INSUBCONTINENT EXCLUSIVE:
Some of these post office saving schemes also qualify for income tax benefits.Department of Posts or India Post, which operates a network of
more than 1.5 lakh post offices and over three lakh postmen across the country, offers nine types of government-sponsored savings schemes
These are - Post Office Savings Account, 5-Year Post Office Recurring Deposit Account (RD), Post Office Time Deposit Account (TD), Post
Office Monthly Income Scheme Account (MIS), Senior Citizen Savings Scheme (SCSS), 15 year Public Provident Fund Account (PPF), National
Savings Certificates (NSC), Kisan Vikas Patra (KVP), and Sukanya Samriddhi Accounts.At present, the interest rates applicable to post office
saving schemes are reviewed on a quarterly basis
For the current quarter, ending on September 30, 2019, investment in post office small savings schemes fetches returns to the tune of
schemes:Post office small saving schemeRate of interest for quarter ending September 30, 2019Compounding frequencySavings
Deposit4.00%Annually1-Year Time Deposit6.90%Quarterly2-Year Time Deposit6.90%Quarterly3-Year Time Deposit6.90%Quarterly5-Year Time
Deposit7.70%Quarterly5-Year Recurring Deposit7.20%Quarterly5-Year Senior Citizen Savings Scheme8.60%Quarterly and paid5-Year Monthly Income
Scheme7.60%Monthly and paid5-Year National Savings Certificate7.90%AnnuallyPublic Provident Fund Scheme7.90%AnnuallyKisan Vikas
India Post's website.Given below are the minimum investment required in different types of post office saving accounts:Account nameMinimum
amount required to open accountSavings account (Cheque account)Rs 20Savings account (non Cheque account)Rs 20Monthly Income Scheme (MIS)Rs
1,500Fixed Deposit (FD) AccountRs 200Public Provident Fund (PPF)Rs 500Senior Citizen Savings Scheme (SCSS)Rs 1,000(As mentioned on India
Post's official website)Some of these post office saving schemes also qualify for income tax benefits.Get Breaking news, live coverage,
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