Newest Publish Workplace Financial savings Schemes Curiosity Charges July – Sept 2024 declared on twenty eighth June 2024. What are the rates of interest of PPF, SSY, SCSS, NSC, and MIS?
Often, the Authorities publishes the rates of interest quarterly. Nevertheless, this time (perhaps because of the upcoming Loksabha elections) the Authorities printed the rate of interest relevant for all publish workplace small financial savings schemes for the interval of April to June 2024 effectively prematurely.
Earlier the rates of interest was once introduced yearly as soon as. Nevertheless, from 2016-17, the speed of curiosity will probably be mounted quarterly. I already wrote an in depth publish on this. I’m offering the hyperlink to that earlier publish beneath.
Under is the timetable for change in rates of interest for all Publish Workplace Financial savings Schemes.
Publish Workplace Financial savings Schemes Curiosity Charges July – Sept 2024
On twenty eighth June 2024, the federal government introduced that Publish Workplace Financial savings Schemes Curiosity Charges July – Sept 2024 have been unchanged. Therefore, the sooner quarter rates of interest will proceed for the upcoming quarter of July – Sept 2024 additionally.
The newest charges are as beneath.
| Publish Workplace Financial savings Schemes Curiosity Charges July – Sept 2024 | |||
| Sl No. | Scheme Title | Present Curiosity Charge | Revised Curiosity Charge |
| 1 | Financial savings Deposit | 4.00% | 4.00% |
| 2 | Time period Deposit 1 Yr | 6.90% | 6.90% |
| 3 | Time period Deposit 2 Yrs | 7.00% | 7.00% |
| 4 | Time period Deposit 3 Yrs | 7.10% | 7.10% |
| 5 | Time period Deposit 5 Yrs | 7.50% | 7.50% |
| 6 | RD-5 Yrs | 6.70% | 6.70% |
| 7 | NSC-5 Yrs | 7.70% | 7.70% |
| 8 | Publish Workplace Month-to-month Revenue Scheme (MIS) | 7.40% | 7.40% |
| 9 | Public Provident Fund (PPF) | 7.10% | 7.10% |
| 10 | Senior Citizen Financial savings Scheme (SCSS) | 8.20% | 8.20% |
| 11 | Kisan Vikas Patra (KVP) | 7.50% | 7.50% |
| 12 | Sukanya Samriddhi Scheme (SSY) | 8.20% | 8.20% |
Sharing the identical desk with all particulars of the product as beneath to your higher understanding.
Discover that the present rates of interest are enticing for buyers (particularly within the case of SCSS, SSY, KVP or PPF sort of merchandise.
Pattern of Publish Workplace Curiosity Charges from July 2023 to July 2024
Ideally, I publish this knowledge primarily to look into how the rates of interest modified in a single yr. This offers an thought for buyers additionally.
You seen that there is no such thing as a change within the financial savings account fee and the fluctuation (the truth is I could say increment) primarily in SSY, SCSS, and RD. The most well-liked scheme PPF curiosity remained the identical for one yr.
Options of Publish Workplace Financial savings Schemes
Now allow us to look on the Publish Workplace Small Financial savings Schemes options. This gives you extra readability in selecting the best product for you.
# Publish Workplace Financial savings Account
Like Financial institution Account, Publish Workplace additionally presents you the financial savings account to its prospects. The few options are as beneath.
- Minimal Rs.500 is required to open the account.
- Account might be opened single, collectively, Minor (above 10 years of age), or a guardian on behalf of a minor.
- Minimal steadiness to be maintained in an account is INR 500/- , if steadiness Rs. 500 not maintained, a upkeep price of 100 (100) rupees shall be deducted from the account on the final working day of every monetary yr and after deduction of the account upkeep price, if the steadiness within the account turns into nil, the account shall stand mechanically closed.
- Cheque facility/ATM facility can be found
- Curiosity earned is Tax-Free as much as INR 10,000/- per yr from the monetary yr 2012-13
- Account might be transferred from one publish workplace to a different
- One account might be opened in a single publish workplace.
- Not less than one transaction of deposit or withdrawal in three monetary years is critical to maintain the account energetic, else account grew to become silent (Dorment).
- Intra Operable Netbanking/Cell Banking facility is offered.
- On-line Fund switch between Publish Workplace Financial savings Accounts/Cease Cheque/Transaction View facility is offered via Intra Operable Netbanking/Cell Banking.
- The power to hyperlink with IPPB Saving Account is offered.
- Funds Switch (Sweep in/Sweep out) facility is offered with IPPB Saving Account.
