By:MoneyChai Investment Last Updated: 7 Apr, 2020. It must be noted that NRIs are not allowed to invest in these Schemes. 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. There is no maximum limit on Post Office RD. Normal Premature closure will be allowed after completion of 18 years /provided that girl gets married. Latest NSC interest rate in 2020 is 6.8%. 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 … PPT is low risk option. Your email address will not be published. This FD scheme is eligible for income tax deduction u/s 80c up to Rs 1.5 Lakhs. Retirement Asset Allocation – By Age or Goal or Risk Tolerance? In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices. Such amount would quality for income tax deduction u/s 80c. 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 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. What are the latest Post Office interest rates on FDs, MIS, SCSS, NSC, KVP, PPF and SSY Schemes? You can open Post office FD with a minimum of Rs 1,000 and in multiples of Rs 100. Updated: August 10, 2020 6:05 pm IST. If you are moderate to high risk investor and willing to invest for long term, you can go for SIP mutual funds. In this article we would provide the latest and revised post office interest rates that are applicable for July to September, 2020. Tax on Recurring Deposit Interest Rates. I am a Certified Financial Planner and currently working as a Paraplanner with Mr. Melvin Joseph, founder of Finvin Financial Planners. The interest rate for FD is 7.7% and it’s compounded annually. Post Office MIS interest rate is 6.6%. But when it comes to investing in these schemes, it becomes extremely important to consider all the available options. I am a Certified Financial Planner and currently working as a Paraplanner with Mr. Melvin Joseph, founder of Finvin Financial Planners. This is an interesting blog . Let’s take a look at the advantages of these Schemes. Somaiya Institute of Management Studies. What is the latest Post Office Interest Rates April-June 2020? As with all other Small Saving Schemes like PPF, SCSS, Post Office RD, POMIS rates are also declared every quarter. Post Office Recurring Deposit. resident Indians. 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. Trend of Post Office Small Saving Scheme Interest Rates in the last few quarters. Revised Post Office Small Saving Schemes Interest rates Oct – Dec 2020. Interest earned is taxable too. 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 RD calculator online - Calculate POST OFFICE RD Interest rate using POST OFFICE Recurring Deposit calculator 2021. 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. Enter your email address to subscribe to this blog and receive notifications of new posts by email. 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 … 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. In the last quarter (July-Sept 2020), Government not changed the interest rates … Latest Post Office interest Rates Table – January to March 2021. 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. Q3 FY 2020-21. Additionally, the interest rates offered are much better. After How Many Years, FD Will Get Doubled In the Post Office? PPF, Sukanya Samriddhi Scheme, NSC, MIS, SCSS, RD,FD 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. I have over 10 years of experience in the field of insurance and have worked with top two private insurance players in the country. Your money will double in 9 years. 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. 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 … I want to invest in PPF per month 3000 rs. Senior Citizens Saving Scheme (SCSS) interest rate is 7.4% per annum for July to Sep 2020. Let’s take a look at the various schemes available under the post office in 2020. Should I Surrender My Jeevan Anand Policy from LIC? Required fields are marked *. Latest Post Office Interest Rates Oct – Dec 2020. You can invest a minimum of Rs 1,000 and in multiples of Rs 100 thereof. TDS is applicable for interest more that 50,000. He has been analyzing financial markets in the last 20 years.He can be reached at suresh@myinvestmentideas.com. 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. Shriram Transport Finance FD Scheme offers up to 10% yield. SSA can be closed after completion of 21 years. Types of Recurring Deposit Interest Rates. One can open account up to child age of 10 years from the date of birth. There’s a very simple method for calculating the total amount of time after which your money will double. In this post office scheme, the individual applicant should be a girl child aged between 1-10 years. Somaiya Institute of Management Studies. 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. Section 194DA -TDS on Maturity of Life Insurance Policy, National Savings Time Deposit Account (TD). 