The government on Tuesday kept the interest rates applicable to small savings schemes unchanged at existing levels for the quarter ending March 31. Currently, the government offers nine types of small saving schemes, including the 15-year Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS). Currently, the Finance Ministry reviews the interest rates on the nine small savings schemes on a quarterly basis. (Also read: This Is The Minimum Investment You Need To Set Up A Post Office Account)
Here are the interest rates applicable to small savings schemes such as PPF for the fourth quarter of the current financial year (January-March 2020):
| Small Savings Scheme | Interest Rate | Minimum Amount Required For Opening Account |
|---|---|---|
| Post Office Savings Account | 4% | Rs 500 |
| 5-Year Post Office Recurring Deposit (RD) Account | 7.20% | Rs 100 per month |
| Post Office Time Deposit (TD) Account - One Year | 6.90% | Rs 1,000 |
| Post Office Time Deposit Account (TD) - Two Years | 6.90% | Rs 1,000 |
| Post Office Time Deposit Account (TD) - Three Years | 6.90% | Rs 1,000 |
| Post Office Time Deposit Account (TD) - Five Years | 7.70% | Rs 1,000 |
| Post Office Monthly Income Scheme Account (MIS) | 7.60% | Rs 1,000 |
| Senior Citizen Savings Scheme (SCSS) | 8.60% | Rs 1,000 |
| 15-Year Public Provident Fund Account (PPF) | 7.90% | Rs 500 |
| National Savings Certificates (NSC) | 7.90% | Rs 1,000 |
| Kisan Vikas Patra (KVP) | 7.60% | Rs 1,000 |
| Sukanya Samriddhi Account | 8.40% | Rs 250 |
| (Source: indiapost.gov.in) | ||
Some of these post office saving schemes qualify for income tax benefits.
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