Post Office Schemes: Check New Interest Rates, Benefits Of PPF, Sukanya Samriddhi, NSC, SCSS

Post Office Schemes: Check New Interest Rates, Benefits Of PPF, Sukanya Samriddhi, NSC, SCSS

People invest in various post office schemes for a variety of reasons, but its sovereign guarantee is by far the biggest advantage. Sukanya Samriddhi, Senior Citizen, Public Provident Fund (PPF), and National Savings Certificate (NSC) are just a few of the schemes offered.

The central government has not changed the interest rates for the post office savings plan for the third quarter of 2021–2022. Several post office savings plans also qualify for tax benefits under Section 80C of the Income Tax Act.

Public Provident Fund Account (PPF):

The PPF account offers an enticing long-term investing option for Indian adults with a minimal contribution of 500 rupees. Each fiscal year, the maximum deposit is Rs. 1.5 lakh. A person who is not of sound mind may also open such an account with the consent of a legal adult guardian. The interest rate on a PPF account is 7.1%.

National Savings Certificate (NSC):

A National Savings Certificate can be purchased at any post office for a minimum of 1,000 rupees. The 6.8% annual interest rate is attractive, and there is no maximum. This five-year investment plan can be opened by an individual or by a group of individuals. Anyone who is at least 10 years old may submit an NSC application in their name, even minors.

Sukanya Samriddhi Yojana Account:

The Sukanya Samriddhi Account (SSA) was created by the government of India in order to empower young girls. It offers an interest rate of 7.6% with a minimum deposit requirement of 250 and a maximum investment cap of 1.5 lakhs every financial year. There can only be two Sukanya Samriddhi Yojana accounts per family. A family may apply for additional accounts if they have twins or triplets. There is no cap on the number of deposits that can be made.

Senior Citizens’ Scheme:

A Senior Citizens Savings Scheme Account (SCSS) can be opened by anyone over 60 at the post office. However, retired military people and government employees over the age of 55 are also allowed to open these types of accounts. The required minimum investment is 1000 rupees, and the allowed maximum investment is 15 lakhs. Also highly advantageous is the interest rate, which is set at 7.4%.
For National Savings Certificates (NSC), KVP, Time Deposits, Senior Citizens Savings Scheme (SCSS), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and other savings products, the same rate of interest from the July-August-September quarter of 2021 has been maintained.

Benefits Of Post Office Savings Programs: Numerous benefits come with opening a post office savings account. Here is a list of a few of them:

  • Since post offices are constantly providing, especially in rural India, the reach is broader.
  • Most of these accounts don’t have a defined maturity date and anyone can withdraw money from them at any time with the right paperwork and a client ID.
  • Post office savings plans are particularly safe because they offer fixed and guaranteed returns and are controlled by the government.
  • Because it just requires a small minimum payment of 50 rupees, even individuals who are less wealthy can benefit from its benefits.
  • Most post office savings accounts come with debit and ATM cards, making them more convenient.
  • Moving these accounts from one post office to another is simple.
  • If the account holder passes away suddenly, you can name someone to whom the money will be transferred.
  • A combination post office savings account can be opened after opening a single one, and vice versa.


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