Post office account: Investment in a savings account fetches interest at the rate of 4%The government currently offers nine types of small saving schemes, ranging from fixed deposit (FD) to Sukanya Samriddhi and Senior Citizen Savings Scheme (SCSS).
For the current quarter, ending on March 31, 2019, investment in post office small savings schemes fetches returns to the tune of 4-8.7 per cent, according to a Ministry of Finance statement dated December 31.
At present, the interest rates applicable to post office saving schemesare reviewed on a quarterly basis.
In the current quarter, the interest rates on time deposit accounts have been revised, and those applicable to other savings schemes kept changed.Small savings schemeInterest rate (for quarter ending March 31)Interest rate (for quarter ended December 31)Minimum investment required for opening accountPost Office Savings Account4%4%Rs 205-Year Post Office Recurring Deposit account (RD)7.3%7.3%Rs 10 per monthPost Office Time Deposit account (TD)7% for 1-3 years, 7.8% for 5 years6.9% for 1 year, 7% for 2 year, 7.2% for 3 year, 7.8% for 5 yearRs 200Post Office Monthly Income Scheme Account (MIS)7.77.7%Rs 1,500Senior Citizen Savings Scheme (SCSS)8.7%8.7%Rs 1,00015-Year Public Provident Fund account (PPF )8%8%Rs 500National Savings Certificate (NSC)8%8%Rs 100Kisan Vikas Patra (KVP)7.7%7.7%Rs 1,000Sukanya Samriddhi account8.5%8.5%Rs 1,000(These Post Office Saving Schemes Offer Income Tax Benefits)Minimum investment requiredA post office account under any of the smallsavings schemes except recurring deposit can be opened with a minimum investment of Rs 20-1,500, according to India Post's website -indiapost.gov.in.
For opening a five-year recurring deposit account, a minimum investment of Rs 10 per month is required, according to the India Post's official website.