Newest Submit Workplace Financial savings Schemes Curiosity Charges April – June 2024 declared on eighth March 2024. What are the rates of interest of PPF, SSY, SCSS, NSC, and MIS?
Normally, the Authorities publishes the rates of interest quarterly. Nonetheless, this time (perhaps because of the upcoming Loksabha elections) the Authorities revealed the rate of interest relevant for all put up workplace small financial savings schemes for the interval of April to June 2024 effectively upfront.
Earlier the rates of interest was introduced yearly as soon as. Nonetheless, from 2016-17, the speed of curiosity can be mounted quarterly. I already wrote an in depth put up on this. I’m offering the hyperlink to that earlier put up under.
Under is the timetable for change in rates of interest for all Submit Workplace Financial savings Schemes.
You seen that as per the above schedule, the federal government has to publish rates of interest on fifteenth March or earlier than 1st April 2024. Nonetheless, this time, it was revealed effectively upfront.
Submit Workplace Financial savings Schemes Curiosity Charges April – June 2024
As per the Tweet by PTI (Press Belief of India) on eighth March, Submit Workplace Financial savings Schemes Curiosity Charges April – June 2024 had been unchanged. Therefore, the sooner quarter rates of interest will proceed for the upcoming quarter of April – June 2024.
The newest charges are as under.
Even when the federal government didn’t improve or alter the rates of interest, the present charges look engaging, particularly for merchandise like SCSS, SSY, NSC, and MIS.
Development of Submit Workplace Curiosity Charges from April 2023 to April 2024
Ideally, I publish this knowledge primarily to look into how the rates of interest modified in a single yr. This offers an thought for traders additionally.
You seen that there isn’t any change within the financial savings account charge and the fluctuation (in actual fact I’ll say increment) primarily in SSY, SCSS, and RD. The most well-liked scheme PPF curiosity remained the identical for one yr.
Options of Submit Workplace Financial savings Schemes
Now allow us to look on the Submit Workplace Small Financial savings Schemes options. This provides you with extra readability in choosing the proper product for you.
# Submit Workplace Financial savings Account
Like Financial institution Account, Submit Workplace additionally affords you the financial savings account to its prospects. The few options are as under.
- Minimal Rs.500 is required to open the account.
- Account will be opened single, collectively, Minor (above 10 years of age), or a guardian on behalf of a minor.
- Minimal stability to be maintained in an account is INR 500/- , if stability Rs. 500 not maintained, a upkeep charge of 100 (100) rupees shall be deducted from the account on the final working day of every monetary yr and after deduction of the account upkeep charge, if the stability within the account turns into nil, the account shall stand robotically closed.
- Cheque facility/ATM facility can be found
- Curiosity earned is Tax-Free as much as INR 10,000/- per yr from the monetary yr 2012-13
- Account will be transferred from one put up workplace to a different
- One account will be opened in a single put up workplace.
- A minimum of one transaction of deposit or withdrawal in three monetary years is important to maintain the account energetic, else account turned silent (Dorment).
- Intra Operable Netbanking/Cell Banking facility is obtainable.
- On-line Fund switch between Submit Workplace Financial savings Accounts/Cease Cheque/Transaction View facility is obtainable by way of Intra Operable Netbanking/Cell Banking.
- The power to hyperlink with IPPB Saving Account is obtainable.
- Funds Switch (Sweep in/Sweep out) facility is obtainable with IPPB Saving Account.
# Submit Workplace Fastened Deposits (FDs)
- Minimal of Rs.1,000 and in multiples of Rs.100. There isn’t a most restrict.
- FD tenure at the moment accessible is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs.
- Account will be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Account will be opened by money /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account.
- Account will be transferred from one put up workplace to a different
- Single account will be transformed into Joint and Vice Versa .
- Any variety of accounts will be opened in any put up workplace.
- Curiosity shall be payable yearly, No extra curiosity shall be payable on the quantity of curiosity that has grow to be due for fee however not withdrawn by the account holder.
- The annual curiosity could also be credited to the financial savings account of the account holder at his choice.
