The post office runs many types of savings schemes. It has many such schemes which are quite popular. There is no risk of any kind by investing in these schemes. The services of the post office have been trusted by the whole of India for years. Being backed by the government, its savings schemes are absolutely risk free. Lakhs of people prefer to invest in post office schemes.
After a long time, the central government has increased the interest rates of some small savings schemes. If you are looking for a safe option to invest, then Post Office Savings Scheme can be a better option for you.
The Central Government has increased the interest rate on schemes like Time Deposit Scheme, Senior Citizen Saving Scheme, Kisan Vikas Patra and Post Office Monthly Income Scheme for two and three years. The increase in the interest rates of these small savings schemes has become effective from October 1
Such increased interest in time deposit: 5.5% interest was being given in the post office time deposit for the first two years. Now it has been increased by 20 basis points. After this the interest rate has gone up to 5.7 percent. Whereas 30 basis points interest has been increased on the three-year time deposit scheme.
Under this, earlier interest was available at the rate of 5.5 percent. Now this rate has become 5.8 percent. For your information, let us tell you that in the first quarter of the year 2020-21, the interest rate of these schemes was cut, after which they have been increased now.
Monthly Income Scheme The interest rate of the Monthly Income Scheme of the Post Office has been increased by 10 basis points. Earlier, interest was being given at the rate of 6.6 percent under this. Now in this scheme, interest will be available at the rate of 6.7 percent.
Under the Kisan Vikas Patra
Kisan Vikas Patra scheme, interest was given at the rate of 6.9 percent for the first 124 months. The central government has now increased the interest rate on this scheme as well. Now under this scheme, interest will be available at the rate of 7 percent on the maturity of 123 months.
Senior Citizen Saving Scheme
The Central Government has also increased the interest rate by 20 basis points in the Senior Citizen Saving Scheme of the post office. Earlier, under this scheme, interest was available at the rate of 7.4 percent, which has now increased to 7.6 percent.
