The National Savings Schemes (NSSs) are one of the very popular saving schemes in India. These are regulated by the Ministry of Finance. They offer complete security of investment combined with attractive returns.
These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide.
It is estimated that nearly $137 billion or over Rs. 9 lakh crore are tied up in small savings schemes.
Some of the very popular schemes which fall under NSS are as below
- PPF (Public Provident Fund)
- Sukanya Samriddhi Scheme
- Monthly Income Scheme (Monthly Income Account)
- Senior Citizen Savings Scheme
- KVP (Kisan Vikas Patra)
- NSC (National Savings Certificate)
- Time Deposits &
- Recurring Deposits
Latest Post Office Small Saving Schemes Interest rates July – Sep 2019
The government has reduced interest rate on small savings schemes by 0.1 per cent for the July-September quarter of FY 2019-20 (except the interest rate on Savings Deposit account which is @ 4%).
The decision is aimed at matching the softening of interest rates in the banking sector after the RBI cut its benchmark policy rate thrice during the year.
The latest rates of interest applicable on various small savings schemes for the quarter from July to September 2019 effective from 1.07.2019 would be as below;
- The latest interest rate on Sukanya Samriddhi Scheme (SSA ) is 8.4%.
- The new rate of Interest on PPF (Public Provident Fund) would be 7.9%.
- The interest rate on Senior Citizen Savings Scheme (SCSS) has been retained same at 8.6%.
- New interest rate on Kisan Vikas Patra (KVP) would be 7.6%.
- The rate of interest on 5 year National Savings Certificate (NSC) is 7.9%.
- New interest rate on post office MIS (Monthly Income Scheme) is 7.6%.
- The rate of interest on a 5 year Post Office RD (Recurring Deposit) would be 7.7%.
Continue reading :
- Top 22 Popular Investment options in India – Features & Snapshot
- Why you should not invest in Fixed Deposits / RDs for long-term?
- Lump sum Investment options for Retirees/Senior Citizens | Where to invest my Retiral benefits to get Regular Income?
- RBI’s statistical data on Indian Households Savings & Investments (2017-18) | How & Where do we save & invest?
(Post first published on : 28-June-2019)