- Untimely encashment not allowed earlier than expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Submit Workplace Saving Accounts rate of interest can be payable.
- 5 Yrs FD is eligible for tax saving functions below Sec.80C.
# Submit Workplace Recurring Deposit (RD)
- Minimal is Rs.100 a month and in a number of of Rs.10. There isn’t a most restrict.
- Account will be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Tenure of RD is 5 years.
- Account will be opened by money / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque.
- Untimely closure is allowed after three years from the date of opening of the account.
- Account will be transferred from one Submit Workplace to a different Submit Workplace.
- Subsequent deposit will be made as much as fifteenth day of subsequent month if account is opened as much as fifteenth of a calendar month and as much as final working day of subsequent month if account is opened between sixteenth day and final working day of a calendar month.
- If a subsequent deposit shouldn’t be made as much as the prescribed day, a default charge is charged for every default, default charge @ 1 Rs for each 100 rupee shall be charged. After 4 common defaults, the account turns into discontinued and will be revived in two months but when the identical shouldn’t be revived inside this era, no additional deposit will be made.
- If in any RD account, there’s a month-to-month default quantity, the depositor has to first pay the defaulted month-to-month deposit with default charge after which pay the present month deposit.
- There’s rebate on advance deposit of at the least 6 installments, Rs. 10 for six month and Rs. 40 for 12 months Rebate can be paid for the denomination of Rs. 100.
- One mortgage as much as 50% of the stability allowed after one yr. It might be repaid in a single lumpsum together with curiosity on the prescribed charge at any time in the course of the foreign money of the account.
- Account will be prolonged for one more 5 years after it’s maturity.
# Submit Workplace Month-to-month Revenue Scheme (MIS)
- Most funding is Rs.9 lakh in a single account and Rs.15 lakh collectively (It’s revised in the course of the Price range 2023). Earlier it was Rs.4.5 lakh for a single account and Rs.9 lakh for joint accounts.
- Account will be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Any variety of accounts will be opened in any put up workplace topic to most funding restrict by including stability in all accounts (Rs. 4.5 Lakh).
- Single account will be transformed into Joint and Vice Versa.
- Maturity interval is 5 years.
- Curiosity will be drawn by way of auto credit score into financial savings account standing at identical put up workplace,orECS./In case of MIS accounts standing at CBS Submit workplaces, month-to-month curiosity will be credited into financial savings account standing at any CBS Submit workplaces.
- Could be prematurely en-cashed after one yr however earlier than 3 years on the low cost of two% of the deposit and after 3 years on the low cost of 1% of the deposit. (Low cost means deduction from the deposit.).
- Curiosity shall be payable to the account holder on completion of a month from the date of deposit.
- If the curiosity payable each month shouldn’t be claimed by the account holder such curiosity shall not earn any extra curiosity.
# Submit Workplace Senior Citizen Financial savings Scheme (SCSS)
I’ve written an in depth put up on this. Confer with the identical at ” Submit Workplace Senior Citizen Scheme (SCSS)-Advantages and Curiosity Charge“.
Notice – Efficient from 1st April 2023, the utmost restrict is at the moment Rs.30 lakh. Earlier it was Rs.15 lakh. This alteration occurred throughout Price range 2023.
# Public Provident Fund (PPF)
I’ve written varied posts on PPF. Refer the identical:-
# Nationwide Financial savings Certificates NSC (VIII Problem)
- Minimal Rs.1,000 and in a number of of Rs.100.
- No most restrict.
- Account will be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- Tax Profit below Sec.80C is obtainable.
- Tenure is 5 years.
# Kisan Vikas Patra (KVP) Account
- Minimal Rs.1,000 and in multiples of Rs.100. There isn’t a most restrict.
- Account will be opened single, collectively, Minor (above 10 years of age) or a guardian on behalf of minor.
- The cash can be double at maturity. Nonetheless, because the rate of interest modifications on a quarterly foundation. The maturity interval additionally varies as soon as in 1 / 4.
# Sukanya Samriddhi Account Yojana (SSY)
I’ve written varied posts on this. Refer the identical:-
