The Government of India sets these rates for post office deposit schemes periodically, ensuring consistent growth for investors.
India Post provides varying interest rate investment options that are safe and insured. These rates for post office deposit plans are periodically determined by the Indian government, which guarantees investors steady growth. These risk-free investment plans, which are run by the National Savings Institute under the Department of Economic Affairs, offer competitive returns.
1) Post Office Savings Account: Earn a 4% interest rate per annum, with fully taxable interest and no TDS deduction.
2) 5-Year Post Office Recurring Deposit Account (RD): Earn an interest rate of 6.5% p.a., compounded quarterly, by starting with monthly contributions as low as Rs 100.
3) Comparable to a fixed deposit at a bank, with terms varying from one to five years. Although interest is paid out annually, it is calculated quarterly. The rates for the second quarter of FY 2023–2024 are 6.9%, 7%, and 7.5%, respectively, for one-, two-, and three-year accounts and five-year accounts.
4) A low-risk investment with regular monthly income via interest at 7.40% p.a. There is a five-year lock-in term for the scheme.
5) Senior Citizen Savings Scheme (SCSS): This government-backed retirement scheme allows lump sum deposits, with an 8.2% interest rate for Q2 FY 2023-24, paid out quarterly.
6) 15-Year Public Provident Fund Account (PPF): A popular investment and retirement tool with income tax deductions up to Rs 1.5 lakh per financial year under Section 80C. PPF offers a tax-free 7.1% p.a. interest, compounded annually.
7) National Savings Certificates (NSC): With a five-year tenure, NSC offers a 7.7% p.a. interest, compounded annually, and paid out at maturity.
8) Kisan Vikas Patra (KVP): Your investment in KVP will double in 123 months, with the current interest rate at 7% per annum.
9) Sukanya Samriddhi Accounts (SSA): Specifically designed for girl children under 10 years of age, SSA offers an attractive 8% p.a. interest, calculated yearly and compounded annually.
These post office deposit schemes provide investors a range of safe and varied solutions to suit their risk tolerance and financial objectives. Investors can select the plan that most closely matches their requirements and profit from continuous growth and assured returns.
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