Presently, small financial savings schemes fetch returns within the vary of 4-7.6%
India Put up at present provide a spread of monetary companies at designated submit workplaces, together with the 9 sorts of small financial savings schemes. For the quarter ending September 30, the Put up Workplace Time period Deposit, the Put up Workplace Recurring Deposit, Sukanya Samriddhi and 6 different schemes provide annual returns to the tune of 4-7.6 per cent. The rates of interest relevant to the government-run small saving schemes are reviewed on a quarterly foundation. Of those, the Time Deposit scheme is available in 4 choices of maturity, starting from one yr to 5 years, based on India Put up’s web site – indiapost.gov.in.
Listed here are some key particulars of every of those schemes:
Put up Workplace Financial savings Account
This account will be arrange with a deposit of Rs 500, which is the additionally the minimal account stability required to keep away from penalty.
Nationwide Financial savings Time Deposit Account
The account will be opened by money or cheque, and will be prolonged past the time period by submitting an software within the department.
Nationwide Financial savings Recurring Deposit Account
This scheme is rather like a hard and fast deposit, besides the funding is split into month-to-month funds of equal quantity as a substitute of 1 lump sum.
Nationwide Financial savings Month-to-month Revenue Account
This scheme allows the depositor to obtain curiosity each month in opposition to a deposit. A most funding of Rs. 4.5 lakh is allowed.
Senior Residents Financial savings Scheme Account
This scheme comes with a maturity interval – or lock-in interval – of 5 years. The account will be opened in opposition to a money fee as much as Rs 1 lakh and cheque fee above Rs 1 lakh.
Public Provident Fund Account
This account has a maturity interval of 15 years, which will be prolonged for 5 years at a time. The minimal deposit required to spend money on the PPF account is Rs 500, and Rs 500 each monetary yr.
Nationwide Financial savings Certificates Account
This certificate-based scheme requires a minimal funding of Rs 1,000. Funding of Rs 1,000 within the NSC grows to Rs 1,389.49 over 5 years.
Kisan Vikas Patra Account
The KVP certificates will be bought in opposition to a minimal funding of Rs 1,000. Funding on this scheme doubles inside 124 months (10 years and 4 months).
Sukanya Samriddhi Account
A guardian can open this account in favour of woman kids as much as 10 years of age. Funding of a minimal Rs 250, and a most of Rs 1,50,000 per a monetary yr, is permitted.
Curiosity Charges
| Put up Workplace Scheme | Curiosity Fee |
|---|---|
| Put up Workplace Financial savings Deposit | 4.00% |
| One-12 months Time Deposit* | 5.5% |
| Two-12 months Time Deposit* | 5.5% |
| Three-12 months Time Deposit* | 5.5% |
| 5-12 months Time Deposit* | 6.7% |
| 5-12 months Recurring Deposit | 5.8% |
| 5-12 months Senior Citizen Financial savings Scheme | 7.4% |
| 5-12 months Month-to-month Revenue Scheme | 6.6% |
| 5-12 months Nationwide Financial savings Certificates | 6.8% |
| Public Provident Fund Scheme | 7.1% |
| Kisan Vikas Patra | 6.9% |
| Sukanya Samriddhi Account Scheme | 7.6% |
| (Supply: India Put up) | |
* The time deposit financial savings scheme is offered in 4 maturity interval choices: one yr, two years, three years and 5 years.