Latest Post Office Interest Rates – Jul-24 to Sep-24

The Ministry of Finance has released a circular indicating the new interest rates on post office schemes applicable for the Jul-24 to Sep-24 quarter. Post Office schemes are guaranteed by Govt of India, hence these are safe investment options. This article will provide the Latest Post Office Interest Rates for Jul-24 to Sep-24 period.

Post Office Interest Rates Notification for Jul-24 to Sep-24

Ministry of Finance has notified new interest rates on post office applicable for the period 1-Jul-24 to 30-Sep-24. There is no change in interest rates compared to previous quarter. Here is the notification.

Latest Post Office Interest Rates - Ministry of Finance Notification- Jul-24 to Sep-24

Post Office Interest Rates Table – Jul-24 to Sep-24

Below is the latest interest rates table applicable for Jul-24 to Sep-24.

Latest Post Office Interest Rates Table - Jul-24 to Sep-24

FAQs on Post Office Small Saving Scheme Interest Rates

What are the Post Office Interest Rates for Senior Citizens?

There are no special rates for Sr. Citizens in Post Office except for SCSS which is applicable only to senior citizens. Post office interest rates are same for regular individuals as well as to senior citizens.

Latest Post Office Interest Rates - Jul-24 to Sep-24

What is the interest of 1 Lakh FD in Post office?

Post office time deposit, i.e. fixed deposit is offered for 1, 2, 3 and 5 years tenure. The revised interest rates range between 6.9% to 7.5%, compounded every quarter.  With quarterly compounding, 1 lakh FD in the post office would fetch the following interest amounts:

  • 1 Year time deposit – Rs 7,080
  • 2 Year time deposit – Rs 14,888
  • 3 Year time deposit – Rs 23,507
  • 5 Year time deposit – Rs 44,995

The above are approximate numbers, and actual figures may vary.

Which Post Office Schemes gives the highest return?

Post Office schemes gives highest interest rates for SCSS and Sukanya Samriddhi Yojana @ 8.2% per annum.

Is Post Office 100% Safe?

All post office schemes are 100% as these are backed by Indian Government.

Can I double my money in 5 years in post office?

No, you cannot double your money in 5 years. Post office offers Kisan Vikas Patra (KVP) where your money would get doubled in 115 months.

Who Can Invest in the Post Office Monthly Income Scheme?

The Post Office Monthly Income Scheme (MIS) is offered to individuals seeking regular monthly income. The maximum investment limit is Rs 9 Lakhs for individuals and Rs 15 Lakhs on a joint basis.

How can I get 10,000 interest monthly from small saving schemes?

Among all the schemes, the Monthly Income Scheme (MIS) offers a monthly payout of interest rates. However, the POMIS scheme has a maximum investment limit of Rs 9 Lakhs for individuals and Rs 15 Lakhs for joint holdings (revised in the 2023 budget). If you have invested Rs 9 Lakhs on an individual basis, one can expect Rs 5,550 per month (approx) as interest income.

Low risk investors can opt for Ultra Short Term Mutual Funds and invest Rs 15 Lakhs and create a Systematic Withdrawal Plan (SWP) to get Rs 10,000 every month. The amount withdrawn is mostly the returns from such a short-term fund, and one can withdraw the principal amount at any time.

Which scheme is the best in the post office in 2024?

The Post Office offers various savings schemes, each with its unique features.

  • If you are seeking the highest interest savings scheme for a girl child, then opt for the Sukanya Samriddhi Scheme.
  • If you want to double your money with zero-risk, consider the Kisan Vikas Patra (KVP).
  • If you are looking for tax savings under section 80C, up to Rs 1.5 Lakhs, with a minimum lock-in period among small saving schemes, you can choose the National Savings Certificate (NSC).
  • For creating wealth for the long term with zero risk, the Public Provident Fund (PPF) is a suitable option. Check How to transfer your PPF account from the Post office to bank or from one bank to another bank?

Will Post Office Interest Rates Table for 2024 Change Every Quarter?

The Ministry of Finance, Government of India, reviews the interest rates for small saving schemes every quarter and makes appropriate amendments.

Suresh KP

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