India Post or Department of Posts, offers nine types of small saving schemes raging from fixed deposit (FD) account to Senior Citizen Savings Scheme (SCSS), as mentioned on its official website- indiapost.gov.in.
Interest rates on post office saving schemes move in line with government's interest rates on small savingschemes, which are revised on a quarterly basis.
Customers are required toinvest a certain sum of money as minimum depositin these small savingaccounts to ensure operability.(These Post Office Saving Schemes Offer Income Tax Benefits)Interest rates of Post office small savingschemes:Post office small saving schemeRate of interest with respect to January 1, 2019 to March 31, 2019Compounding frequencySavings Deposit4.00%Annually1-Year Time Deposit7.00%Quarterly2-Year Time Deposit7.00%Quarterly3-Year Time Deposit7.00%Quarterly5-Year Time Deposit7.80%Quarterly5-Year Recurring Deposit7.30%Quarterly5-Year Senior Citizen Savings Scheme8.70%Quarterly and paid5-Year Monthly Income Account7.70%Monthly and paid5-Year National Savings Certificate8.00%AnnuallyPublic Provident Fund Scheme8.00%AnnuallyKisan Vikas Patra7.7% (will mature in 112 months)AnnuallySukanya Samriddhi Account Scheme8.50%Annually(As mentioned on India Post's official website)Minimum investment required in different types of post office savingaccounts:Account nameMinimum amount required to open accountSavings account (Cheque account)Rs 20Savings account (non Cheque account)Rs 20Monthly Income Scheme (MIS)Rs 1,500Fixed Deposit (FD) AccountRs 200Public Provident Fund (PPF)Rs 500Senior Citizen Savings Scheme (SCSS)Rs 1,000(As mentioned on India Post's official website)Customers should note here that minimum amount required to open a savings account in post office is Rs20 only.However, after opening of account, customer is required to maintain a minimum of Rs500 and Rs 50 as balance in account with and without cheque facility respectively.