Small Saving Scheme / Post office interest Rate Table – April, May and Jun 2020. Govt of India has announced the latest and revised post office interest rates on small saving schemes for the period July, August and September, 2020. would get updated based on announcements from GOI / MoF every quarter and not fixed. Room Rent Sub-Limits/ Capping/ Proportionate Charges in Health Insurance Policy, Rebalancing Of Portfolio – Shifting From Equity To Debt, Download Sample Financial Plan – Consolidation Of Investments. I have over 10 years of experience in the field of insurance and have worked with top two private insurance players in the country. Here is the last 8 quarter interest rates trend which would give an idea to investors how these interest rates are moving. Child`s education and Marriage Planning with Asset Allocation, How To Choose The Best Personal Accident Insurance Policy – Comparison, House Rent Allowance Rules and Regulations – HRA 2019-20, Gratuity Formula – Rules, Limit, Eligibility & Calculation 2020, Gift Tax Rate in India – Limits, Exemptions and Rules 2019-20, NRI PPF Rules – Account and Notification 2019. The PPF interest rate for 2020 is 7.1%. 10 Mutual Fund Investment Plans for Steady Income, 40+ Profitable Agriculture Business Ideas in India, 200 Good Small Scale Business Ideas with Low Investment, 20+ Future Business in India for 2025 | Future Business Ideas for 2030 and beyond, Top 10 Most Profitable Business in India with Low Investment. In such cases, the account can be closed at any time after expiry of one year of extension without any deduction. PPF, Sukanya Samriddhi Scheme, NSC, MIS, SCSS, RD,FD Post office RD can be opened as low as Rs 100 per month and in multiples of Rs 10 per month there on. This FD scheme is eligible for income tax deduction u/s 80c up to Rs 1.5 Lakhs. NSC interest rate for senior citizens would be same as regular investor. It’s very simple to opt for these schemes. Such interest rate makes it one of the most preferred investment options available. Early Retirement in India -How to Retire Early like Suresh ? Additionally, the compound interest … 7) Latest Sukanya Samriddhi Account interest rate is 7.6%. PPT is low risk option. Owing to the widespread availability of these schemes, they’re suitable for people living in both rural and urban areas. Post office offer FDs too. Just to recap quickly, in the first quarter of FY 2020-21, there was a huge reduction in interest rates of all saving schemes of Post Office. Interest Rates on PPF is 7.1%, … This will benefit many people, Sure Nanmith, can you pls post on suggest a topic so that it would be on my radar to post next week. If you’re someone who is planning to invest in these schemes, you’ve come to the right place. Trend of Post Office Small Saving Scheme Interest Rates in the last few quarters. Best Investment Plans in India and Money Saving Ideas, Latest Post Office interest Rates – Jul, Aug and Sep 2020. Investment is eligible for tax benefit under Section 80C. Post office NSC interest rate is 6.8% NSC is offered for 5 years tenure. If you already have any post office schemes, you can open a savings account and any interest of maturity proceeds of the small saving schemes would be credited to your savings account. TDS (Tax deduction at source) at the rate of 10% (started from June 2015) is deducted, if the interest … As with all other Small Saving Schemes like PPF, SCSS, Post Office RD, POMIS rates are also declared every quarter. Hi, 1) Post Office Savings Account Interest Rate is 4%, Many of us not even aware that the post office offers a savings account like any other bank account. Investments upto 1.5 Lakhs are eligible for tax rebate under Section 80C. The interest is compounded annually and payable on maturity. The interest rates will be applicable for the period … However interest rate can fluctuate. Post Office Schemes 2020 The Post Office … If you are moderate to high risk investor and willing to invest for long term, you can go for SIP mutual funds. Post Office Monthly Income Plan interest can be drawn through auto credit into savings account standing in the same post office, through PDCs or ECS. There are no tax benefits under this scheme. The trend of Post Office Interest Rates from April 2019 to April 2020. Q3 FY 2020-21. The interest is payable annually but calculated quarterly. A lot of information is filled in this blog.Thank you for sharing. Your money will double in 9 years. Here is the latest post office interest rate table applicable in July to Sep 2020 period. Post Office Monthly Income Scheme (POMIS). You can invest a maximum of Rs 4.5 Lakhs in a single account and Rs 9 Lakhs for the joint account. Interest earned is taxable too. Cheque book facility available if you can maintain Rs 500 minimum balance. Post office RD interest rate is 5.8% per annum. The interest is compounded annually and payable on maturity. Hi, You notice that there is a huge fall in the interest rates of all Post Office Saving Schemes. In case of RD the interest received is added to the income and taxed at marginal tax slab. An individual of the age of 55 years or more but less than 60 years who have retired on the superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits. Additionally, there’re a couple of schemes like the PPF, and Sukanya Samriddhi that are free from tax even at the time of maturity. Post Office MIS Interest Rate. He is NISM Certified - Investment Adviser. They have retained existing interest rates of the small saving schemes and not made any changes in Quarter 2 of FY2020-21 compared to Quarter-1. A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children. However, for SBI, the interest rates vary from tenure to tenure. The interest is compounded annually and payable on maturity. 7.15% Power Finance Corporation NCD Bonds Jan-2021 issue - Review, These 5 Tax Saving Fixed Deposits Offer interest rates up to 6.75%, Suresh KP is the Founder of Myinvestmentideas. The KVP interest rate now in 2020 is 6.9%. Your email address will not be published. Latest Post Office interest Rates Table – January to March 2021. Somaiya Institute of Management Studies. I already wrote a detailed post … What is the interest rate of Post Office RD? Section 194DA -TDS on Maturity of Life Insurance Policy, National Savings Time Deposit Account (TD). There’s a very simple method for calculating the total amount of time after which your money will double. Public Provident Fund (PPF) is one of the best savings schemes who want to accumulate wealth in the long term. If minimum Rs 25​0/- is not deposited in a financial year the account will become discontinued and can be revived with a penalty of Rs 50/- per year with a minimum amount required for deposit for that year. Great work and keep it up. Also Read: How to open TNPFC FD Scheme online? I am Ajay Pruthi, an alumnus of NIT Jalandhar and K.J. Post office schemes are considered as one of the safest investments as these are governed and guaranteed by Govt of India. RBI Floating rate saving bonds 2020 – Should you invest? You can invest a minimum of Rs 1,000 and in multiples of Rs 100 thereof. First of all, it must be noted that there’s no fixed rate of interest of FD in the post office. Enter your email address to subscribe to Moneychai and receive News Letter. Post office offers regular monthly income through this Post Office MIS scheme. Post office savings account; Like a bank savings account, one can also open a savings account with a post office and interest is paid on the balance in the savings account by the post office… Post office FDs are for 1 year, 2 years, 3 years and 5 year tenure. How to download Home Loan Interest Certificate for Tax Proofs submission? I am a Certified Financial Planner and currently working as a Paraplanner with Mr. Melvin Joseph, founder of Finvin Financial Planners. The PPF maturity period is 15 years, but can be extended within one year of maturity for the further 5 years and so on. The Senior Citizens Savings Scheme (SCSS) will continue to earn 7.40 per cent and post office time deposits will fetch 5.5-6.7 per cent. 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