The government currently offers nine types of small saving schemes, ranging from fixed deposit (FD) to Sukanya Samriddhi and Senior Citizen Savings Scheme (SCSS). For the current quarter, ending on March 31, 2019, investment in post office small savings schemes fetches returns to the tune of 4-8.7 per cent, according to a Ministry of Finance statement dated December 31. At present, the interest rates applicable to post office saving schemes are reviewed on a quarterly basis. In the current quarter, the interest rates on time deposit accounts have been revised, and those applicable to other savings schemes kept changed.
Here are interest rates applicable to small savings schemes - such as savings account, time deposit (fixed deposit) account and SCSS - for the quarter ending March 31:
|Small savings scheme||Interest rate (for quarter ending March 31)||Interest rate (for quarter ended December 31)||Minimum investment required for opening account|
|Post Office Savings Account||4%||4%||Rs 20|
|5-Year Post Office Recurring Deposit account (RD)||7.3%||7.3%||Rs 10 per month|
|Post Office Time Deposit account (TD)||7% for 1-3 years, 7.8% for 5 years||6.9% for 1 year, 7% for 2 year, 7.2% for 3 year, 7.8% for 5 year||Rs 200|
|Post Office Monthly Income Scheme Account (MIS)||7.7||7.7%||Rs 1,500|
|Senior Citizen Savings Scheme (SCSS)||8.7%||8.7%||Rs 1,000|
|15-Year Public Provident Fund account (PPF )||8%||8%||Rs 500|
|National Savings Certificate (NSC)||8%||8%||Rs 100|
|Kisan Vikas Patra (KVP)||7.7%||7.7%||Rs 1,000|
|Sukanya Samriddhi account||8.5%||8.5%||Rs 1,000|
Minimum investment required
A post office account under any of the small savings schemes except recurring deposit can be opened with a minimum investment of Rs 20-1,500, according to India Post's website - indiapost.gov.in. For opening a five-year recurring deposit account, a minimum investment of Rs 10 per month is required, according to the India Post's official website.