Post Office Small Saving Schemes for Oct, Nov and December-2021

Post Office Small Saving Scheme Interest Rates – Oct to Dec-2021

Post Office Small Saving Schemes for Oct, Nov and December-2021Post Office Small Saving Scheme Interest Rates – Oct to Dec-2021

Ministry of Finance has kept interest rates on small saving schemes unchanged for the period October to December, 2021. Post office schemes / small saving schemes are considered as the safest investments as these are sovereign i.e., guaranteed by Government of India. In this article we would provide latest post office small saving scheme interest rates for October to December-2021.

MoF notification on post office interest rates Q3 FY2021-22 here

Also Read: HDFC Green and Sustainable Fixed Deposit Scheme

Latest Post Office Small Saving Scheme Interest Rates – Scheme wise

Here are the latest and revised post office interest rates applicable for the period – 1st October 2021 to 31st December 2021.

1)  Post Office Savings Account – 4%

2)  Post Office FD rates for 1 Year – 5.5%

3)  Post Office FD rates for 2 Years – 5.5%

4)  Post Office FD rates for 3 Years – 5.5%

5)  Post Office FD rates for 5 Years – 6.7%

6)  Post Office Recurring Deposit Rates – 5.8%

7)  Senior Citizen Savings Scheme (SCSS) interest rates – 7.4%

8)  Post Office Monthly Income Scheme interest rate – 6.6%

9)  NSC interest rate – 6.8%

10)  Post Office PPF Interest Rate – 7.1%

11)  Kisan Vikas Patra rate – 6.9%

12)  Sukanya Samriddhi Account (SSA) interest rate – 7.6%

Small Saving Schemes Interest Rates Table – Last 8 quarters trend

Here is the last 8 quarters post office interest rates trend. If you observe Post Office Interest Rates Table 2021, these rates are reduced from 1st April 2020 onwards and these are constant after that.

Post Office Small Saving Schemes – Features and Interest Rates

Here are the features of small saving schemes. One should note that post office interest rates for senior citizens are same as regular investors i.e., no special interest rates for them.

1) Post Office Fixed Deposits

Post Office Term Deposits (FD) are offered for 1 year, 2 years, 3 years and 5-year period.

Post Office FD rates are in the range of 5.5% to 6.7% for 1 to 5 years tenure.

FD interest rates are compounded every quarter.

5-year Post office FD is eligible for IT deduction u/s 80c up to Rs 1.5 Lacs in a financial year.

Check Complete Post Office Fixed Deposit details

2) Post office RD (Recurring Deposit)

Post office RD is offered for 5 years tenure.

Post office RD interest rate for Oct to Dec-2021 is 5.8% per annum

This RD interest rate is compounded every quarter.

Post office RD interest rate is more or less same comparable to major commercial banks FD rates.

3) National Savings Certificate (NSC)

NSC is issued for 5 years tenure.

NSC interest rate for Oct-21 to Dec-21 is 6.8%. This is compounded annually and paid on maturity.

While there is no maximum limit, investment in NSC up to Rs 1.5 Lakhs in a financial year qualifies for income tax deduction u/s 80c.

4) Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) would double your money in the post office.

KVP has a tenure of 124 months.

Latest KVP interest rate for Oct to Dec-21 is 6.9%, which is compounded annually and paid on maturity.

5) Post Office MIS

Post office Monthly Income Scheme (PO MIS) provides monthly income.

POMIS has 5 years tenure.

Post office Monthly Income Scheme interest rate for Oct-Dec-21 is 6.6%.

One can invest a minimum of Rs 1,000 in this scheme.

Maximum amount of investment is Rs 4.5 lakhs for a single account. In case of joint account, one can invest up to Rs 9 Lakhs.

6) Sukanya Samriddhi Account (SSA)

SSA can be opened for girl child by a parent or by a guardian.

Latest interest rate on Sukanya Samriddhi for Oct to December, 2021 is 7.6%.

Interest is compounded annually and paid on maturity.

One can invest a minimum of Rs 250 and maximum of Rs 1.5 Lakhs in a financial year.

Amount invested in SSA is eligible for income tax deduction u/s 80c up to Rs 1.5 Lakhs.

7) Senior Citizens Saving Scheme (SCSS)

Individuals who are above 60 years can open SCSS.

Senior Citizens Saving Scheme (SCSS) interest rate is 7.4%

This interest is paid every quarter.

Such interest rate would be reviewed and reset every quarter.

Minimum investment in SCSS is Rs 1,000 and the maximum amount is Rs 15 Lakhs.

SCSS has a tenure 5 years.

SCSS scheme can be extended for a further 3-year period within 1 year of the maturity.

There are no Post Office interest rates for Senior Citizens except for this SCSS scheme which is applicable only for senior citizens. Hence, we are not providing separate interest rates table for senior citizens. One can also look at various senior citizen saving schemes which are zero risk, low risk and moderate risk.

8) Public Provident Fund (PPF)

PPF is one of the best investments to accumulate money in the long term.

PPF has a lock-in period of 15 years.

PPF interest rate for Oct-21 to Dec-21 is 7.1%.

This interest is compounded annually and paid on maturity.

Minimum investment in PPF is Rs 500 and maximum is Rs 1.5 Lakhs in a financial year.

Investment in PPF would quality for income tax deduction u/s 80c to Rs 1.5 Lakhs.

One can open PPF in Post Office or any large commercial banks.

If you are not happy with post office or any bank where you have PPF, you can transfer them to another bank.

Interest received in PPF is tax free.

On maturity of 15 years, PPF can be extended for a block of 5 years for any number of times.

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One thought on “Post Office Small Saving Scheme Interest Rates – Oct to Dec-2021”

  1. 1) The interest rates are a bit on the lower side

    2) If rates are changing in every quarter, there is no stability as well

    3) Sukanya option is good but is only for parents of girls

    I think this is why in spite of risks, NCDs are over subscribed.

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