Profit

Investment In These Four Savings Schemes Fetches At Least 8% Interest

The government provides interest at the rate of 4-8.7 per cent on investment in the nine small savings schemes, according to India Post.

 Share
EMAIL
PRINT
COMMENTS
Investment In These Four Savings Schemes Fetches At Least 8% Interest

Post office small savings schemes: The government currently offers up to 8.7% interest on these schemes


India Post currently offers a total of nine small savings schemes. For the current quarter ending March 31, the government provides interest at the rate of 4-8.7 per cent on investment or deposit held in these nine small savings schemes, according to India Post, which operates a network of more than 1.5 lakh post offices across the country. Out of these small savings schemes, four - namely Senior Citizen Savings Scheme (SCSS), 15-Year Public Provident Fund (PPF), National Savings Certificate and Sukanya Samriddhi - offer interest rates of at least 8 per cent, according to the India Post website - indiapost.gov.in.

Here's a comparison of these small savings schemes offered by the post office: 

Small savings schemeInterest rateMinimum amount required for opening accountMaximum investment allowed
Senior citizen savings scheme (SCSS)8.70%Rs 1,000Rs 15 lakh
15-year public provident fund8%Rs 500Rs 1.5 lakh per financial year
National savings certificate (NSC)8%Rs 100No limit
Sukanya Samriddhi8.50%Rs 1,000Rs 1.5 lakh per financial year
(Source: indiapost.gov.in)

(Also read: Want to withdraw money from provident fund account? It's allowed in these situations)

Investment in all four of these small savings schemes qualifies for income tax benefit under Section 80C of the Income Tax Act.

(Also read: Want to check employee provident fund balance online? How to do it)

Retirement fund body EPFO or Employees' Provident Fund Organisation last month announced a hike in the interest rate applicable to employees' provident fund (EPF) to 8.65 per cent for the current financial year (2018-19). That marked a shift from a five-year low of 8.55 per cent for the preivous financial year (2017-18).



Follow NDTV for latest election results and live coverage of assembly elections 2019 in Maharashtra and Haryana.
Subscribe to our YouTube channel, like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top