What are the most recent Put up Workplace Small Financial savings Scheme Curiosity Price Oct – Dec 2024? What’s the rate of interest for PPF, SSY, SCSS, KVP, or NSC schemes?
The Ministry of Financial Affairs is scheduled to announce the rates of interest for all Put up Workplace Small Saving Scheme Curiosity Charges on a quarterly foundation. In step with this, the division has communicated the related rates of interest for the Put up Workplace Small Financial savings Scheme for the interval of October to December 2024 as of yesterday.
Beforehand, rates of interest have been introduced on an annual foundation. Nonetheless, ranging from the fiscal 12 months 2016-17, rates of interest can be decided on a quarterly foundation. I’ve beforehand authored a complete article on this matter, and I’m together with the hyperlink to that article beneath.
Under is the timetable for change in rates of interest for all Put up Workplace Financial savings Schemes.
Put up Workplace Small Financial savings Scheme Curiosity Price Oct – Dec 2024
On October 1, 2024, the federal government declared that the rate of interest for the Put up Workplace Small Financial savings Scheme for the interval of October to December 2024 would stay the identical. Consequently, the rates of interest from the earlier quarter can be maintained for the upcoming quarter as nicely.
You’ll be able to refer the notification of the identical.
Therefore, the relevant charge of Put up Workplace Small Financial savings Scheme Curiosity Price Oct – Dec 2024 are as beneath.
| Put up Workplace Financial savings Schemes Curiosity Charges October – December 2024 | |||
| Sl No. | Scheme Title | Present Curiosity Price | Revised Curiosity Price |
| 1 | Financial savings Deposit | 4.00% | 4.00% |
| 2 | Time period Deposit 1 Yr | 6.90% | 6.90% |
| 3 | Time period Deposit 2 Yrs | 7.00% | 7.00% |
| 4 | Time period Deposit 3 Yrs | 7.10% | 7.10% |
| 5 | Time period Deposit 5 Yrs | 7.50% | 7.50% |
| 6 | RD-5 Yrs | 6.70% | 6.70% |
| 7 | NSC-5 Yrs | 7.70% | 7.70% |
| 8 | Put up Workplace Month-to-month Earnings Scheme (MIS) | 7.40% | 7.40% |
| 9 | Public Provident Fund (PPF) | 7.10% | 7.10% |
| 10 | Senior Citizen Financial savings Scheme (SCSS) | 8.20% | 8.20% |
| 11 | Kisan Vikas Patra (KVP) | 7.50% | 7.50% |
| 12 | Sukanya Samriddhi Scheme (SSY) | 8.20% | 8.20% |
I’ve tabulated the identical within the picture format additionally in your reference.
Options of Put up Workplace Financial savings Schemes
Now allow us to look on the Put up Workplace Small Financial savings Schemes options. This gives you extra readability in selecting the best product for you.
# Put up Workplace Financial savings Account
Like Financial institution Account, Put up Workplace additionally affords you the financial savings account to its prospects. The few options are as beneath.
- Minimal Rs.500 is required to open the account.
- Account could be opened single, collectively, Minor (above 10 years of age), or a guardian on behalf of a minor.
- Minimal steadiness to be maintained in an account is INR 500/- , if steadiness Rs. 500 not maintained, a upkeep price of 100 (100) rupees shall be deducted from the account on the final working day of every monetary 12 months and after deduction of the account upkeep price, if the steadiness within the account turns into nil, the account shall stand mechanically closed.
- Cheque facility/ATM facility can be found
- Curiosity earned is Tax-Free as much as INR 10,000/- per 12 months from the monetary 12 months 2012-13
- Account could be transferred from one publish workplace to a different
- One account could be opened in a single publish workplace.
- Not less than one transaction of deposit or withdrawal in three monetary years is critical to maintain the account energetic, else account grew to become silent (Dorment).
- Intra Operable Netbanking/Cell Banking facility is out there.
- On-line Fund switch between Put up Workplace Financial savings Accounts/Cease Cheque/Transaction View facility is out there via Intra Operable Netbanking/Cell Banking.
- The power to hyperlink with IPPB Saving Account is out there.
- Funds Switch (Sweep in/Sweep out) facility is out there with IPPB Saving Account.
# Put up Workplace Fastened Deposits (FDs)
- Minimal of Rs.1,000 and in multiples of Rs.100. There isn’t a most restrict.
- FD tenure at the moment obtainable is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs.
- Account could be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Account could be opened by money /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account.
- Account could be transferred from one publish workplace to a different
- Single account could be transformed into Joint and Vice Versa .
- Any variety of accounts could be opened in any publish workplace.
