Central govt. has revised Post Office Saving Schemes Interest Rates for 1 January 2020 to 31 March 2020 quarter. The New Interest Rates on Post Office Schemes has been kept unchanged 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.
People can check the post office saving scheme new interest rates table 2020 which shows the current rate of interest for various post office schemes applicable for 1 January 2020 to 31 March 2020 duration. Interest rates of all popular savings scheme run by the Post Office are revised on a quarterly basis.
In the recent notification by Finance Ministry, interest rate on all Post Office Saving Schemes remains same. The government recently changed a few rules for PPF accounts for the benefit of account holders. Accordingly, people can now check the new interest rates for all post office savings schemes.
Post Office Interest Rates Table (1 January to 31 March 2020)
Here is the complete table showing the current rate of interest for post office savings scheme applicable from 1 January 2020 to 31 March 2020. 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 1 January to 31 March 2020||Compounding Frequency||Description about Post Office Scheme|
|Savings Deposit Scheme Account||4.0||Annually||Post Office Savings Bank Account (PO-SB) Details|
|1 Year Time Deposit||6.9||Quarterly||PO Fixed / Time Deposit Account (TD) Details|
|2 Year Time Deposit||6.9||Quarterly|
|3 Year Time Deposit||6.9||Quarterly|
|5 Year Time Deposit||7.7||Quarterly|
|Recurring Deposit (5 years)||7.2||Quarterly||PO Recurring Deposit Account (RD) Details|
|Senior Citizen Savings Scheme (5 years)||8.6||Quarterly & Paid||SCSS Account Details|
|Monthly Income Scheme Account (5 years)||7.6||Monthly & Paid||PO Monthly Income Scheme (MIS) Account Details|
|National Savings Certificate (5 years)||7.9||Annually||NSC Account Details|
|Public Provident Fund Scheme||7.9%||Annually||PPF Account Details|
|Kisan Vikas Patra||7.6 (maturity in 113 months)||Annually||KVP Account Details|
|Sukanya Samriddhi Account Scheme||8.4||Annually||SSA Account Details|
This decision is good news for small depositors and senior citizens as banks have been reducing their fixed deposits (FDs) interest rate since the start of the financial year as the Reserve Bank of India (RBI) has been reducing its key policy rates. People can compare all post office savings schemes before making investment in these instruments run by the government.
In this Post Office Interest Rates Table Jan to March 2020, it is quite clear that the rate of interest for all post office saving schemes is kept unchanged. Interest Rates on PPF remains at 7.9%, KVP at 7.6%, Sukanya Samriddhi Account at 8.4%, NSC at 7.9%, MIS at 7.6%, SCSS at 8.6%, RD at 7.2% and Savings deposit still remains at 4%.
Despite the low interest rates of Post Office Saving Schemes, these instruments are still attractive for investors who want to invest in safe products. To get more details on Post Office Savings Schemes, visit the official website indiapost.gov.in
PPF Account New Rules 2020
The central govt. has recently tweaked rules for PPF accounts for the benefit of account holders in Post offices. PPF account holders can now make deposits in multiples of Rs. 50 any number of times in a financial year with a maximum of Rs. 1.5 lakh a year. Previously, a maximum of 12 deposits were permitted in a period of 1 year.
Also, on change in residency status of the account holder on production of copy of passport and visa or income tax return, PPF subscribers can close their account prematurely after five years. The interest rate at which the account holder can borrow from his account has been reduced to 1% above the prevailing PPF interest rate, from 2% earlier.