Even today, they are unique set of savers who wishes to save their hard earned money in Post Office Small Saving Schemes. Though these schemes are popular under “Postal Small Savings”, some of the schemes are offering by the Banks too.
The schemes offered by the Banks are-
- Public Provident Fund
- Senior Citizen Savings Schemes
- Recurring Deposits(RD)
- Fixed Deposits(In Post Offices, they are referred as “Term Deposits”)
- Sukanya Samriddhi Yojana (Exclusive scheme for girl child below 10 Years of age)
Therefore, Small savings are not limited to Post Offices, they can also be availed at Banks too.
Previously, Indian Government sets interest rates for this schemes “Annually”, But from 2018, Government is modifying the interest rates “every Quarter”(Every 3 Months)
As per the last updated Quarter(July to September 2021)the interest rates decided by the government are as follows-
|Scheme Name||Interest Rate Applicable(For Current Quarter July-September,2021)||Interest Rate Calculation mode|
|Sukanya Samriddhi Yojana||7.6%(Highest Interest of all schemes)||Annually|
|5 Years National Saving Certificate(NSC)||6.8%||Annually|
|Post Office Monthly Income Scheme(MIS)||6.6%||Paid Monthly as Installments up to 5 Years|
|Senior Citizen Saving Schemes||7.4%||Paid Quarterly|
|5 Year Recurring Deposits||5.8%||Calculated Quarterly|
|Post Office Time Deposit for 1-3 Years||5.5%||Calculated Quarterly|
|Time Deposit for 5 Years||6.7%||Calculated Quarterly|
|Kisan Vikas Patra(Doubles in 10 Years, 4 Months)||6.9%||Calculated Annually|
Government didn’t altered the interest rates since April 2020. The same interest rates are applying since then. But it may subject to change from the next Quarter(May or May not change on Government’s Discretion.
So do check interest rates every Quarter and avail the schemes at any Post Offices/Banks(Some Schemes aare offered by the Banks too)