- Curiosity shall be payable yearly, No extra curiosity shall be payable on the quantity of curiosity that has grow to be due for fee however not withdrawn by the account holder.
- The annual curiosity could also be credited to the financial savings account of the account holder at his choice.
- Untimely encashment not allowed earlier than expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Put up Workplace Saving Accounts rate of interest can be payable.
- 5 Yrs FD is eligible for tax saving functions underneath Sec.80C.
# Put up Workplace Recurring Deposit (RD)
- Minimal is Rs.100 a month and in a number of of Rs.10. There isn’t a most restrict.
- Account could be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Tenure of RD is 5 years.
- Account could be opened by money / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque.
- Untimely closure is allowed after three years from the date of opening of the account.
- Account could be transferred from one Put up Workplace to a different Put up Workplace.
- Subsequent deposit could be made as much as fifteenth day of subsequent month if account is opened as much as fifteenth of a calendar month and as much as final working day of subsequent month if account is opened between sixteenth day and final working day of a calendar month.
- If a subsequent deposit is just not made as much as the prescribed day, a default price is charged for every default, default price @ 1 Rs for each 100 rupee shall be charged. After 4 common defaults, the account turns into discontinued and could be revived in two months but when the identical is just not revived inside this era, no additional deposit could be made.
- If in any RD account, there’s a month-to-month default quantity, the depositor has to first pay the defaulted month-to-month deposit with default price after which pay the present month deposit.
- There may be rebate on advance deposit of at the least 6 installments, Rs. 10 for six month and Rs. 40 for 12 months Rebate can be paid for the denomination of Rs. 100.
- One mortgage as much as 50% of the steadiness allowed after one 12 months. It could be repaid in a single lumpsum together with curiosity on the prescribed charge at any time throughout the forex of the account.
- Account could be prolonged for one more 5 years after it’s maturity.
# Put up Workplace Month-to-month Earnings Scheme (MIS)
- Most funding is Rs.9 lakh in a single account and Rs.15 lakh collectively (It’s revised throughout the Price range 2023). Earlier it was Rs.4.5 lakh for a single account and Rs.9 lakh for joint accounts.
- Account could be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Any variety of accounts could be opened in any publish workplace topic to most funding restrict by including steadiness in all accounts (Rs. 4.5 Lakh).
- Single account could be transformed into Joint and Vice Versa.
- Maturity interval is 5 years.
- Curiosity could be drawn via auto credit score into financial savings account standing at similar publish workplace,orECS./In case of MIS accounts standing at CBS Put up workplaces, month-to-month curiosity could be credited into financial savings account standing at any CBS Put up workplaces.
- Might be prematurely en-cashed after one 12 months however earlier than 3 years on the low cost of two% of the deposit and after 3 years on the low cost of 1% of the deposit. (Low cost means deduction from the deposit.).
- Curiosity shall be payable to the account holder on completion of a month from the date of deposit.
- If the curiosity payable each month is just not claimed by the account holder such curiosity shall not earn any extra curiosity.
# Put up Workplace Senior Citizen Financial savings Scheme (SCSS)
I’ve written an in depth publish on this. Confer with the identical at ” Put up Workplace Senior Citizen Scheme (SCSS)-Advantages and Curiosity Price“.
Word – Efficient from 1st April 2023, the utmost restrict is at the moment Rs.30 lakh. Earlier it was Rs.15 lakh. This alteration occurred throughout Price range 2023.
# Public Provident Fund (PPF)
I’ve written numerous posts on PPF. Refer the identical:-
# Nationwide Financial savings Certificates NSC (VIII Concern)
- Minimal Rs.1,000 and in a number of of Rs.100.
- No most restrict.
- Account could be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Tax Profit underneath Sec.80C is out there.
- Tenure is 5 years.
# Kisan Vikas Patra (KVP) Account
- Minimal Rs.1,000 and in multiples of Rs.100. There isn’t a most restrict.
- Account could be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- The cash can be double at maturity. Nonetheless, because the rate of interest adjustments on a quarterly foundation. The maturity interval additionally varies as soon as in 1 / 4.
# Sukanya Samriddhi Account Yojana (SSY)
I’ve written numerous posts on this. Refer the identical:-
Conclusion – Though inflation is exhibiting indicators of moderation, the federal government’s resolution to take care of the rates of interest for all Put up Workplace Small Financial savings Schemes for the interval of October to December 2024 suggests a cautious strategy. However, the mix of easing inflation and elevated rates of interest is advantageous for traders, because it ensures that investments will generate constructive actual returns (Return on Funding – Inflation Price).