What is the interest rate in the post office scheme now, know when your money will double

RD Interest Rates: रिकरिंग डिपॉजिट अकाउंट खोलने का है प्लान, जानें बड़े बैंकों और पोस्ट ऑफिस की ब्याज दर

Interest Rate on Post Office Scheme (Indicative Image)

There are many post office schemes on which a substantial amount of interest is given by the government. Talking about Sukanya Samriddhi Yojana (SSY), it is the most popular scheme of post office which is run for daughters. Currently, 7.6% interest is being given in SSY. 1.5 lakh can be deposited in a year. In this scheme money doubles in 9 years 4 months. In this, all types of tax exemptions are available.

For those who need money every month, the Monthly Scheme (MIS) of the Post Office is very popular. At present, the return of 6.6% is being given on MIS. The maximum amount that can be deposited in this account is Rs 4.5 lakh. In this scheme, the rate of interest is fixed in advance, on the basis of which a fixed amount is given to the depositor every month. MIS account can be opened only in post office. Account can be opened after depositing at least 1000 rupees in it. Deposits get tax exemption under section 80C. Interest earned is taxable, but TDS is not deducted. Premature withdrawal can be done after 1 year of account opening. There is a 2% penalty for withdrawing money before 3 years and 1% penalty for withdrawing money after 3 years.

About Monthly Scheme

On depositing Rs 1 lakh in the Post Office Monthly Scheme, Rs 550 per month and Rs 4950 for depositing Rs 9 lakh per month. The interest rate gets fixed for 5 years as soon as you put money in the scheme. Whether the interest is increased or decreased, it will not make any difference to your earnings. Similarly, Public Provident Fund or PPF is considered to be the best scheme of the post office. Right now it is getting 7.1% interest. This account can be opened in a bank or post office. This account can be opened by depositing Rs.500. The maturity of this account is 15 years and can be extended for 5 years later. The account can be withdrawn prematurely after 5 years of operation. You can deposit up to a maximum of Rs 1.5 lakh in a year. On this the interest rates keep on changing. Maturity money gets the benefit of tax exemption under section 80C.

How much profit on RD and FD

Similarly, RD, FD, NSC or KVP scheme is also run in the post office. The RD currently has 5.8% interest and has a maturity period of 5 years. You can start RD from Rs.100. Interest earned is taxable but TDS is not deducted on the money deposited by RD. If you deposit 1000 rupees every month in this account, then you get the maturity amount around 70 thousand. If you deposit Rs 15,000 every month, you get around 10 lakhs.

Who is better in NSC and KVP?

The interest rate in National Savings Certificate or NSC is currently 6.80 percent. In this scheme, money doubles in 10 years 4 months. In this the interest rate is fixed in advance. The maturity of this account is of 5 years. The interest rate in Kisan Vikas Patra or KVP is 6.90 percent and has a maturity of 124 months. In this scheme, the money becomes double in 10 years 3 months. In this also the interest rate is fixed in advance. Both the accounts can be opened only at the post office. The interest earned in both the schemes is taxable, but TDS is not deducted. The maturity period in KVP is more, so it is advisable to invest money in NSC.

How much interest on savings account

Interest of 4% is available in the savings account of the post office. If a person makes a term deposit or FD in the post office for 5 years, then he will get an interest of 6.70 percent. Be it senior citizens or general depositors, there is a rule to give the same interest rate to everyone on the post office FD. Banks are getting 5% interest on FDs, but the post office gives 6.7%. No TDS is deducted on Post Office Deposit Scheme, hence it is considered as a better source of earning.

Read also: How to withdraw maximum PF money without leaving job, also know how to save TDS on withdrawal


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