Small Savings Scheme: No Worries, No Hassle, Interest Will Also Be Excellent, These Post Office Schemes Will Make You Rich

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Small Savings Scheme Interest Rates: The government has increased the interest rates of some small savings schemes for the July-September quarter. Interest rates on post office one and two year time deposits and 5 year recurring deposits have been hiked. The government has not changed the interest rates of PPF (Public Provident Fund), National Saving Certificate, Kisan Vikas Patra, Senior Citizen Saving Scheme and Sukanya Samriddhi Yojana.

Many people invest money in Post Office Small Savings Schemes. These schemes are very popular as there is no risk of sinking money and good interest. Post office time deposit schemes, also known as post office FDs, have higher interest rates than bank FDs.

Any adult Indian citizen can open a time deposit account in a post office. A parent or guardian can also open a time deposit account in the post office in the name of the child.

A post office FD account can be opened by depositing a minimum of Rs.1000. There is no limit on the maximum deposit. Thousand, lakhs or crores, you can deposit as much money as you want.

The government has increased the interest rate on post office one-year time deposits from 6.8 percent to 6.9 percent. Now if you invest Rs 10,000 in this scheme for one year, you will get Rs 10,708 on maturity.

The government has also increased the interest rate on post office two-year time deposits from July 1, 2023. Now those who invest money in this scheme will get 7.0 percent interest instead of 6.9 percent. If a person invests Rs 10,000 in this scheme, he will get Rs 11,489 on maturity.

Interest on five-year recurring deposits (Post Office RD) has also been increased to 6.5 percent. It was 6.2 percent in the previous quarter.

There has been no change in the interest rates of 3-year time deposit accounts. Similar to the previous quarter, this quarter will earn 7.0 percent interest. If you invest Rs 10,000 in this FD, you will get Rs 12,314 when the FD matures.

Similarly, post office five-year time deposit holders will earn only 7.5 per cent interest this quarter. This time the interest of this scheme has also not been increased. If you invest Rs. 10,000, you will get Rs. 14,499 will be available.