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The Indian Government offers various risk-free investment options to the citizens through a number of post office savings schemes such as the Post Office Savings Bank Account (SB), National Savings Recurring Deposit Account(RD), National Savings Time Deposit Account (TD), Senior Citizens Saving Scheme (SSCS), and more. The government can decide to change the interest rates on these schemes in every new quarter but does not always do so. Similarly, the post office schemes interest rates for Sept 2022 quarter remain unchanged from the last quarter. Read on to know the basic details and interest rates about various post office schemes below:
Post Office Savings Account
The Post Office Savings Account offers an interest rate of 4% per annum for individual and joint accounts. Any Indian adult citizen and guardian on behalf of minors can open a Post Office Savings Account. Moreover, two adults can choose to get a joint account under this post office scheme. A minimum of ₹500 is required for opening the account although there is no upper limit to the maximum amount that can be deposited.
National Savings Recurring Deposit Account
Under this post office savings scheme, the account holders will get an interest rate of 5.8% per annum, which is compounded quarterly. Account holders will have to deposit a minimum of ₹100 for this recurring deposit account in multiples of ₹10. The account has a maturity period of 5 years but it can be extended for 5 more years by submitting the relevant application and documents at the post office. If you wish to close your account prematurely, you can do so after 3 years of opening the account.
Post Office Time Deposit Account
The interest rates under the Post Office Time Deposit Account are dependent on the tenure, as seen below:
These time deposit accounts can be opened by citizens individually or as joint accounts. Guardians can also open a Post Office Time Deposit Account on behalf of minors. The minimum deposit for this scheme is ₹1000 with no maximum or upper limit. If the investor wishes to withdraw their funds prematurely, they can do so after 6 months of opening the account. Investors also have the choice of renewing their time deposit by submitting the relevant application and documents.
National Savings Monthly Income Account
The interest applicable under this post office scheme is 6.6% per annum, but the returns are paid out monthly. Individual and joint accounts can be created under this scheme by the citizens. The minimum required amount of deposit under this scheme is ₹1000, with ₹4.5 lakh as the upper limit for an individual account and ₹9 lakh as the upper limit for a joining account.
Senior Citizens Saving Scheme Account
The Senior Citizens Saving Scheme is a post office scheme aimed toward senior residents in the country from the ages of 60 years and above (55 years in some cases). This scheme offers an interest rate of 7.4% per annum and the interest is paid out on a quarterly basis. The minimum deposit to open the account is ₹1000 whereas the maximum limit goes up to ₹15 lakh. The account can be opened in a single as well as joint capacity.
Public Provident Fund Account
An interest rate of 7.1% is applicable on a Public Provident Fund (PPF) account. The minimum deposit under this account is ₹500 and the maximum limit is ₹1.5 lakh in a single financial year. The PPF account has a maturity period of 1-year but can be extended by submitting the necessary documents to the post office.
Other post office schemes with the interest rates for Sept 2022 quarter are as follows:
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Sukanya Samriddhi Account – 7.6% p.a., compounded annually
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National Savings Certificate Scheme – 6.8% compounded annually
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Kisan Vikas Patra – 6.9% compounded annually
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Image and article originally from www.bqprime.com. Read the original article here.