PPF, Other Small Savings Schemes Offer Up To 8.6% Return In March Quarter. Compare Interest Rates
Post Office Account Interest Rate: The Department of Posts offers nine different types of small savings schemes at designated post offices. These investment schemes - including the 15-Year Public Provident Fund account and the Senior Citizen Savings Scheme - offer interest rates to the tune of 4-8.6 per cent for the quarter ending March 31, according to a finance ministry statement. The interest rates applicable to these small savings schemes are reviewed by the government every quarter. For opening a post office account in any of these schemes, one requires a minimum investment in the range of Rs 250-Rs 1,000, according to the India Post website.
Investment in government-run small savings schemes today fetches the following returns for the quarter ending March 31:
| 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 | 7.20% | Rs 100 per month |
| Post Office Time Deposit (TD) Account - One Year | 6.90% | Rs 1,000 |
| Post Office Time Deposit Account (TD) - Two Years | 6.90% | Rs 1,000 |
| Post Office Time Deposit Account (TD) - Three Years | 6.90% | Rs 1,000 |
| Post Office Time Deposit Account (TD) - Five Years | 7.70% | Rs 1,000 |
| Post Office Monthly Income Scheme Account (MIS) | 7.60% | Rs 1,000 |
| Senior Citizen Savings Scheme (SCSS) | 8.60% | Rs 1,000 |
| 15-Year Public Provident Fund Account (PPF) | 7.90% | Rs 500 |
| National Savings Certificates (NSC) | 7.90% | Rs 1,000 |
| Kisan Vikas Patra (KVP) | 7.60% | Rs 1,000 |
| Sukanya Samriddhi Account | 8.40% | Rs 250 |
| (Source: indiapost.gov.in) | ||
The post office time deposit (fixed deposit) account is available in four maturity options, from one year to five years. While the time deposit account of one-, two- and three-year maturity periods currently offer interest at the rate of 6.9 per cent each, the five-year option provides a return of 7.7 per cent.
India Post - which comes under the ambit of Ministry of Communications - has a network of more than 1.5 lakh post office branches across the country.
