Post office savings schemes get interest to be decided by the government. Let me tell you that the government modifies the interest rates for every quarter.
New day. India Post Service in the country Small savings schemes Also operate, which are quite popular. These savings schemes are used very much, especially in small cities. India Post runs 9 types of small savings schemes Savings accounts, five-year racking deposits, time deposit or fixed deposits, Monthly Income Scheme accounts, Senior Citizens Savings Schemes, and Public Provident Fund for 15 years.
Post office savings schemes get the details to be decided by the government. Let me tell you that the government modifies the rates for every quarter। Important information about the post office’s small savings schemes remains.
To open any savings account in Post of this, you will need to deposit the minimum amount. Under this, 20 rupees for a savings account ( check account ), 20 rupees for a savings account (non-check account ), 1500 rupees for a monthly income scheme, Fixed deposit account will have to deposit 200 rupees, 500 rupees for public provident fund account, 1000 rupees for senior citizen savings scheme.
Blank rate on post office savings schemes
- 4 per cent annually on Savings Deposit.
- 7 per cent quarter on one-year fixed deposits.
- 7 per cent quarter on two-year fixed deposits.
- 7 per cent quarter on three-year fixed deposits.
- 7.80 per cent quarter on 5-year fixed deposits.
- 7.30 per cent quarter on 5-year racking deposits.
- 8.70 per cent quarter on 5-year senior citizen savings scale.
- 7.70 per cent annually on a 5-year monthly income scale.
- 8 per cent annually on a 5-year national savings letter.
- 8 per cent annually on the public provident fund scale.
- 7.7 per cent annually on farmer development paper.
- 8.50 per cent annually on Sukan or Prosperity Plan.
Premach your closer
Savings accounts can be closed anytime. Premature closure is allowed only after three years for racking deposits. Fixed deposits can be closed after six months. The monthly income scheme can be discontinued after one year. Senior Citizens Savings Scheme can also be closed after one year.
Income tax benefits
Some savings schemes of the post office also get income tax benefits. These benefits are available on time deposits, Senior Citizen Savings Scheme, Public Provident Fund and National Savings Certificates. Investors investing in these schemes can get up to a 1.5 lakh exemption on tax income under Section 80C of the Income Tax Law in a financial year.
