NSC interest rate for senior citizens would be same as regular investor. Post Office Monthly Income Scheme (POMIS). This FD scheme is eligible for income tax deduction u/s 80c up to Rs 1.5 Lakhs. Post office offers regular monthly income through this Post Office MIS scheme. Early Retirement in India -How to Retire Early like Suresh ? At the same time, you can purchase Kisan Vikas Patra for a time period of 9 years and 4 months. Post office RD is basically a monthly investment for a fixed period of … Post office schemes are considered as one of the safest investments as these are governed and guaranteed by Govt of India. This is really a shocking to all those who are completely relying on Post Office Saving Schemes. Suresh KP i.e. Post Office MIS interest rate is 6.6%. In such cases, the account can be closed at any time after expiry of one year of extension without any deduction. Best Recurring Deposit Interest Rates 2020 Interest rates on recurring deposit keep on changing from time to time. Post office NSC interest rate is 6.8% NSC is offered for 5 years tenure. I have SIP and other stuff already in place. Ministry of Finance notified the applicable latest Post Office Interest Rates July-Sept 2020. However, in the last quarter, the Government reduced the interest rates … Also Read: How to open TNPFC FD Scheme online? If you want to go for a normal savings account, then the post office savings account is the best option for you. If you are investing for fulfilling your long term financial plan, KVP is the best low-risk savings option. One can open account up to child age of 10 years from the date of birth. Discount means deduction from the deposit. The best thing about the post office schemes is that it has different schemes with different tenures. I love doing analysis on various Best Investment Plans like mutual funds, Stocks, IPO’s, NCD Bonds, Insurance products. He has been analyzing financial markets in the last 20 years.He can be reached at suresh@myinvestmentideas.com. For example, if the prevailing interest rate is 8%. Your email address will not be published. You can open Post office FD online by logging into internet banking of the post office portal. Latest NSC interest rate in 2020 is 6.8%. The interest paid on a fixed deposit by the post office … SSA can be closed after completion of 21 years. Some schemes offer tax benefits at the time of investment whereas some on interest rates. 112 months. The interest rate for FD is 7.7% and it’s compounded annually. However, for SBI, the interest rates vary from tenure to tenure. Also Read : Senior Citizen Savings Scheme 2020. If you are low risk taker and okay with these returns / fluctuating interest rates (like in current scenario), one can go for PPF, Your email address will not be published. If you want to go for long term investments, NSC is a relatively better option. Please let me know is it wise decision? Enter your email address to subscribe to this blog and receive notifications of new posts by email. Your email address will not be published. Latest NSC interest rate in … Sukanya Samriddhi Yojana interest rate is 7.6%. National Savings Recurring Deposit Account (5 Years RD). Post office National Savings Certificate (NSC) – VIII issue. Stove Kraft IPO Review – Should you Apply or Avoid? For KVPs, the money will double in 9 years and 4 months, i.e. Also, you can calculate the amount at maturity. I want to invest in PPF per month 3000 rs. TDS is applicable for interest more that 50,000. Additionally, there’re a couple of schemes like the PPF, and Sukanya Samriddhi that are free from tax even at the time of maturity. Q3 FY 2020-21. You can invest in the post office monthly income scheme for an assured regular income. They have indicated no changes in small saving scheme interest rates in July, August and September, 2020 compared to earlier rates announced for Apr-Jun period. On the other hand, if the prevailing rate of interest is 7.7%, as in Kisan Vikas Patra, your money will double in 9 years and 4 months. LIC Jeevan Labh Review – Why Every Blogger Ended Up Calculating Wrong Returns? This is an interesting blog . The PPF interest rate for 2020 is 7.1%. Investment is eligible for tax rebate under Section 80C. … 1 Year Deposit account will fetch you returns up to 7%. 1 year to less than 2 … There is no maximum limit on the investment. In the last quarter (July-Sept 2020), Government not changed the interest rates … Interests are paid monthly under this scheme. You can invest a maximum of Rs 4.5 Lakhs in a single account and Rs 9 Lakhs for the joint account. This article covers the various options available under post office schemes along with their interest rates table, calculators related to FD, RD, and monthly income schemes. What are the latest Post Office interest rates on FDs, MIS, SCSS, NSC, KVP, PPF and SSY Schemes? Such interest rate makes it one of the most preferred investment options available. Moreover, the rate of interest of FD in Post Office differs with each tenure. 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. Required fields are marked *. resident Indians. 5 Year account will fetch you up to 7.8% returns. 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. 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. You can invest a minimum of Rs 1,000 and in multiples of Rs 100 thereof. 