government yields. Small saving interest rates for the quarter ending June have been kept the same as the March quarter. Post offices offer nine small saving schemes. These are: Post Office Savings Account, 5-Year Post Office Recurring Deposit Account (RD), Post Office Time Deposit Account (TD), Post Office Monthly Income Scheme Account (MIS), Senior Citizen Savings Scheme (SCSS), 15-year Public Provident Fund Account (PPF), National Savings Certificates (NSC), Kisan Vikas Patra (KVP), and Sukanya Samriddhi Accounts.

An investment of up to Rs 1,50,000 in all or any of these schemes makes you eligible for tax deduction under Section 80 C of the Income Tax Act.

(Also Read: I Want To Accumulate Rs. 30 lakh For My Child's Education. How To Invest?)

Here are the latest interest rates offered by post office small saving schemes, according to the website of India Post - indiapost.gov.in:

Post Office Savings Account
Post Office Savings Account offers an interest rate of 4 per cent per annum on individual / joint accounts. The government notified the same interest rate on savings deposits for June quarter, stated a report by news agency Press Trust of India.

5-Year Post Office Recurring Deposit Account (RD)
5-Year Post Office Recurring Deposit Account (RD) offers an interest rate of 6.9 per cent per annum (quarterly compounded) with effect from 1.1.2018. A Rs 10/- deposit in post office RD account fetches Rs 717.43 on maturity. The post office RD account can be continued for another five years on year-to-year basis.

(Also Read: State Bank Of India (SBI) Fixed Deposits (FDs): What Interest Rates You Get Now)

Post Office Time Deposit Account (TD)
Interest on Post Office Time Deposit Account (TD) is payable annually but calculated quarterly.
 

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