One-year and two-year time deposit rates increased, interest rate of 7% offered on five-year deposit
The post office offers a variety of small savings schemes with competitive interest rates compared to other banks.
These schemes include the Senior Citizen Savings Scheme, National Savings Certificate, Monthly Income Scheme, and Kisan Vikas Patra, among others.
The interest rates on the Public Provident Fund and Sukanya Samriddhi Yojana have also remained unchanged at 7.1% and 7.6%, respectively.
Increased Interest Rates on Time Deposits
In recent changes, the one-year fixed deposit interest rate has been increased from 5.5% to 6.6% at the post office, higher than the 5.75% offered by the State Bank of India (SBI).
The interest rate on two-year post office time deposits has also been increased from 5.7% to 6.8%, compared to the 6.75% offered by SBI. Additionally, the post office is offering a benefit of 7% on a five-year deposit, higher than the 6.25% offered by SBI.
Senior Citizen Savings Scheme
The Senior Citizen Savings Scheme (SCSS) offers an interest rate of 8% for deposits.
This scheme is available to individuals over the age of 60 and to individuals between the ages of 55 and 60 who have retired on superannuation or under a voluntary retirement scheme.
To be eligible, the account must be opened within one month of receiving retirement benefits and the deposited amount should not exceed the amount received after retirement.
Overall, the post office offers a range of small savings schemes with competitive interest rates, including increased rates on time deposits.
The Senior Citizen Savings Scheme also provides a valuable opportunity for retirees to earn a higher interest rate on their deposits.