2 Years and 3 Years deposit account will also fetch you up to 7% returns. RBI Floating rate saving bonds 2020 – Should you invest? You can invest a minimum of Rs 250 and maximum of Rs 1.5 Lakhs in a financial year. Below is the interest rate … This article covers the various options available under post office schemes along with their interest rates table, calculators related to FD, RD, and monthly income schemes. 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… However the transfer process will be done by respective Head Post Offices. One can easily enroll in a scheme at authorised post office branches and banks situated across India. Your money will double in 9 years. However interest rate can fluctuate. Such amount would qualify for IT deduction u/s 80c. Post Office RD Plan 2020 and Post Office Recurring Deposit scheme explained in Hindi. Latest Post Office interest Rates Table – January to March 2021. Post office FDs are for 1 year, 2 years, 3 years and 5 year tenure. Besides, KVPs can be encashed only after a period 2 and ½ years from the date of issue. SBI RD rates effective 8 January 2021. me, have written 1800+ articles on this Blog. This interest would be compounded every quarter. Also Read: Shriram Transport Finance FD Scheme offers up to 10% yield. 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. One can deposit a minimum of Rs 1,000 and maximum of Rs 15 Lakhs. Small Saving Scheme / Post office interest Rate Table – April, May and Jun 2020. Post office RD can be opened as low as Rs 100 per month and in multiples of Rs 10 per month there on. 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. Types of Recurring Deposit Interest Rates. 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. would get updated based on announcements from GOI / MoF every quarter and not fixed. This interest would be compounded every quarter. I am a Certified Financial Planner and currently working as a Paraplanner with Mr. Melvin Joseph, founder of Finvin Financial Planners. When it comes to selecting the best post office scheme, it all depends on your requirements and ultimate goal. 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 interest is compounded annually and payable on maturity. Somaiya Institute of Management Studies. Post office fixed deposit interest rates for 1 year, 2 years and 3 years is 5.5%. You can download the Post Office FD & RD Calculator for calculating the total returns. Post Office MIS Interest Rate. FD Interest Rates: For the quarter ending September 30, India Post provides a 5.5-6.7% return on FDs. The Post Office RD Interest Rate for FY 2020-21 (July to September) is 5.8% (Check latest Post Office RD Interest Rate) The minimum investment amount is Rs 100/month and there is no … Senior Citizens Savings Scheme Account​ (SCSS). How to download Home Loan Interest Certificate for Tax Proofs submission? Here are the Sukanya Samriddhi Yojana details. POST OFFICE RD calculator online - Calculate POST OFFICE RD Interest rate using POST OFFICE Recurring Deposit calculator 2021. There is no maximum limit on NSC investment. You notice that there is a huge fall in the interest rates of all Post Office Saving Schemes. If you liked my blog and want to discuss further on comprehensive fee only financial planning, feel free to get in touch by visiting Finvin Financial Planners. Post office RD interest rate is 5.8% per annum. Post office NSC Interest Rate in 2020 now – 6.8% (VIII issue) NSC is available for 5 years tenure. The interest rate is compounded annually and payable on maturity. https://www.bankbazaar.com/fixed-deposit/post-office-fixed-deposit-rate.html You can invest a minimum of Rs 1,000 and in multiples of Rs 100 thereof. It must be noted that NRIs are not allowed to invest in these Schemes. The interest is compounded annually and payable on maturity. Post Office Fixed Deposit interest rates are decided by the Government of India (every quarter) under Small Saving Schemes. Simple Example of Power of Compounding For Youngsters, Creating Equity Portfolio for Your Investments, Creating Debt Portfolio For Your Investments, Those 1%-2% Extra Returns In NCD (Non-Convertible Debentures). In this Post Office Interest Rates Table January 2021 to March 2021, it is quite clear that the rate of interest for all post office saving schemes have been kept unchanged. The Post Office MIS Interest Rate for 2020 (Jan to Mar) are 7.6%. As per the schedule, Government announced the interest rate applicable to all Post Office Savings Schemes from 1st October 2020 to 30th December 2020. Ministry of Finance notified the applicable latest Post Office Interest Rates Oct – Dec 2020. Required fields are marked *. Section 194DA -TDS on Maturity of Life Insurance Policy, National Savings Time Deposit Account (TD). Latest Post Office Interest Rates Oct – Dec 2020. This is variable, i.e. 