# Publish Workplace Mounted Deposits (FDs)
- Minimal of Rs.1,000 and in multiples of Rs.100. There is no such thing as a most restrict.
- FD tenure at present obtainable is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs.
- Account might be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Account might be opened by money /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account.
- Account might be transferred from one publish workplace to a different
- Single account might be transformed into Joint and Vice Versa .
- Any variety of accounts might be opened in any publish workplace.
- Curiosity shall be payable yearly, No further curiosity shall be payable on the quantity of curiosity that has turn out to be due for cost however not withdrawn by the account holder.
- The annual curiosity could also be credited to the financial savings account of the account holder at his possibility.
- Untimely encashment not allowed earlier than expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Publish Workplace Saving Accounts rate of interest will probably be payable.
- 5 Yrs FD is eligible for tax saving functions below Sec.80C.
# Publish Workplace Recurring Deposit (RD)
- Minimal is Rs.100 a month and in a number of of Rs.10. There is no such thing as a most restrict.
- Account might be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Tenure of RD is 5 years.
- Account might be opened by money / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque.
- Untimely closure is allowed after three years from the date of opening of the account.
- Account might be transferred from one Publish Workplace to a different Publish Workplace.
- Subsequent deposit might be made as much as fifteenth day of subsequent month if account is opened as much as fifteenth of a calendar month and as much as final working day of subsequent month if account is opened between sixteenth day and final working day of a calendar month.
- If a subsequent deposit shouldn’t be made as much as the prescribed day, a default price is charged for every default, default price @ 1 Rs for each 100 rupee shall be charged. After 4 common defaults, the account turns into discontinued and might be revived in two months but when the identical shouldn’t be revived inside this era, no additional deposit might be made.
- If in any RD account, there’s a month-to-month default quantity, the depositor has to first pay the defaulted month-to-month deposit with default price after which pay the present month deposit.
- There may be rebate on advance deposit of not less than 6 installments, Rs. 10 for six month and Rs. 40 for 12 months Rebate will probably be paid for the denomination of Rs. 100.
- One mortgage as much as 50% of the steadiness allowed after one yr. It might be repaid in a single lumpsum together with curiosity on the prescribed fee at any time through the forex of the account.
- Account might be prolonged for one more 5 years after it’s maturity.
# Publish Workplace Month-to-month Revenue Scheme (MIS)
- Most funding is Rs.9 lakh in a single account and Rs.15 lakh collectively (It’s revised through the Finances 2023). Earlier it was Rs.4.5 lakh for a single account and Rs.9 lakh for joint accounts.
- Account might be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Any variety of accounts might be opened in any publish workplace topic to most funding restrict by including steadiness in all accounts (Rs. 4.5 Lakh).
- Single account might be transformed into Joint and Vice Versa.
- Maturity interval is 5 years.
- Curiosity might be drawn via auto credit score into financial savings account standing at identical publish workplace,orECS./In case of MIS accounts standing at CBS Publish workplaces, month-to-month curiosity might be credited into financial savings account standing at any CBS Publish workplaces.
- Could be prematurely en-cashed after one yr however earlier than 3 years on the low cost of two% of the deposit and after 3 years on the low cost of 1% of the deposit. (Low cost means deduction from the deposit.).
- Curiosity shall be payable to the account holder on completion of a month from the date of deposit.
- If the curiosity payable each month shouldn’t be claimed by the account holder such curiosity shall not earn any further curiosity.
# Publish Workplace Senior Citizen Financial savings Scheme (SCSS)
I’ve written an in depth publish on this. Confer with the identical at ” Publish Workplace Senior Citizen Scheme (SCSS)-Advantages and Curiosity Charge“.
Observe – Efficient from 1st April 2023, the utmost restrict is at present Rs.30 lakh. Earlier it was Rs.15 lakh. This transformation occurred throughout Finances 2023.
# Public Provident Fund (PPF)
I’ve written varied posts on PPF. Refer the identical:-
# Nationwide Financial savings Certificates NSC (VIII Challenge)
- Minimal Rs.1,000 and in a number of of Rs.100.
- No most restrict.
- Account might be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Tax Profit below Sec.80C is offered.
- Tenure is 5 years.
# Kisan Vikas Patra (KVP) Account
- Minimal Rs.1,000 and in multiples of Rs.100. There is no such thing as a most restrict.
- Account might be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- The cash will probably be double at maturity. Nevertheless, because the rate of interest adjustments on a quarterly foundation. The maturity interval additionally varies as soon as in 1 / 4.
# Sukanya Samriddhi Account Yojana (SSY)
I’ve written varied posts on this. Refer the identical:-