Small savings schemes, such as the 15-year Public Provident Fund (PPF), the Kisan Vikas Patra and the Monthly Income Scheme, currently provide annual returns to the tune of 4-7.6 per cent. These rates are applicable till December 31. The government currently provides nine small savings schemes including the Public Provident Fund, which comes with a maturity period of 15 years. The government reviews the interest rates applicable to these savings schemes on a quarterly basis.
Here's a comparison of the interest rates and other important features of these small savings schemes, in the third quarter of current financial year:
|Small Savings Scheme||Interest Rate||Minimum Amount Required For Opening Account|
|Post Office Savings Account||4%||Rs 500|
|5-Year Post Office Recurring Deposit (RD) Account||5.8%||Rs 100 per month|
|Post Office Time Deposit (TD) Account - One Year||5.5%||Rs 1,000|
|Post Office Time Deposit Account (TD) - Two Years||5.5%||Rs 1,000|
|Post Office Time Deposit Account (TD) - Three Years||5.5%||Rs 1,000|
|Post Office Time Deposit Account (TD) - Five Years||6.7%||Rs 1,000|
|Post Office Monthly Income Scheme Account (MIS)||6.6%||Rs 1,000|
|Senior Citizen Savings Scheme (SCSS)||7.4%||Rs 1,000|
|15-Year Public Provident Fund Account (PPF)||7.1%||Rs 500|
|National Savings Certificates (NSC)||6.8%||Rs 1,000|
|Kisan Vikas Patra (KVP)||6.9%||Rs 1,000|
|Sukanya Samriddhi Account||7.6%||Rs 250|
Of these schemes, the time deposit or term deposit scheme comes in four maturity options, ranging from one to five years.