“The interest rates of various Small Savings Schemes for the second quarter of FY 2024-25 commencing from July 2024 and ending on 30th September 2024 shall remain unchanged from those notified for the first quarter (1st April 2024 to 30th June 2024) of FY 2024-25,” the Finance Ministry said in a press release dated 28th June 2024.
Here’s a look at the post office diagrams‘ interest rates for the quarter July-September 2024.
- Public pension fund system
The minimum deposit is Rs 500 each financial year, with a maximum deposit of Rs 1.50 lakh. The deposits are eligible for deduction under Section 80C of the Income Tax Act. The amount can be placed in any number of installments during the financial year in multiples of Rs 50, with a maximum of Rs 1.50 lakh.
The government offers 7.1% per year (compounded annually) on FPP.
- Senior Citizens Savings System (SCSS)
The minimum deposit in all SCSS accounts opened by an individual is Rs 1,000, and the multiple of Rs 1,000 is subject to a maximum limit of Rs 30 lakh. Interest is taxable if the total interest in all SCSS accounts exceeds Rs 50,000 in a financial year, and TDS at the prescribed rate will be deducted from the total interest paid. The government offers 8.2% interest on the Senior Citizen Savings Scheme.
- Post Office Fixed-Term Deposit for 3 Years
The account can be opened with a minimum of Rs. 1000 and in multiples of Rs. 100. There is no maximum investment limit.
Correos’ fixed-term deposit offers an interest rate of 7.5% on a 5-year fixed-term deposit.
Post Office Fixed Deposit offers 7.5% interest rate for 5 year fixed deposits. Investment in 5 year fixed deposit qualifies for the benefit of section 80C of Income Tax Act, 1961.
- Post Monthly Income Plan (POMIS)
The account can be opened with a minimum of Rs 1,000 and in multiples of Rs 1,000. A maximum of Rs 9,00,000 can be deposited in an individual account and Rs 1,50,000 in a joint account. Deposits in all MIS accounts opened by an individual should not exceed Rs 9,00,000.
The government is offering a 7.4% discount on the Correos monthly income plan.
- National Savings Certificate (NSC)
The minimum amount to be deposited is Rs 1000 and in multiples of Rs 100, and there is no maximum limit. Deposits are deductible under section 80C of the Income Tax Act. The deposit will mature after completion of five years from the date of deposit.
The government offers an annual compound interest of 7.7%, but payable at maturity of the National Savings Certificate.
In 115 months (nine years and seven months), the invested amount doubles. Please note that the deposit will mature on the maturity period date and will be reviewed by the government periodically.
The government is offering a Kisan Vikas Patra of 7.5% to be compounded annually.
- Mahila Samman Savings Certificate
Interest will be compounded quarterly and credited to the account and paid at the time of closing the account. This account may be opened by a woman for herself or by the guardian on behalf of a minor girl.
The government offers 7.5% interest per annum on Mahila Samman Savings Certificate.
- Sukanya Samriddhi Account Plan
The minimum deposit to be made is Rs 250 and the maximum is Rs 1,50,000 in a financial year. Subsequent deposits must be in multiples of Rs 50. There is no restriction on the amount of deposits that can be made in a month or a financial year.
The government offers an interest rate of 8.2% per year calculated on an annual basis and compounded annually.
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