October is coming soon and so is the time for change in interest rates of Post Office schemes. Every three months the government revises the interest rates of post office schemes. There was no change in the interest rates of any scheme in the last quarter (July to September). That is why investors are eagerly waiting for the change this time. If you are also doing investment planning, then see how much interest you are getting on which schemes right now.
Current Post Office Schemes Interest Rates:
Post Office Savings Account: 4%
1 Year Time Deposit: 6.9%
2 Year Time Deposit: 7.0%
3 Year Time Deposit: 7.1%
5 Year Time Deposit: 7.5%
5-Year Recurring Deposit Account: 6.7%
Senior Citizen Savings Scheme: 8.2%
Monthly Income Scheme: 7.4%
Public Provident Fund Scheme: 7.1%
Sukanya Samriddhi Account: 8.2%
National Savings Certificates: 7.7%
Farmers Development Letter: 7.5%
Mahila Samman Savings Certificate: 7.5%
Which schemes are available only in Post Office?
You will get options for some of these schemes in banks as well, but there are some schemes in which you will have to go directly to the post office to invest. Such as National Savings Certificates (NSC), Mahila Samman Savings Certificate (MSSC), and Monthly Income Scheme (MIS).
Both NSC and MSSC are like fixed deposits. Any Indian citizen can invest in NSC for 5 years. This scheme is also included in the portfolio of Prime Minister Narendra Modi. MSSC is run to encourage women’s savings. Investment in this scheme is made for 2 years. Smriti Irani has also invested in this scheme.
MIS Scheme is a scheme that gives regular income every month. In this scheme, a maximum of Rs. 9 lakh can be invested in a single account and a maximum of Rs. 15 lakh in a joint account. It gives interest at the rate of 7.4% and the amount matures in 5 years.
What to do in the end?
If you want to invest in Post Office Schemes at current rates, then choose your options keeping these rates in mind. These rates may change in the coming October, so it is important to know how much return is being received in which scheme right now.