The Government of India has
not changed the interest rates on Small Savings Schemes from July 2020 to September
2020. This means the interest rates for post office savings schemes from 1st July
to 30th September 2020 will remain constant as they were from 1st April to 30th
June 2020.
Post Office Small Savings Schemes
The post office investment
schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Senior
Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KVS), SSA, RD Account, Post Office
Term Deposit, etc. are very popular investment schemes among conservative
investors.
What are the latest interest
rates for small savings schemes for July to September 2020? Which is the
highest interest rate on Small Savings Schemes? In this post, let us take a
look at the interest rates for post office savings schemes for July to September
2020.
Interest Rates Schedule for Post Office Small Savings Schemes
Earlier the interest rate on
post office savings schemes used to be announced yearly once. Since 1st April
2016, the Government of India announces the interest rate for post office
saving schemes every quarter.
Below is the quarterly
interest rate schedule for small savings schemes.
|
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 of India announced the rate of interest for post office saving
schemes for the second quarter of FY 2020-2021 starting from July 1, 2020, and
ending on September 30, 2020.
Interest Rates for Small Savings Schemes for the period April to June 2020
This time, the government
has not changed the rate of interest for post office saving schemes for the second
quarter of the financial year 2020-2021. This means that the rates of interest
of post office schemes like PPF, and NSC will remain constant for the second
quarter of the financial year 2020-2021.
Rate of Interest for Small Savings Schemes for July to September 2020
1. The girl child savings scheme
Sukanya Samriddhi Account will continuously fetch the highest interest rate of 7.6%
per annum.
2. The 5 years National
Savings Certificate will offer an interest rate of 6.8% p.a.
3. The PPF (Public Provident
Fund) scheme will also fetch an interest rate of 7.1% p.a.
4. The Senior Citizens
Saving Scheme (SCSS) will offer an interest rate of 7.4% p.a.
5. Kisan Vikas Patra will
fetch an interest rate of 6.9% and mature in 124 months.
6. The 5 years Recurring
Deposit Account will fetch an interest rate of 5.8% per annum.
7. The five years Monthly
Income Account will offer an interest rate of 6.6% per annum.
8. Post Office Time Deposit
of 1 to 5 years interest rates will be as:
The interest rate for I year
Time Deposit is 5.5%
The interest rate for 2 year
Time Deposit is also 5.5%
The interest rate for 3 year
Time Deposit is also kept at 5.5%
The interest rate for 5
years Time Deposit is 6.7%
9. The interest rate for the
Post Office Savings Account will also remain constant at 4% per annum.
Interest
Rates for Small Savings Schemes for July to September
2020
|
The rate of Interest from 01/07/2020 to 30/09/2020
|
The rate of Interest from 01/04/2020 to 30/06/2020
|
Frequency of Compounding
|
|
|
Savings Account
|
4%
|
4%
|
Annually
|
|
Time Deposit - 1 Year
|
5.5%
|
5.5%
|
Quarterly
|
|
Time Deposit - 2 Years
|
5.5%
|
5.5%
|
Quarterly
|
|
Time Deposit - 3 Years
|
5.5%
|
5.5%
|
Quarterly
|
|
Time Deposit - 5 Years
|
6.7%
|
6.7%
|
Quarterly
|
|
5 Year Recurring Deposit (RD)
|
5.8%
|
5.8%
|
Quarterly
|
|
Sukanya Samriddhi Account Scheme
|
7.6%
|
7.6%
|
Annually
|
|
Kisan Vikas Patra (KVP)
|
6.9%
|
6.9%
|
Annually
|
|
PPF Scheme
|
7.1%
|
7.1%
|
Annually
|
|
5 Year National Savings Certificate
|
6.8%
|
6.8%
|
Annually
|
|
5 Year Post Office Monthly Income Account
|
6.6%
|
6.6%
|
Monthly and paid
|
|
5 Year Senior Citizens Savings Scheme
|
7.4%
|
7.4%
|
Quarterly and paid
|
You can view the interest
rates for the previous eight quarters:
Conclusion
This time, the government
has not changed the rate of interest for small savings schemes for the second
quarter of the financial year 2020-2021. The post office saving schemes are
backed with a government guarantee, therefore you can consider investing in these
schemes.
Also, read: 7 Investments for tax free income in India
Also, read: What is Atal Pension Yojana (APY)?
Also, read: What is NPS (National Pension System)?
Also, read: SBI Recurring Deposit Account?
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