India Post has a network of more than 1.5 lakh post office branches across the countryIndia Post provides nine types of small saving schemes- including the 15-year Public Provident Fund (PPF) - at its designated branches.
Currently, the government reviews the interest rates applicable to small savings schemes - such as Time Deposit (or fixed deposit), Recurring Deposit, Monthly Income Scheme and Senior Citizen Savings Scheme - on a quarterly basis.
For the third quarter of financial year 2019-20, the governmentkept the interest rates unchanged at existing levels, according to a finance ministry statement.Investment in the small savings schemes fetches returns to the tune of 4-8.6 per cent, according to India Post's website - indiapost.gov.in.
(The minimum investment you need to set up a post office account)Post Office SchemeInterest RateCompounding FrequencyPost Office Savings Deposit4.00%AnnuallyOne-Year Time Deposit*6.90%QuarterlyTwo-Year Time Deposit*6.90%QuarterlyThree-Year Time Deposit*6.90%QuarterlyFive-Year Time Deposit*7.70%QuarterlyFive-Year Recurring Deposit7.20%QuarterlyFive-Year Senior Citizen Savings Scheme8.60%Quarterly and paidFive-Year Monthly Income Scheme7.60%Monthly and paidFive-Year National Savings Certificate7.90%AnnuallyPublic Provident Fund Scheme7.90%AnnuallyKisan Vikas Patra7.60%AnnuallySukanya Samriddhi Account Scheme8.40%Annually(Source: India Post)* The time deposit savings scheme is available in four maturity period options: one year, two years, three years and five years.India Post - which comes under the ambit of Ministry of Communications - has anetwork of more than 1.5 lakh post office branches across the country.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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