Post office account: Investment in the post office accounts fetches interest at the rate of 4-8.6%India Post offers nine types of government-run small savings schemes at its designated branches.
With its network of more than 1.5 lakh branches across the country, India Post - under the Department of Posts - provides interest at the rates to the tune of 4-8.6 per cent per annum on investment in these post office schemes in the quarter ending September 30.
A post office account in these schemes except the Monthly Income Scheme can be opened against a minimum investment of Rs 20-Rs 1,000, according to India Post's website - indiapost.gov.in.
A minimum investment of Rs 10 per month is required in a Monthly Income Scheme account, according to the post office website.
( Important details to know about post office savings schemes)Post office scheme (type of post office account)Minimum investment to open accountSavings accountRs 20Recurring depositRs 10/monthTime depositRs 200Monthly Income SchemeRs 1,500Senior Citizen Savings SchemeRs 1,000Public Provident FundRs 500National Savings CertificateRs 100Kisan Vikas PatraRs 1,000Sukanya SamriddhiRs 1,000(Source: indiapost.gov.in)The government reviews the interest rates applicable to small savings schemes on a quarterly basis.
These schemes are: the post office savings account, the national savings recurring deposit, the national savings time deposit, the national deposit Monthly Income Scheme, the Senior Citizens Savings Scheme, the Public Provident Fund (PPF), the National Savings Certificate, the Kisan Vikas Patra and the Sukanya Samriddhi.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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