Central govt. has revised Post Office Savings Schemes Interest Rates for 1 July 2023 to 30 September 2023 (2nd quarter of FY 2023-24). New Post Office Interest Rates Table has now been released. The new interest rates on some post office schemes has been increased for this quarter. Check the new interest rates for Time Deposit (TD), Public Provident Fund (PPF), Sukanya Samriddhi account, Senior Citizen Savings Schemes (SCSS), Recurring Deposit (RD), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Monthly Income Scheme (MIS), PO Savings Deposit Account Schemes.
Interest rates of all popular savings scheme run by the Post Office are revised on a quarterly basis. People can check the Post Office Savings Schemes Interest Rate Table 2023 which shows the current rate of interest for various post office schemes applicable for 1 July 2023 to 30 September 2023 duration. Accordingly, people can now check the new interest rates for all post office savings schemes.
PO Saving Schemes Interest Rates Table (1 July to 30 Sept 2023)
Here is the complete table showing the current rate of interest for post office savings scheme applicable from 1 July 2023 to 30 Sept 2023:-
|Post Office Savings Scheme Name||Interest Rate for 1 July 2023 to 30 September 2023||Compounding Frequency||Description about Post Office Scheme|
|Savings Deposit Scheme Account||4%||Annually||Post Office Savings Bank Account (PO-SB) Scheme Details|
|1 Year Time Deposit||6.9%||Quarterly||PO Fixed / Time Deposit (TD) Scheme Account Details|
|2 Year Time Deposit||7.0%||Quarterly|
|3 Year Time Deposit||7.0%||Quarterly|
|5 Year Time Deposit||7.5%||Quarterly|
|Recurring Deposit (5 years)||6.5%||Quarterly||PO Recurring Deposit Account (RD) Details|
|Senior Citizen Savings Scheme (5 years)||8.2%||Quarterly & Paid||Senior Citizens Savings Scheme Account Details|
|Monthly Income Scheme Account (5 years)||7.4%||Monthly & Paid||Monthly Income Scheme (MIS) Account Details|
|National Savings Certificate (5 years)||7.7%||Yearly||National Savings Certificate Scheme Details|
|Public Provident Fund Scheme||7.1%||Yearly||PPF Post Office Account Details|
|Kisan Vikas Patra||7.5% (maturity in 115 months)||Yearly||KVP Scheme Account Details|
|Sukanya Samriddhi Account Scheme||8.0%||Yearly||SSA Account Details|
To get more details on Post Office Savings Schemes, visit the official website indiapost.gov.in. Despite the low interest rates of Post Office Saving Schemes, these instruments are still attractive for investors who want to invest in safe products.
Post Office Saving Schemes Interest Rate Hiked
In this Post Office Interest Rates Table 1 July 2023 to 30 September 2023, it is quite clear that the rate of interest for some post office saving schemes have been hiked. Interest Rates on PPF is 7.1%, KVP at 7.5% (maturity in 115 months), Sukanya Samriddhi Account at 8.0%, NSC at 7.7%, MIS at 7.4%, SCSS at 8.2%, RD at 6.5% and Savings deposit still remains at 4%. The decision for increased interest rates on post office savings scheme is taken to keep small investors money safe and secure which will come with some more profit.