Post Office Schemes: The central government changes the interest rates in small amount schemes every three months. Interest rates remained unchanged for the April-June quarter. Interest rates kept as January 2024. To this extent, the Union Finance Department said in a statement.
The central government changes the interest rates in small amount schemes every three months. Interest rates remained unchanged for the April-June quarter. Interest rates kept as January 2024. To this extent, the Union Finance Department said in a statement. Small amount savings schemes include Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Certificate, Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC) schemes.
Interest is deposited as follows
Cash in Post Office Savings Account earns interest at 4 percent per annum. A one-year cash deposit earns 6.9 percent interest. If a deposit of Rs.10 thousand is made, Rs.708 will be deposited for three months at the rate of 6.9 percent interest. 8.2 percent interest accrues as part of the Senior Citizen Savings Scheme. 205 interest compounded per quarter. If you deposit Rs.10 thousand as part of National Savings Certificate, you will get Rs.14,490 per year. PPF earns 7.1 percent per annum, Kisan Vikas Patra earns 7.5 percent per annum, Mahila Samman Savings Certificate earns 7.5 percent per annum for 3 months and Sukanya Samriddhi Account earns 8.2 percent per annum.
Exemption from tax
The government is assessing the interest rates of small savings schemes in a timely manner. Shyamala Gopinath Committee proposed interest rates. The government has increased interest rates on some small savings schemes in the December quarter of 2023. The PPF interest rate remained stable at 7.1 percent. According to Section 80C of the Income Tax Act, 1961, certain schemes in the Post Office are exempted from Income Tax. Sukanya Samriddhi Yojana, Public Provident Fund, National Savings Certificate, Senior Citizen Savings Scheme are exempt from tax.
