Latest Post Office Small Saving Scheme Interest Rates Jan-24 to Mar-2024
The Ministry of Finance has released a circular indicating the revised post office small saving schemes applicable for the Jan-24 to Mar-2024 quarter. There have been a few revisions in these post office interest rates. This article will provide the Latest and Revised Post Office Small Saving Scheme Interest Rates Jan-24 to Mar-2024.
Highlights of changes in Post Office Interest Rates – Jan-24 to Mar-2024
Below are the highlights in the notification issued by Ministry of Finance on Small Saving Scheme.
- Interest rate for Post Office Time Deposit for 3 years is revised to 7.1%. Previously, it was 7%.
- Interest rate for Sukanya Samriddhi Scheme is revised to 8.2%. Previously, it was 8%.
- No change in interest rates for any other small savings scheme.
Post Office Small Saving Scheme Interest Rates – Jan-24 to Mar-2024
Below is the consolidated view of the latest interest rates on small saving schemes for the quarter Jan to Mar-24.
FAQs on Post Office Small Saving Scheme Interest Rates
#1 – What is the Post Office Double Scheme in 2024?
Kisan Vikas Patra offers an interest rate of 7.5% per annum, where investors’ money would get doubled in 115 months.
If you are looking for a safe way to double your money, you can opt for KVP Scheme.
#2 – 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. ย With quarterly compounding, 1 lakh FD in the post office would fetch the following interest amounts:
- 1 Year time deposit โ Rs 7,080
- 2 Year time deposit โ Rs 14,888
- 3 Year time deposit โ Rs 23,507
- 5 Year time deposit โ Rs 44,995
The above are approximate numbers, and actual figures may vary.
#3 – 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 as interest income.
If investors can take low risk, they 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 The amount withdrawn is mostly the returns from such a short-term fund, and one can withdraw the principal amount at any time.
#4 – 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.
- For a zero-risk doubling money scheme, 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.
#5 – 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.
#5 – 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.
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