New financial year, new rates: Sukanya Samriddhi, PPF and more; full details
You can get good interest by saving in the new financial year. As per RBI guidelines, the Central Finance Department has issued a notification regarding the interest rates of savings schemes. Let's find out how much the interest rates will be for 11 post office savings schemes, including Sukanya Samriddhi, as the new financial year starts from April 1.
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Post Office is best if you want to save in small amounts. You can invest through the post office without any tension. There is also an opportunity to invest with a small amount. The new financial year has started from April 1. As per RBI guidelines, the Central Finance Department has issued a notification to all banks and savings account schemes. This notification contains the interest rates and charges for small savings accounts from April to June. Based on this, let's find out how the interest rates of schemes like Sukanya Samriddhi, PPF, KVP will change from April 1.
Post Office Savings Scheme interest rate is 4% per annum.
1 year investment interest rate is 6.9% per annum, Rs.708 for Rs.10,000 (Quarterly)
2 years investment interest rate is 7.0% per annum, Rs.719 for Rs.10,000 (Quarterly)
3 years investment interest rate is 7.1% per annum, Rs.719 for Rs.10,000 (Quarterly)
5 years investment interest rate is 7.5% per annum, Rs.771 for Rs.10,000 (Quarterly)
5-year Recurring Deposit (RD scheme) interest rate is 6.7%. This applies to the quarterly time period.
Senior Citizen Savings Scheme interest rate is 8.2%. For this also, the interest rate is Rs.205 per Rs.10,000 for the quarterly time period. The savings account interest rate for the same scheme is 7.4% per month. That means the monthly interest rate is Rs.62 per Rs.10,000.
National Savings Certificate (VIII) interest rate is 7.7%. That means if you invest Rs.10,000, you will get Rs.14,490 at the time of maturity.
Public Provident Fund scheme interest rate is 7.1% per annum.
Kisan Vikas Patra interest rate is 7.5%. The maturity period of this scheme is 115 months.
Mahila Samman Savings Certificate interest rate is 7.5%. Suppose you put Rs.10,000 through this scheme. You will get Rs.11,602 quarterly.
Sukanya Samriddhi Account Yojana interest rate is 8.2% per annum.
Suggestion: If you want to invest in savings schemes, find out more details about interest rates at your nearest post office branch.