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. Premature withdrawal is permissible every year from a 7th financial year from the year of opening account. If you’re planning to go for long term debt investment, PPF is undoubtedly the best option. The interest is payable annually but calculated quarterly. Furthermore, these schemes offer good returns along with the highest level of safety and assurance for financial security in the future. Hi, If you are looking for the post office scheme to double the money, you can invest in KVP. You can open Post office FD with a minimum of Rs 1,000 and in multiples of Rs 100. KVP certificate can be en-cashed after 2 & 1/2 years from the date of issue. Again, you can invest in the senior citizen savings scheme for an assured regular income to fulfill your retirement needs. Shriram Transport Finance FD Scheme offers up to 10% yield. In this article we would provide the latest and revised post office interest rates that are applicable for July to September, 2020. There are several other features like any other bank account. Post office recurring deposit also called as National Savings Recurring Deposit is offered for 5 years tenure. Updated: August 10, 2020 6:05 pm IST. Owing to the widespread availability of these schemes, they’re suitable for people living in both rural and urban areas. Here is the post office interest rates table for the year 2020. Also, Interest and maturity is tax free. Just to quickly recap, 3rd and 4th quarters of FY 2019-20, there was no change. Hi Suresh Revised Post Office Small Saving Schemes Interest rates Oct – Dec 2020. Here are the details of the Post Office Fixed deposit schemes. Here is the last 8 quarter interest rates trend which would give an idea to investors how these interest rates are moving. Customers can choose to deposit a fixed sum of money for … 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. Interest earned is taxable too. Divide 72 by the prevailing interest rates. From To Interest Rate… If you’re someone who is planning to invest in these schemes, you’ve come to the right place. Premature withdrawal is allowed after 1 year, however, it would be to 1.5% lower interest rate & after 2 years it would be 1% lower deposit rate. SIP mutual funds on other hand are high risk, but can give high returns. Many get doubt whether SCSS interest rate is fixed or variable. The interest rates will be applicable for the period … Investments upto 1.5 Lakhs are eligible for tax rebate under Section 80C. In this post office scheme, the individual applicant should be a girl child aged between 1-10 years. 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. Post Office Saving Scheme 2021: PPF, NSC, FD, RD, MIS Interest Rate November 4, 2020 November 4, 2020 by wp admin Post Office Saving Scheme provides a number of the money-saving schemes in each and every branch of the post office … This RD account can be transferred from one post office to another. After How Many Years, FD Will Get Doubled In the Post Office? I have over 10 years of experience in the field of insurance and have worked with top two private insurance players in the country. Any individual of the age of 60 years and above can open SCSS. Post office FD rate for 5 years tenure is 6.7%. 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. Somaiya Institute of Management Studies. TDS (Tax deduction at source) at the rate of 10% (started from June 2015) is deducted, if the interest … The interest is compounded annually and payable on maturity. There are no tax benefits under this scheme. Great work and keep it up. Should I Surrender My Jeevan Anand Policy from LIC? Post Office Recurring Deposit Scheme (RD): Interest Rates 2021, Maturity Calculator, Premature Withdrawal Rules December 24, 2020 January 4, 2021 Post Office Recurring Deposit (PORD) Scheme is a systematic savings plan, where you can deposit your money for a definite time period and earn interest … 1, 2, 3, and 5 years; each has its own preset interest rate. Tax on Recurring Deposit Interest Rates. Sukanya Samriddhi comes under EEE. Subscribe to our newsletter to get the latest scoop right to your inbox. Senior Citizens Saving Scheme (SCSS) interest rate is 7.4% per annum for July to Sep 2020. Since PPF is safe and tax free returns compare to debt funds and FD/RD. If you are willing to make regular investments for a higher interest rate, you can invest in 5 years RD for generating the desired returns. Post office Small Saving Schemes and their features. 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. Regular Savings Scheme - Banks offer recurring deposits to Indian citizens above the age of 18 years. In case of RD the interest received is added to the income and taxed at marginal tax slab. 6) The government decides the 5-year RD rate for Post Office. Additionally, the interest rates offered are much better. Since all post office deposits are government-backed, they’re completely safe and come with security assurance. You can invest a minimum of Rs 500 and maximum of Rs 1.5 Lakhs in a financial year. If you observe NSC interest rate chart, it shows in declining mode in the last few quarters. You can invest a minimum of Rs 1,000 and in multiples of Rs 100 thereof. These rates are in turn determined as per the performance of government securities/bills. As with all other Small Saving Schemes like PPF, SCSS, Post Office RD, POMIS rates are also declared every quarter. Hi, After maturity, the SCSS can be extended for a further 3 years within 1 year of the maturity by giving application in prescribed format. Additionally, the compound interest … Investment is eligible for tax benefits under Section 80C for 5 years. The rate of interest offered on the RD scheme in post office in 2019 is 7.2% p.a. There is a wide range of interest rates available varying from 4% in post office savings account to 8.7% in the Senior Citizens Savings Scheme. Most of the post office schemes offer tax benefits under Section 80C. Cheque book facility available if you can maintain Rs 500 minimum balance. Now let review the new interest rates on post office schemes in detail. Post Office Recurring Deposit. Best Investment Plans in India and Money Saving Ideas, Latest Post Office interest Rates – Jul, Aug and Sep 2020. 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