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Post Office Saving Schemes: Interest Rates, Minimum Deposit Rules Explained

Interest rates on post office saving schemes move in line with the government's interest rates on small savings schemes.

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Post Office Saving Schemes: Interest Rates, Minimum Deposit Rules Explained

India Post or Department of Posts, offers nine types of small saving schemes ranging from fixed deposit (FD) account to Senior Citizen Savings Scheme (SCSS), as mentioned on its official website- indiapost.gov.in. Interest rates on post office saving schemes move in line with the government's interest rates on small saving schemes, which are revised on a quarterly basis. Customers are required to invest a certain sum of money as the minimum deposit in these small saving accounts to ensure operability.

(Also read: These Post Office Saving Schemes Offer Income Tax Benefits)

Here are the interest rates and minimum investment required in different types of post office saving accounts:

Interest rates of Post office small saving schemes:

Post office small saving schemeRate of interest with respect to January 1, 2019 to March 31, 2019Compounding frequency
Savings Deposit4.00%Annually
1-Year Time Deposit7.00%Quarterly
2-Year Time Deposit7.00%Quarterly
3-Year Time Deposit7.00%Quarterly
5-Year Time Deposit7.80%Quarterly
5-Year Recurring Deposit7.30%Quarterly
5-Year Senior Citizen Savings Scheme8.70%Quarterly and paid
5-Year Monthly Income Account7.70%Monthly and paid
5-Year National Savings Certificate8.00%Annually
Public Provident Fund Scheme8.00%Annually
Kisan Vikas Patra7.7% (will mature in 112 months)Annually
Sukanya Samriddhi Account Scheme8.50%Annually

(As mentioned on India Post's official website)

Minimum investment required in different types of post office saving accounts:

Account nameMinimum amount required to open account
Savings account (Cheque account)Rs 20
Savings account (non Cheque account)Rs 20
Monthly Income Scheme (MIS)Rs 1,500
Fixed Deposit (FD) AccountRs 200
Public Provident Fund (PPF)Rs 500
Senior Citizen Savings Scheme (SCSS)Rs 1,000

(As mentioned on India Post's official website)

Customers should note here that the minimum amount required to open a savings account in the post office is Rs 20 only. However, after opening of account, the customer is required to maintain a minimum of Rs 500 and Rs 50 as balance in the account with and without cheque facility respectively.

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