SCSS, PPF, SSY Interest Rates April-June 2024: Know How Much You Will Earn From Post Office Savings Scheme – News18

Various authorities-backed financial savings schemes can be found by way of completely different monetary establishments throughout the nation. Each scheme is characterised by particular options comparable to tenure, eligibility standards, deposit limits and rates of interest.

These schemes, initiated by the federal government, serve numerous segments of society. Some are designed particularly for senior residents, whereas others intention to assist girls’s welfare. Additionally, there are specialised schemes tailor-made for farmers and people within the salaried workforce.

Post Office Savings Schemes Interest Rates

The rates of interest for put up workplace financial savings, senior residents saving schemes (SCSS), and public provident fund (PPF) will stay unchanged for the quarter beginning April 1st, 2024.

The authorities sometimes revises these charges each quarter. For the preliminary quarter of fiscal yr FY25 (April-June 2024), the federal government has determined to take care of the rates of interest on the similar degree as these set within the previous January-March 2024 quarter.

Last Rate Revision

The central authorities had raised the speed of curiosity on two small financial savings schemes for January-March 2024 by 10-20 foundation factors, making it the sixth quarter in a row that charges on these devices have been elevated.

Here are the newest rates of interest (April-June 2024) of ten authorities-backed schemes that may be availed from put up places of work throughout the nation;

1. Senior Citizens Savings Scheme

• Minimum deposit Rs 1000 within the multiples thereof with a most deposit of Rs 30 lakhs.
• An particular person who has attained the age of 60 years or above on the date of opening of an account or a person who has attained the age of 55 years or extra however lower than 60 years and has retired beneath Superannuation, VRS or Special VRS, can open an account.
• Retired personnel of Defence Services (excluding Civilian Defence staff) might open an account upon attaining the age of fifty years topic to the fulfilment of different specified situations.
• A depositor might open an account individually or collectively with a partner.
• Interest shall be payable from the date of deposit to thirty first March/ thirtieth June/thirtieth September/thirty first December on 1st working day of April/July/October/January because the case could also be, within the first occasion and thereafter, curiosity shall be payable on 1st working day of April/July/October/January.
• The account could be closed after the expiry of 5 years from the date of opening of the account.
• The depositor might lengthen the account for an additional interval of three years.
• Premature closure is permissible topic to sure situations.
• Deposits in SCSS qualify for deduction u/s 80-C of the Income Tax Act.
• Senior Citizens Savings Scheme Interest charge: (April 01 to June 30, 2024)- 8.20%

2. National Savings (Monthly Income Account) Scheme

• Minimum Rs 1000 within the multiples thereof. Maximum Rs 9 lakhs in a single account and Rs 15 lakhs in a joint account.
• The account matures in 5 years.
• A depositor might function a couple of account beneath this scheme topic to the ceiling of the utmost quantity, which can be invested in a single, or joint account.
• The account could be closed prematurely after one yr however earlier than the expiry of three years on deduction of two% of the deposit. In case the account is closed after the expiry of three years, 1% of the deposit shall be deducted.
• National saving account rate of interest: (April 01 to June 30, 2024)- 7.4%

3. National Savings Time Deposit Account

• Four classes of Time Deposit Accounts can be found – 1 yr, 2 years, 3 years and 5 years
• Minimum deposit Rs 1000 and thereafter within the multiples of Rs 100.
• No most deposit restrict.
• An account could be closed after six months. Where deposits within the account are withdrawn prematurely after six months however earlier than one yr, easy curiosity at POSA charge shall be payable.
• Deposits in 5-yr Time Deposit qualify for deduction u/s 80-C of Income Tax Act.
• Interest: (April 01 to June 30, 2024)- 6.90 (1 yr) 7 (2 years) 7.10 (3 years) and seven.5% (5 years).

4. National Saving certificates (VIII challenge)

• Minimum deposit Rs 1000/- and thereafter in a number of of Rs 100.
• Account matures in 5 years
• No most deposit restrict.
• A single holder sort account could also be opened by an grownup for himself or on behalf of a minor.
• A single holder sort account can also be opened by a minor on attaining the age of 10 years.
• Joint ‘A’ Type accounts could also be opened by as much as three adults payable to each the holders collectively or to the survivor.
• Joint ‘B’ Type accounts could also be opened by as much as three adults payable to both of the survivors.
• Loan facility out there by pledging with the banks.
• Interest: (April 01 to June 30, 2024)- 7.7%.

