Post Office Small Saving Scheme : If you are planning to invest in Post Office Small Saving Scheme this monthIf you are planning to invest money in the Post Office Small Savings Scheme, then this news is useful for you. There are many schemes available in the post office for investors. These small savings schemes are also giving better returns. However, for the last two quarters, the government has not made any change in the interest rates of any post office scheme.
Post offices have small savings schemes like Fixed Deposit, Recurring Deposit, Monthly Income Deposit, Senior Citizen Saving Scheme, PPF Sukanya Samriddhi, National Saving Certificate, Kisan Vikas Patra, Mahila Samman Saving Certificate. These schemes are giving interest ranging from 6.7% to 8.2% on the investment amount. In such a situation, which small savings scheme is giving the highest return. Let’s take a look at this.
Which scheme is giving the highest return
| post office scheme | Interest Rate (July – September Quarter) | Compounding Frequency |
| Post Office Savings Account | 4.0 | Annually |
| 1 Year Time Deposit | 6.9 (Annual Interest ₹708 for ₹10,000/-) | Quarterly |
| 2 Year Time Deposit | 7.0 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
| 3 Year Time Deposit | 7.1 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
| 5-Year Time Deposit | 7.5 (Annual Interest ₹771 for ₹10,000/-) | Quarterly |
| 5 Year Recurring Deposit Scheme | 6.7 | Quarterly |
| Senior Citizen Savings Scheme | 8.2 (Quarterly Interest ₹205 for ₹10,000/-) | Quarterly and Paid |
| Monthly Income Account | 7.4 (Monthly Interest ₹62 for ₹10,000/-) | Monthly and paid |
| National Savings Certificate (VIII Issue) | 7.7 (Maturity Value ₹14,490 for ₹10,000/-) | Annually |
| Public Provident Fund Scheme | 7.1 | Annually |
| Kisan Vikas Patra | 7.5 (will mature in 115 months) | Annually |
| Mahila Samman Savings Certificate | 7.5 (Maturity Value ₹11,602 for ₹10,000/-) | Quarterly |
| Sukanya Samriddhi Account Scheme | 8.2 | Annually |
Complete details according to the scheme
Post Office Savings Account
Like banks, the option of opening a savings account is also available in post offices. For the second quarter of the current financial year i.e. July-September quarter, the government is paying 4% interest on the amount deposited in this savings account.
Post Office Time Deposit Scheme
Post Office Time Deposit Scheme is also known as Post Office Fixed Deposit Scheme. There are 4 options available for investors in this scheme. They can invest by choosing fixed deposit schemes of different durations according to their capacity. Post Office is giving interest between 6.9% to 7.5% on FDs. FDs maturing in one year are getting 6.9% interest while the post office is giving 7.5% interest on FDs maturing in 5 years. FDs maturing in 2 years and 3 years are getting 7% and 7.1% interest respectively.
Post Office Recurring Deposit Scheme
By investing in the Post Office Recurring Deposit Scheme, you can keep your savings little by little like SIP. The maturity in recurring deposit is 5 years i.e. 5 years from the date of opening the account (60 monthly deposits). This account can be extended for a further 5 years by applying in the concerned post office. The interest rate on Post Office RD for the July-September quarter is 6.7 percent. The government had last increased the interest rate on it from 6.5 percent to 6.7 percent in the third quarter of the last financial year i.e. October-December 2023 quarter. Since then, this rate is applicable till now.
Also read: Highest FD Rates: Where is the highest return available on 1 to 3 year FD, decide by looking at the list of more than 35 banks
Senior Citizen Saving Scheme
Post Office Senior Citizen Savings Scheme is getting 8.2% interest on quarterly basis. The government had last increased the SCSS rates from 8% to 8.2% in April 2023. Since then, it is applicable for the quarter July-September 2023. SCSS account can be opened with a minimum deposit of Rs 1000. Investors can invest up to Rs 30 lakh in this account. Retired citizens above 55 years but below 60 years of age get three months’ time to open SCSS account.
Monthly Income Account
The post office is paying 7.4 percent interest on Monthly Income Account for the July-September quarter of the current financial year. The government had last increased the rate on MIS from 7.10 percent to 7.4 percent in April 2023. Since then, this rate is applicable for the July-September 2023 quarter as well. Investors opening an account under the Monthly Income Scheme (MIS) will get interest payment every month. Interest is paid at the end of every month from the date of opening the account till maturity. The interest income of the account holder will be taxable. The government revises the interest rate of the scheme on a quarterly basis.
National Savings Certificate
The government is paying 7.7 percent interest on the National Savings Certificate (NSC) scheme of the post office for the quarter January to March 2023. The maturity of the National Savings Certificate account is 5 years. The interest in this is compounded annually, but it is paid on maturity.
Also read: Best FD Rates: These banks are offering up to 9.5% interest on senior citizen FDs, a chance to earn well in September
Public Provident Fund Scheme
The post office’s Public Provident Fund scheme is getting 7.1% interest for the July-September quarter. The government had last reduced the interest rate on this scheme in April From 2020, it was reduced from 7.90 to 7.10 percent. Since then, this rate is applicable till this quarter. Post Office Public Provident Fund SchemeThe interest is compounded annually. The investor can make 1 withdrawal during the financial year after completion of 5 years excluding the year of opening the account. For example, if the account is opened during the financial year 2017-18, then withdrawal can be made during 2013-14 or later. PPF account falls under “E-E-E” category where deposits up to Rs 1.5 lakh in a year, interest earned etc. are tax free.
Kisan Vikas Patra
The government is paying 7.5% interest on the Post Office Kisan Vikas Patra for July-September 2024. The maturity time of this scheme is 115 months. The government had last reduced the maturity time from 10 years i.e. 120 months to 115 months in April 2023. Interest on KVP account is compounded annually.
Also read: FD Rates: These banks changed FD rates in September, now getting up to 8.49% return, full details
Mahila Samman Saving Certificate
The government is paying 7.5% interest on the Post Office Mahila Samman Saving Certificate for July-September 2024. Interest on MSSC account is compounded quarterly. Post Office Mahila Samman Saving Certificate Scheme Starting from April 2023. This scheme will be available for subscription till 31 March 2025.
Sukanya Samriddhi Account Scheme
The interest rate on the Post Office Sukanya Samriddhi Account Scheme for July-September 2024 is 8.2 percent. The government last increased the interest rate from 8 percent to 8.2 percent in January this year. Interest on SSAC account is compounded annually.
Let us tell you that the government revises the interest rate on post office schemes every three months. In the last two quarters, the government has not made any change in the interest rates of any post office scheme. In such a situation, people have a lot of expectations from the month of October which starts about 20 days from today.
