Updated Interest Rates on Post Office Saving Schemes

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Exclusive update from MoneyMindz as the Interest Rates on Post Office Saving Schemes has been revised and shall be applicable from (1st Oct 2016 till 31st Dec 2016)

The ministry of Finance have announced the rate of interest for post office schemes which will be applicable for the period Oct 2016 to Dec 2016.

Ministry of Finance is gradually reducing the interest rates on post office schemes. Significantly there is a reduction of Interest rate at 0.1% flat in this quarter (Oct-Dec) when compared to the previous quarter (July-Sept). So what are the changes made and variations brought in? Let us find it below.

Post Office Savings Account: Account can be opened by cash only with a minimum deposit of Rs 20/- Interest Rates for the present quarter has not been change. Hence the Interest rates remain same as that of previous quarter at 4%.

Post Office Term Deposits (TD): Post Office TD Schemes are best when compared to Bank FD schemes as they offer Interest Rates between 7.18%-8.03% PA for (1Yr to 5Yr Tenure). While banks are offering Interest Rates between 7% to 7.75% PA only.

Term Deposit 1Yr: Interest was charged at the rate of 7.10% P.Q in the previous quarter (Jul 2016 to Sept 2016) and it has been revised to 7.00% P.Q in current quarter (Oct 2016 to Dec 2016).

Term Deposit 2Yr: Interest was charged at the rate of 7.20% P.Q in the previous quarter (Jul 2016 to Sept 2016) and it has been revised to 7.10% P.Q in current quarter (Oct 2016 to Dec 2016).

Term Deposit 3Yr: Interest was charged at the rate of 7.40% P.Q in the previous quarter (Jul 2016 to Sept 2016) and t it has been revised to 7.30% P.Q in current quarter (Oct 2016 to Dec 2016).

Term Deposit 4Yr: Interest was charged at the rate of 7.90% P.Q in the previous quarter (Jul 2016 to Sept 2016) and it has been revised to 7.80% P.Q in current quarter (Oct 2016 to Dec 2016).

Post Office Recurring Deposits (RD): Post Office (RD) is the best consideration if you are planning to save money every month. Interest was charged at the rate of 7.40% P.Q in the previous quarter (Jul 2016 to Sept 2016) and it has been revised to be calculated at 7.30% P.Q in current quarter (Oct 2016 to Dec 2016).

NSC scheme: It is the best scheme if you are planning to save tax and are a low risk taker. Interest was calculated at a rate of 8.10% P.A in the previous quarter (Jul 2016 to Sept 2016) and has been revised to 8.00% P.A in current quarter (Oct 2016 to Dec 2016).

Post Office Monthly Income Scheme (MIS): It is the best way to get safe monthly income and (MIS) is convenient and much suited to Retired People.

Interest Rates which were charged at 7.80% P.A for quarter (Jul 2016 to Sept 2016) have been changed to 7.70% P.A for quarter (Oct 2016 to Sept 2016).

Public Provident Fund (PPF): It is best suited for future planning like Children’s education or Daughter’s marriage etc. The Interest rates have been revised to 8.00% P.A this quarter (Oct 2016 to Sept 2016) which were calculated at 8.10% P.A in the previous quarter (Jul 2016 to Sept 2016).

Senior Citizen Saving Scheme (SCSS): The interest rates of this scheme have been revised to be charged at 8.50% P.A this quarter (Oct 2016 to Sept 2016) which were calculated at 8.60% P.A in the previous quarter (Jul 2016 to Sept 2016).

Kisan Vikas Patra (KVP): KVP is beneficial compared to Bank FD schemes the interest rates have been reduced to 7.70% P.A this quarter (Oct 2016 to Sept 2016) which was calculated at 7.80% P.A in the previous quarter (Jul 2016 to Sept 2016).

Sukanya Samriddhi Scheme: If you are planning to save funds for girl child in order to support her education or marriage and looking to get high returns, Sukanya Samriddhi Scheme serves best for the purpose. Interest rates have been modified to 8.50% P.A in this quarter (Oct 2016 to Sept 2016) which were calculated at the rate of 8.60%P.A in the previous quarter (Jul 2016 to Sept 2016).

Please Note: MoneyMindz keeps you updated with the latest of the market news related to finance industry and investments with an intention to create financial awareness among people.

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