5. Public Provident Fund Scheme

• The minimal deposit Rs 500 and the utmost deposit Rs 1,50,000 in a monetary yr.
• Loan facility is obtainable from third monetary yr upto sixth monetary yr.
• Withdrawal is permissible yearly from seventh monetary yr.
• Account matures on completion of fifteen full monetary years from the tip of the yr wherein the account was opened.
• After maturity, the account could be prolonged for any quantity for a block of 5 years with additional deposits.
• Account could be retained indefinitely with out additional deposit after maturity with the prevailing charge of curiosity.
• The quantity within the PPF account will not be topic to attachment beneath any order or decree of a court docket of legislation.
• Deposit qualifies for deduction beneath Sec.80-C of I.T.Act.
• Interest earned within the account is free from Income Tax beneath Section -10 of I.T.Act.
• PPF Interest charge: 7.1%

6. Sukanya Samriddhi Account

• Minimum deposit Rs 250 and most deposit Rs 1.5 lakhs in a monetary yr.
• The account could be opened within the identify of a woman youngster until she attains the age of 10 years.
• Only one account could be opened within the identify of a woman youngster.
• Accounts could be opened in put up places of work and authorised banks.
• Withdrawal shall be allowed for increased training of the account holder to satisfy training bills.
• The account could be prematurely closed in case of marriage of a woman youngster after her attaining the age of 18 years.
• The account could be transferred wherever in India from one Post workplace/Bank to a different.
• The account shall mature on completion of a interval of 21 years from the date of opening of the account.
• Deposit qualifies for deduction beneath Sec.80-C of I.T.Act.
• Interest earned within the account is free from Income Tax beneath Section -10 of I.T.Act.
• Sukanya Samriddhi Account Interest charge April 01 to June 30, 2024: 8.20%

7. Mahila Samman Saving Certificate

Mahila Samman Saving Certificate scheme is a one-time new small financial savings scheme of the federal government of India introduced within the Budget 2023.

This gives a deposit facility upto Rs.2 lakh within the identify of ladies or women for a tenure of two years at a set rate of interest of seven.5 per cent with a partial withdrawal possibility.

8. Kisan Vikas Patra

• Minimum Rs 1000 and thereafter in multiples of Rs 100.
• No most deposit restrict.
• A single-holder sort account could also be opened by an grownup for himself or on behalf of a minor.
• A single-holder sort account can also be opened by a minor on attaining the age of 10 years.
• Joint ‘A’ Type accounts could also be opened by as much as three adults payable to each the holders collectively or to the survivor.
• Joint ‘B’ Type accounts could also be opened by as much as three adults payable to both of the survivor.
• Accounts could be opened in put up places of work and in authorised banks.
• Kisan Vikas Patra could be transferred from one particular person to a different and from one put up workplace to a different.
• Kisan Vikas Patra could be encashed after 2 and half years from the date of funding on the following charges.
• Money doubles on maturity.
• Interest charge: 7.5 % (115 months maturity)

9. Recurring Deposit Account Scheme

• In this scheme, a minimal of Rs 100 per 30 days could be deposited with no most restrict fastened.
• Advance deposits could be made on the possibility of the depositor for six months or 12 months and earn a rebate.
• The scheme account matures in 5 years. Withdrawal to the extent 50% of the quantity of the present stability is permissible after one yr of the opening of the account.
• The account could be closed prematurely after 3 years with easy curiosity on the charge of a Post Office Savings Account (POSA).
• Currently, the speed of curiosity is 6.7% on 5 years RD

10. Post Office Saving Account

• In this scheme, a minimal deposit of Rs 500 is required and there’s no most deposit restrict.
• An individual can open the account in his personal identify individually or collectively with an grownup particular person. The account could be opened on behalf of a minor.
• Also, a minor who has attained the age of 10 years might open the account independently.
• Interest within the account as much as Rs 10,000 qualifies for deduction from Income in a monetary yr beneath the Income Tax Act.
• The scheme is providing an rate of interest of 4 p.c.

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