Central govt. has revised the interest rate on post office time deposit (TD) scheme while the rate of interest of other Post Office Saving Schemes like Public Provident Fund (PPF), Sukanya Samriddhi account and Senior Citizen Savings Schemes (SCSS) unchanged. The new post office interest rates table 2019 shows the current rate of interest for various post office schemes applicable for 1st quarter i.e 1 January 2019 to 31 March 2019.
Interest rates of popular small savings schemes are currently revised by the govt. on a quarterly basis. In the recent notification by Finance Ministry dated 31 December 2018, interest rate on 1 year post office time deposit is hiked from 6.9% in previous quarter to 7% (compounding quarterly) for the January-March quarter. Moreover, the rate on 3 year time deposit account has been lowered from 7.2% to 7%.
Accordingly, the new interest rates for 2-year and 5-year post office time deposits have been kept unchanged at 7% and 7.8% respectively.
Post Office Interest Rates Table – 1st Quarter of FY 2019
Below is the complete table which shows the current interest rates for post office savings scheme applicable for 1st quarter i.e from 1 January 2019 to 31 March 2019. Moreover, this table will also compare the current post offices rate of interest with the previous quarter.
|Post Office Savings Scheme Name||Interest Rate for Previous Quarter (1 October 2018 to 31 December 2018)||Rate of Interest for Current Quarter (1 January 2019 to 31 March 2019)||Compounding Frequency||Description about Post Office Scheme|
|Savings Deposit Scheme||4.0||4.0||Annually||Post Office Savings Bank Account (PO-SB) Details|
|1 Year Time Deposit||6.9||7.0||Quarterly||PO Fixed / Time Deposit Account (TD) Details|
|2 Year Time Deposit||7.0||Quarterly|
|3 Year Time Deposit||7.2||Quarterly|
|5 Year Time Deposit||7.8||7.8||Quarterly|
|Recurring Deposit (5 years)||7.3||7.3||Quarterly||PO Recurring Deposit Account (RD) Details|
|Senior Citizen Savings Scheme (5 years)||8.7||8.7||Quarterly & Paid||SCSS Account Details|
|Monthly Income Scheme Account (5 years)||7.7||7.7||Monthly & Paid||PO Monthly Income Scheme (MIS) Account Details|
|National Savings Certificate (5 years)||8.0||8.0||Annually||NSC Account Details|
|Public Provident Fund Scheme||8.0||8.0||Annually||PPF Account Details|
|Kisan Vikas Patra||7.7||7.7||Annually||KVP Account Details|
|Sukanya Samriddhi Account Scheme||8.5||8.5||Annually||SSA Account Details|
In this Post Office Interest Rates Table 2019, it is quite clear that the rate of interest for 5-year post office recurring deposit has been kept unchanged at 7.3%. Interest Rates on PPF, 5-years National Savings Certificate remains unchanged at 8% while 5-year Monthly Income Scheme Account still fetches 7.7%.
The interest rates on popular post office schemes like Senior Citizen Savings scheme (SCSS) and Sukanya Samriddhi account for girl child kept unchanged at 8.7% and 8.5% respectively for the January to March quarter. Reserve Bank of India (RBI) had hiked interest rates twice in FY 2018 and post office small savings schemes like PPF was benefited from the rate hikes. For more details on Post Office Savings Schemes, visit the official website indiapost.gov.in
The central govt. had hiked interest rates on various small savings schemes including Public Provident Fund (PPF), Kisan Vikas Patra (KVP), National Savings Certificate, Monthly Income Scheme, Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Scheme (SSS) by 40 basis points (bps) for the October-December 2018 quarter. People can compare all post office savings schemes before making investment in these instruments. This hike makes these post office saving schemes attractive for investors who want to invest in safe products.