Post office small savings schemes: The government currently offers up to 8.7% interest on these schemesIndia Post currently offers a total of nine small savings schemes.For the current quarter ending March 31, the government provides interest at the rate of 4-8.7 per cent on investment or deposit held in these nine small savings schemes, according to India Post, whichoperates a network of more than 1.5 lakh post offices across the country.
Out of these small savings schemes, four - namely Senior Citizen Savings Scheme (SCSS), 15-Year Public Provident Fund (PPF), National Savings Certificate andSukanya Samriddhi - offer interest rates of at least 8 per cent, according to the India Post website - indiapost.gov.in.Small savings schemeInterest rateMinimum amount required for opening accountMaximum investment allowedSenior citizen savings scheme (SCSS)8.70%Rs 1,000Rs 15 lakh15-year public provident fund8%Rs 500Rs 1.5 lakh per financial yearNational savings certificate (NSC)8%Rs 100No limitSukanya Samriddhi8.50%Rs 1,000Rs 1.5 lakh per financial year(Source: indiapost.gov.in)(Want to withdraw money from provident fund account It's allowed in these situations)Investment in all four of these small savings schemes qualifies for income tax benefit under Section 80C of the Income Tax Act.(Want to check employee provident fund balance online How to do it)Retirement fund body EPFO or Employees' Provident Fund Organisation last month announced a hike in the interest rate applicable to employees' provident fund (EPF) to 8.65 per cent for the current financial year (2018-19).
That marked a shift from a five-year low of 8.55 per cent for the preivous financial year (2017-18).Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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