The government of India reduced the interest rates on Small Saving Schemes by 0.1% across all the post office savings schemes except on the savings account for the period July 2019 to September 2019. The interest rate on post office savings account has been retained at 4% annually.
The post office investments like
PPF (Public Provident Fund), NSC (National Savings Certificate), Senior Citizen Savings Scheme, KVS (Kisan Vikas Patra), Sukanya Samriddhi
Account, RD Account, Post Office Time
Deposit, etc. are very popular investment options among the
people.
What are the latest interest
rates for small saving schemes for July-September 2019? Which is the highest
interest rate on post office saving schemes? In this post, let us take a look
at the changes applicable with effective from July 1, 2019.
Interest Rates Schedule for Post Office Small Saving Schemes
Earlier the rate of interest
on post office saving schemes used to be notified on yearly once. Since April
1, 2016, the government notifies the rate of interest on small saving schemes on
a quarterly basis. The quarterly interest rates schedule for post office saving
schemes given in the table below.
S.
No.
|
Rates of Interest would be
effective for the quarter
|
The date on which it will
be notified
|
1
|
April to June (First
Quarter)
|
15th March
|
2
|
July to September (Second
Quarter)
|
15th June
|
3
|
October to December (Third
Quarter)
|
15th September
|
4
|
January to March (Fourth
Quarter)
|
15th December
|
The government notified the rate of interest
for post office saving schemes for the second quarter of FY 2019-2020 starting
from July 1, 2019, and ending on September 30, 2019.
Interest Rates for Small Saving Schemes for the period July to September 2019
This time, the government reduced the
rate of interest on post office saving schemes by 10 basis points for the second
quarter of the financial year 2019-2020. However, interest rate on savings account
has been retained at 4% annually. This means that the rates of interest of post
office schemes like NSC and PPF have been cut by 0.1 per cent per annum for the
second quarter of the financial year 2019-2020.
Rate of Interest for Small Saving Schemes for July to September 2019
1. The five year Senior Citizens Saving
Scheme (SCSS)
will now fetch the highest interest rate of 8.6%.
2. The interest rates for 5 years NSC
(National Savings Certificate) are reduced from 8% to 7.9%.
3. PPF scheme (Public Provident Fund) will
fetch an interest rate of 7.9%.
4. The girl child savings scheme Sukanya Samriddhi Account will now fetch a lower interest rate at 8.4% from 8.5%.
5. Kisan Vikas Patra (KVP) will fetch an
interest rate of 7.6% and mature in 113 months.
6. The RD (Recurring Deposit) Account (5
years) will offer an interest rate of 7.2%.
8.
Post Office Time Deposit of 1 to 5 years interest rates are reduced by 0.1%.
The
interest rate for I year Time Deposit is 6.9%
The
interest rate for 2 year Time Deposit is also 6.9%
The
interest rate for 3 year Time Deposit is also kept at 6.9%
The
interest rate for 5 year Time Deposit is 7.7%
9. The
interest rate for Post Office Savings Account has been retained at 4%.
Interest Rates for Small Saving Schemes for July to September 2019
The
rate of Interest from 01/07/2019 to 30/09/2019
|
The
rate of Interest from 01/04/2019 to 30/06/2019
|
Frequency
of Compounding
|
|
Savings Account
|
4%
|
4%
|
Annually
|
Time Deposit - 1 Year
|
6.9%
|
7%
|
Quarterly
|
Time Deposit - 2 Years
|
6.9%
|
7%
|
Quarterly
|
Time Deposit - 3 Years
|
6.9%
|
7%
|
Quarterly
|
Time Deposit - 5 Years
|
7.7%
|
7.8%
|
Quarterly
|
5 Year RD (Recurring
Deposit)
|
7.2%
|
7.3%
|
Quarterly
|
Sukanya Samriddhi Account
Scheme
|
8.4%
|
8.5%
|
Annually
|
KVP (Kisan Vikas Patra)
|
7.6%
|
7.7%
|
Annually
|
PPF Scheme
|
7.9%
|
8%
|
Annually
|
5 Year National Savings
Certificate (NSC)
|
7.9%
|
8%
|
Annually
|
5 Year Post Office Monthly
Income Account
|
7.6%
|
7.7%
|
Monthly
and paid
|
5 Year Senior Citizens
Savings Scheme (SCSS)
|
8.6%
|
8.7%
|
Quarterly
and paid
|
Also read: Post Office Monthly Income Account
Also read: Post Office Recurring Deposit (RD) Account
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