112 months. There is a rebate on advance deposit of at least 6 installments. Besides, the tenure for term deposits ranges from 1 to 5 years. Public Provident Fund (PPF) is one of the best savings schemes who want to accumulate wealth in the long term. You can invest a maximum of Rs 4.5 Lakhs in a single account and Rs 9 Lakhs for the joint account. You can download the Post Office FD & RD Calculator for calculating the total returns. I am Ajay Pruthi, an alumnus of NIT Jalandhar and K.J. Some schemes offer tax benefits at the time of investment whereas some on interest rates. Post office Small Saving Schemes and their features. 2) Post Office FD interest rates – 5.5% to 6.7%. 2 Years and 3 Years deposit account will also fetch you up to 7% returns. Discount means deduction from the deposit. Post office offer FDs too. Best Recurring Deposit Interest Rates 2020 Interest rates on recurring deposit keep on changing from time to time. What is the interest rate of Post Office RD? The Post Office offers a number of different savings schemes to investors. You can open Post office savings account with Rs 500. You notice that there is a huge fall in the interest rates of all Post Office Saving Schemes. 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. The Post Office MIS Interest Rate for 2020 (Jan to Mar) are 7.6%. This is really a shocking to all those who are completely relying on Post Office Saving Schemes. I am Ajay Pruthi, an alumnus of NIT Jalandhar and K.J. Your email address will not be published. Sukanya Samriddhi Yojana interest rate is 7.6%. Senior Citizens Savings Scheme Account​ (SCSS). I have SIP and other stuff already in place. 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). There is no additional interest … NSC is available for 5 years tenure. Post office NSC interest rate is 6.8% NSC is offered for 5 years tenure. From To Interest Rate… Post Office Monthly Income Scheme (POMIS). One can easily enroll in a scheme at authorised post office branches and banks situated across India. After maturity, the SCSS can be extended for a further 3 years within 1 year of the maturity by giving application in prescribed format. If you observe NSC interest rate chart, it shows in declining mode in the last few quarters. TDS (Tax deduction at source) at the rate of 10% (started from June 2015) is deducted, if the interest … Investment is eligible for tax rebate under Section 80C. Stove Kraft IPO Review – Should you Apply or Avoid? Best Investment Plans in India and Money Saving Ideas, Latest Post Office interest Rates – Jul, Aug and Sep 2020. If you’re planning to go for long term debt investment, PPF is undoubtedly the best option. Here is the revised and latest interest rates on small saving schemes that are applicable for the period January, February and … Post office FDs are for 1 year, 2 years, 3 years and 5 year tenure. There are multiple factors for this change and thus it is very important for potential-investors to have a good understanding of RD interest rates … 7) Latest Sukanya Samriddhi Account interest rate is 7.6%. Also Read: How to open TNPFC FD Scheme online? 5 Year account will fetch you up to 7.8% returns. 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. First of all, it must be noted that there’s no fixed rate of interest of FD in the post office. Post office recurring deposit also called as National Savings Recurring Deposit is offered for 5 years tenure. Investment is eligible for tax benefits under Section 80C for 5 years. If you are investing for fulfilling your long term financial plan, KVP is the best low-risk savings option. would get updated based on announcements from GOI / MoF every quarter and not fixed. The KVP interest rate now in 2020 is 6.9%. Interests are paid monthly under this scheme. Please let me know is it wise decision? Post office NSC Interest Rate in 2020 now – 6.8% (VIII issue) NSC is available for 5 years tenure. Also Read : Senior Citizen Savings Scheme 2020. Premature withdrawal can be done after one year but before 3 years at the discount of 2% of the deposit rate and after 3 years at the discount of 1% of the deposit. As per the schedule, Government announced the interest rate applicable to all Post Office Savings Schemes from 1st October 2020 to 30th December 2020. Such amount would qualify for IT deduction u/s 80c. Enter your email address to subscribe to Moneychai and receive News Letter. Post office FD rate for 5 years tenure is 6.7%. You can invest in the post office monthly income scheme for an assured regular income. Suresh KP i.e. Small Saving Scheme / Post office interest Rate Table – April, May and Jun 2020. 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. The interest paid on a fixed deposit by the post office … I love doing analysis on various Best Investment Plans like mutual funds, Stocks, IPO’s, NCD Bonds, Insurance products. Post Office MIS Interest Rate. 1 Year Deposit account will fetch you returns up to 7%. You can invest a minimum of Rs 250 and maximum of Rs 1.5 Lakhs in a financial year. However, for SBI, the interest rates vary from tenure to tenure. ... National Savings Recurring Deposit Account: INR. However interest rate can fluctuate. The PPF maturity period is 15 years, but can be extended within one year of maturity for the further 5 years and so on. Besides, KVPs can be encashed only after a period 2 and ½ years from the date of issue. The interest is compounded annually and payable on maturity. Investments upto 1.5 Lakhs are eligible for tax rebate under Section 80C. Post Office Schemes 2020 The Post Office … SBI RD interest rates vary between 5.80%-6.25% for general public and an additional interest rate hike of 50 basis points for senior citizens. The trend of Post Office Interest Rates from April 2019 to April 2020. There is no tax on maturity but the interest earned is taxable. 