PPF vs Sukanya Samriddhi vs SCSS: Post Office saving schemes charges in contrast

India Post gives eight deposit choices for traders, generally often called publish workplace saving schemes. These eight small saving schemes embrace Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposit for a 5-year time period, and Senior Citizen Savings Scheme (SCSS). Interest charges for small financial savings schemes are notified on a quarterly foundation. The below-mentioned rates of interest are for the July-September 2023 quarter.

Public Provident Fund (PPF) newest charges

PPF is a long-term tax financial savings scheme, which matures in 15 years.  A minimal deposit of ₹500 per 12 months is required to maintain the account energetic. This will fetch 7.1%.

Senior Citizen Savings Scheme (SCSS) newest charges

Investors who’re 60 years previous can deposit as much as ₹30 lakh over their lifetime in a Senior Citizen Savings Scheme to earn common curiosity earnings. The senior residents’ scheme provides 8.2%.

Sukanya Samriddhi Yojana (SSY) newest charges

The fashionable lady youngster financial savings scheme Sukanya Samriddhi Yojana account will earn an rate of interest of 8%. 

National Savings Certificate (NSC) newest charges

National Savings Certificate has a lock-in interval of 5 years. This will fetch 7.7% curiosity.

Post Office Monthly Income Scheme (MIS) newest charges

MIS permits traders to generate a gradual month-to-month earnings, and offers an rate of interest of seven.4%.

Kisan Vikas Patra (KVP) newest charges

The Kisan Vikas Patra (KVP) is giving an rate of interest of seven.5%

5-Year Post Office RD newest charges

With small month-to-month investments, these RD accounts provide profitable rates of interest. This recurring deposit scheme provided by publish workplaces will get new traders 6.5%

Post Office Time Deposit Account newest charges

You can even open time deposits as a publish workplace saving scheme for 1, 2, 3, and 5 years of tenure. It is just like mounted deposits provided by banks. 

1-Year Deposit – 6.9%

2-Year Deposit – 7.0%

3-Year Deposit – 7.0%

5-Year Deposit – 7.5%

The RBI has maintained the established order on coverage charge within the final three consecutive Monetary Policy Committee conferences.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Updated: 21 Aug 2023, 02:47 PM IST