Latest small savings schemes interest rates: The savings schemes offered by post offices consist of the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS)

Interest rate up to 8.15%: Latest interest rates of PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, other post office schemes

Post office savings schemes include Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS).

"The rates of interest on various Small Savings Schemes for the second quarter of FY 2024-25 starting from July, 2024 and ending on 30' September, 2024 shall remain unchanged from those notified for the first quarter (1St April, 2024 to 30th June, 2024) of FY 2024-25," the finance ministry said in a press released dated June 28, 2024.

Six new rules for PPF, Sukanya Samriddhi Yojana, other small savings schemes with effect from October 1, 2024

Here is a look at the post office schemes' interest rates for the July-September 2024 quarter.

Public Provident Fund Scheme

The minimum deposit is Rs. 500 every fiscal year, with a maximum deposit of Rs. 1.50 lakh. Deposits are eligible for deduction under Section 80C of the Income Tax Act. The amount can be placed in any number of payments during the fiscal year in multiples of Rs. 50, with a maximum of Rs. 1.50 lakh.

Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI : Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, Developer and Lead Instructor
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, Developer and Lead Instructor
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Finance
Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax
By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer
Leadership
Business Storytelling Masterclass
By - Ameen Haque, Founder of Storywallahs
Future of Marketing & Branding Masterclass
By - Dr. David Aaker, Professor at Haas School of Business
HR & People Management
Human Potential and the Future of Employment
By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Finance
Financial Reporting and Analytics
By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi
Marketing
Digital Marketing
By - Zafer Mukeri, Founder- Inara Marketers

The government offers 7.1% per year (compounded annually) on PPF.

Senior Citizen Savings Scheme(SCSS)

The minimum deposit in all SCSS accounts opened by an individual is Rs. 1000, and the multiple of Rs. 1000 is subject to a maximum limit of Rs. 30 lakh. Interest is taxable if the total interest in all SCSS accounts exceeds Rs.50,000 in a financial year, and TDS at the prescribed rate shall be deducted from the total interest paid.

The government offers 8.2% interest on the Senior Citizen Savings Scheme.

3-year Post Office Time Deposit

The Account can be opened with a minimum of Rs. 1000 and in multiples of Rs. 100. There is no maximum limit for investment.

Post office time deposit offers an interest rate 7.5% on 5-year term deposit.

Post office time deposit offers an interest rate 7.5% on 5-year term deposit. The investment under 5 year TD qualifies for the benefit of section 80C of Income Tax Act, 1961.

Post Monthly Income Scheme (POMIS)

The account can be opened with a minimum of Rs. 1000 and in multiples of Rs 1000. A maximum of Rs 9 lakh can be deposited in a single account and 15 lakh in Joint account. Deposits in all MIS accounts opened by an individual shall not exceed Rs 9 lakh.

The government offers 7.4% on the Post Office Monthly Incoe scheme.

National Savings Certificate (NSC)

The minimum amount to be deposited is Rs 1000 and in multiple of Rs 100 and there is no maximum limit. Deposits qualify for deduction under section 80C of Income Tax Act. The deposit shall mature on completion of five years from the date of the deposit.

The government offers 7.7% compounded annually but payable at maturity on National Savings Certificate.

Kisan Vikas Patra (KVP)
In 115 months (nine years and seven months), the amount invested doubles. Please take note that the deposit will mature on the date of the deposit at the maturity period and it will be revised by the govt regularly.
The government offers 7.5 % Kisan Vikas Patra which will be compounded annually.

Mahila Samman Savings Certificate

Interest will be compounded quarterly and credited in account and paid at the time of closure of account. This can be opened by a woman for herself or by the guardian on behalf of a minor girl.

The government offers 7.5% interest per annum on Mahila Samman Savings Certificate.

Sukanya Samriddhi Account Scheme

The minimum deposit to be made is Rs 250and maximum Rs 1,50,000 in a financial year. Subsequent deposit in multiple of Rs 50 There is no restriction on the number of deposits made in a month or in a financial year.

The government offers 8.2% per annum calculated on yearly basis, yearly compounded.

This story originally appeared on: India Times - Author:Faqs of Insurances