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Small Savings Schemes: Four amazing savings schemes of Post Office, know the complete details including interest rate

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Small Savings Schemes: Four amazing savings schemes of Post Office, know the complete details including interest rate

India Post runs several schemes for small investors with guaranteed interest rates. These schemes are revised from time to time by the Finance Ministry, which helps them to meet the needs like children’s education, marriage, savings etc.


India Post runs several schemes for small investors with guaranteed interest rates. These schemes are revised by the Finance Ministry from time to time, which helps them to meet the needs like children’s education, marriage, savings etc. These schemes come with different investment tenures and interest rates, allowing small investors to plan savings for retirement and other financial needs.

These post office schemes include Savings Account, Recurring Deposit Account, Time Deposit Account, Monthly Income Scheme, Fixed Deposit Scheme, Sukanya Samriddhi Accounts, Kisan Vikas Patra etc. Apart from this, you can open Senior Citizen Saving Scheme (SCSS) account and Public Provident Fund (PPF) account through post office and banks.

Post office savings account

4 percent interest is available annually on post office savings account. The minimum deposit amount is Rs 500 and there is no maximum limit. You can open a single or joint account with facilities like chequebook, ATM card, net and mobile banking etc. It also provides tax deduction up to Rs 10,000 under section 80TTA of Income Tax.

Recurring Deposit Account (RD)

Recurring deposit account is for five years. The minimum monthly deposit amount is Rs 100, with no upper limit. In this, 6.5 percent interest is given annually, which is compounded on quarterly basis. Loan facility up to 50 percent of the deposited amount is also available after 12 consecutive installments.

Time Deposit Account (TD)

Time deposit account has four tenures. Which are 1, 2, 3 and 5 years. The minimum deposit amount is Rs 1,000 and there is no upper limit. Interest is calculated quarterly but paid annually. The interest rates for 1, 2, 3 and 5 years are 6.9, 7.0, 7.0 and 7.5 percent per annum.

Monthly Income Scheme (MIS)

The minimum and maximum deposits for an account are Rs 1,000 and Rs 9 lakh respectively. The maximum limit for joint account is up to Rs 15 lakh. MIS account gives 7.4 percent interest per annum and matures in five years. Premature closure is allowed after one year with penalty.

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