Central govt. has slashed Post Office Saving Schemes Interest Rates ny 10 basis points for 1 July to 30 September 2019. This reduction in interest rate of small saving schemes is done due to falling interest rate across the financial system. Now 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) reduced by 0.1%. PO Savings Deposit Account interest rate remain unchanged.
People can check the new post office interest rates table 2019 which shows the current rate of interest for various post office schemes applicable for 1 July 2019 to 30 September 2019 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 have been slashed. Accordingly, people can now check the new interest rates for post office savings scheme.
Post Office Interest Rates Table – July to September 2019
Here is the complete table showing the current rate of interest for post office savings scheme applicable from 1 July 2019 to 30 September 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 1 January to 31 March 2019||Rate of Interest for 1 April to 30 June 2019||Interest Rate for 1 July to 30 September 2019||Compounding Frequency||Description about Post Office Scheme|
|Savings Deposit Scheme Account||4.0||4.0||4.0||Annually||Post Office Savings Bank Account (PO-SB) Details|
|1 Year Time Deposit||7.0||7.0||6.9||Quarterly||PO Fixed / Time Deposit Account (TD) Details|
|2 Year Time Deposit||7.0||7.0||6.9||Quarterly|
|3 Year Time Deposit||7.0||7.0||6.9||Quarterly|
|5 Year Time Deposit||7.8||7.8||7.7||Quarterly|
|Recurring Deposit (5 years)||7.3||7.3||7.2||Quarterly||PO Recurring Deposit Account (RD) Details|
|Senior Citizen Savings Scheme (5 years)||8.7||8.7||8.6||Quarterly & Paid||SCSS Account Details|
|Monthly Income Scheme Account (5 years)||7.7||7.7||7.6||Monthly & Paid||PO Monthly Income Scheme (MIS) Account Details|
|National Savings Certificate (5 years)||8.0||8.0||7.9||Annually||NSC Account Details|
|Public Provident Fund Scheme||8.0||8.0||7.9||Annually||PPF Account Details|
|Kisan Vikas Patra||7.7||7.7 (Maturity at 112 months)||7.6 (Maturity at 113 months)||Annually||KVP Account Details|
|Sukanya Samriddhi Account Scheme||8.5||8.5||8.4||Annually||SSA Account Details|
In this Post Office Interest Rates Table 2019, it is quite clear that the rate of interest for all post office saving schemes has been brought down by 0.1% but for savings account, interest rate 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%.
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. To get more details on Post Office Savings Schemes, visit the official website indiapost.gov.in
People can compare all post office savings schemes before making investment in these instruments run by the government. Despite the low interest rates of Post Office Saving Schemes, these instruments are still attractive for investors who want to invest in safe products.