1, 2, 3, and 5 years; each has its own preset interest rate. Sukanya Samriddhi comes under EEE. However, the only apparent exception is the Sukanya Samriddhi Scheme (SSA). 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. In case of RD the interest received is added to the income and taxed at marginal tax slab. The rate of interest offered on the RD scheme in post office in 2019 is 7.2% p.a. If you want to go for long term investments, NSC is a relatively better option. You can open Post office FD online by logging into internet banking of the post office portal. A lot of information is filled in this blog.Thank you for sharing. 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. NSC … Divide 72 by the prevailing interest rates. NSC interest rate for senior citizens would be same as regular investor. For example, if the prevailing interest rate is 8%. LIC Jeevan Labh Review – Why Every Blogger Ended Up Calculating Wrong Returns? 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. Regular Savings Scheme - Banks offer recurring deposits to Indian citizens above the age of 18 years. Also Read: Shriram Transport Finance FD Scheme offers up to 10% yield. Post office fixed deposit interest rates for 1 year, 2 years and 3 years is 5.5%. 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. Post Office Fixed Deposit interest rates are decided by the Government of India (every quarter) under Small Saving Schemes. Here are the Sukanya Samriddhi Yojana details. Any individual of the age of 60 years and above can open SCSS. Latest NSC interest rate in … Ministry of Finance notified the applicable latest Post Office Interest Rates July-Sept 2020. Post Office Schemes have become increasingly popular among investors nowadays because they are government-backed and promise risk-free returns simultaneously. Post office National Savings Certificate (NSC) – VIII issue. Here is the last 8 quarter interest rates trend which would give an idea to investors how these interest rates are moving. The interest is compounded annually and payable on maturity. Post office schemes are considered as one of the safest investments as these are governed and guaranteed by Govt of India. Post Office RD Plan 2020 and Post Office Recurring Deposit scheme explained in Hindi. A legal of natural Guardian can open the account in the name of the Girl Child. At the same time, you can purchase Kisan Vikas Patra for a time period of 9 years and 4 months. Owing to the widespread availability of these schemes, they’re suitable for people living in both rural and urban areas. You can invest a minimum of Rs 1,000 and in multiples of Rs 100 thereof. Post office Fixed deposits are available in four tenures, viz. Many get doubt whether SCSS interest rate is fixed or variable. 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. These rates are in turn determined as per the performance of government securities/bills. Furthermore, these schemes offer good returns along with the highest level of safety and assurance for financial security in the future. Again, you can invest in the senior citizen savings scheme for an assured regular income to fulfill your retirement needs. GST Rate on Real Estate – Under Construction & Completed Property, Cost Inflation Index Calculation for FY 2019-20 & AY 2020-21, Financial Advisor Fees Structure, Cost & Charges in India. How to download Home Loan Interest Certificate for Tax Proofs submission? Interest Rates on PPF is 7.1%, … 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. Customers can choose to deposit a fixed sum of money for … If you want to make an investment for your daughter’s education and marriage, Sukanya Samriddhi Account (SSA) is the best option. Hi Suresh … You can invest a minimum of Rs 500 and maximum of Rs 1.5 Lakhs in a financial year. Post Office Fixed Deposit with a tenure of 5 years has an interest rate … I have over 10 years of experience in the field of insurance and have worked with top two private insurance players in the country. Investment, interest and maturity is tax free. This interest would be compounded every quarter. However the transfer process will be done by respective Head Post Offices. Since all post office deposits are government-backed, they’re completely safe and come with security assurance. 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 RD Interests Rates The rate of interest on a National Savings Recurring Deposit Account is 5.8% with effect from 1st April 2020. The interest rate is compounded annually and payable on maturity. me, have written 1800+ articles on this Blog. Cheque book facility available if you can maintain Rs 500 minimum balance. 