Post Office Savings Scheme Interest Rates: The government has recently said in an order that the interest rates of various small savings schemes including Sukanya Samriddhi Yojana, Senior Citizens Savings Scheme and the Public Provident Fund (PPF), will remain unchanged for the July-September 2022 quarter even as inflation rates remained high in the country. This is the ninth consecutive time that small savings scheme interest rates have remained unchanged.Small
“The rates of interest on various small savings schemes for the second quarter of the financial year 2022-23, starting from July 1, 2022, and ending on September 30, 2022, shall remain unchanged from those notified for the first quarter (April 1, 2022, to June 30, 2022) for FY 2022-23,” the finance ministry said in an office memorandum. This has the approval of competent authority, it said.
PPF, Senior Citizens Savings Scheme, Sukanya Samriddhi Scheme: How Much Return Will You Get?
Small savings scheme including PPF, Sukanya Samriddhi and Senior Citizens savings scheme will continue to earn the same interest rates over the July to September quarter this year, as the government kept the rates the unaltered.
As per the latest circular Public Provident Fund, Sukanya Samriddhi Account, and Senior Citizens Savings Scheme will continue to earn annual returns of 7.1 per cent, 7.6 per cent and 7.4 per cent, respectively. Meanwhile, National Saving Certificates (NSC) and Kisan Vikas Patra annual interest rates have been kept unchanged at 6.8 per cent and 6.9 per cent, respectively. The Monthly Income Account is offering 6.6 per cent per annum interest.
On the other hand, post office savings deposits will continue to offer an interest rate of 4 per cent per annum. Similarly, time deposits of the tenure 1-3 years will be offering the same 5.5 per cent per annum. Investors who have their money at the five-year time deposits will get a return of 6.7 per cent a year. Five-year recurring deposits will continue to offer 5.8 per cent a year interest.
Current Interest Rates on Post Office Savings Schemes Including PPF, SSY
i. Public Provident Fund: 7.1 per cent
ii. National Savings Certificate: 6.8 per cent
iii. Sukanya Samriddhi Yojana: 7.6 per cent
iv. Kisan Vikas Patra: 6.9 per cent
v. Savings Deposit: 4 per cent
vi. 1-Year Time Deposit: 5.5 per cent
vii. 2-Year Time Deposit: 5.5 per cent
viii. 3-Year Time Deposit: 5.5 per cent
ix. 5 Year Time Deposit: 6.7 per cent
x. 5 Year Recurring Deposit: 5.8 per cent
xi. 5-year Senior Citizen Savings Scheme: 7.4 per cent
xii. 5-year Monthly Income Account: 6.6 per cent
Why Should You Invest in Small Savings Schemes?
Investing in small savings schemes at the post office, at a time when stock markets and cryptocurrencies have been volatile for months, will ensure that the investor gets guaranteed returns. Small savings schemes at the post office are highly reliable as they are backed by the government and are not subject to stock market movement. They also provide mostly higher interest rates than bank fixed deposits.
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