6) The government decides the 5-year RD rate for Post Office. It’s so because these Schemes are only available for individuals residing in India, e.g. This RD account can be transferred from one post office to another. SIP mutual funds on other hand are high risk, but can give high returns. Post office RD is basically a monthly investment for a fixed period of … The interest is compounded annually and payable on maturity. If you want to go for a normal savings account, then the post office savings account is the best option for you. Just to quickly recap, 3rd and 4th quarters of FY 2019-20, there was no change. Ministry of Finance notified the applicable latest Post Office Interest Rates Oct – Dec 2020. 1 year to less than 2 … Check POST OFFICE RD rate of interest and calculate RD final amount via POST OFFICE RD Calculator on The Economic Times. Such amount would quality for income tax deduction u/s 80c up to Rs 1.5 Lakhs during the financial year. Investment is eligible for tax benefit under Section 80C. Hi, Now let review the new interest rates on post office schemes in detail. It’s very simple to opt for these schemes. 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. Here are the details of the Post Office Fixed deposit schemes. If you’re someone who is planning to invest in these schemes, you’ve come to the right place. Earlier the interest rates used to be announced yearly once. However, in the last quarter, the Government reduced the interest rates … Below is the interest rate … Also, Interest and maturity is tax free. There is no maximum limit on NSC investment. National Savings Recurring Deposit Account (5 Years RD). Can you post an article ranking the best health insurance plans for family covering all along with cover amounts and their premiums ? FD Interest Rates: For the quarter ending September 30, India Post provides a 5.5-6.7% return on FDs. Subscribe to our newsletter to get the latest scoop right to your inbox. Here is the latest post office interest rate table applicable in July to Sep 2020 period. Most of the post office schemes offer tax benefits under Section 80C. Post office RD interest rate is 5.8% per annum. Early Retirement in India -How to Retire Early like Suresh ? One can deposit a minimum of Rs 1,000 and maximum of Rs 15 Lakhs. If you are looking for the post office scheme to double the money, you can invest in KVP. For KVPs, the money will double in 9 years and 4 months, i.e. If you have a lump-sum amount for investment, you can invest in the time deposit scheme of the post office. When it comes to selecting the best post office scheme, it all depends on your requirements and ultimate goal. Th schemes are risk-free as they’re backed by the Government of India. There are several other features like any other bank account. 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. Also read: RBI Floating rate saving bonds 2020 – Should you invest? I already wrote a detailed post … Online Deposit facility is available through Intra Operable Netbanking and IPPB Saving Account. Moreover, the rate of interest of FD in Post Office differs with each tenure. 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 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… This is variable, i.e. There is no maximum limit on the investment. Required fields are marked *. However, from 2016-17, the rate of interest will be fixed on a quarterly basis. RBI Floating rate saving bonds 2020 – Should you invest? Your email address will not be published. In such cases, the account can be closed at any time after expiry of one year of extension without any deduction. What Is The Rate Of Interest Of FD In Post Office? National Savings Certificates (VIII Issue) ​Account​ (NSCs). Also, you can calculate the amount at maturity. SBI RD rates effective 8 January 2021. If you enjoyed this article, share it with your friends and colleagues through Facebook and Twitter. Great work and keep it up. Additionally, the compound interest … This interest would be compounded every quarter. Read about: Post Office Recurring Deposit Rates How to Calculate Compound Interest on Post Office Recurring … Partial withdrawal, maximum up to 50% of the balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years. Nscs ) to subscribe to MoneyChai and receive News Letter office Recurring Deposit rates to. In India, e.g National savings time Deposit scheme of the Post office interest rate is 5.8 % per.! Nit Jalandhar and K.J interest Certificate for tax Proofs submission India Post a... Per month and in multiples of Rs 1.5 Lakhs during the financial year can be closed any! Pm IST analyzing financial markets in the last 20 years.He can be transferred from one Post office deposits are and! 18 years investing in these schemes, it becomes extremely important to consider all the available.! 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