SUKANYA SAMRIDDHI ACCOUNT (SSA)
UPDATED PAMPHLET
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DEPARTMENT OF POSTS IS CONDUCTING
A STAMP DESIGN COMPETITION
FOR THE REPUBLIC DAY, 2019
Department of Posts is conducting a Stamp Design Competition
for the Republic Day, 2019. The Competition is open to all. First prize Rs.
25,000/-.
Please log on to www.indiapost.gov.in andwww.postagestamps.gov.in for
more details. Participate and win exciting prizes...!
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POST OFFICE SAVINGS SCHEMES WITH
INTEREST RATE UP TO 8.7% EXPLAINED HERE
The senior citizen savings scheme offers an
interest rate of 8.7 per cent per annum.
India Post offers a number of saving
schemes ranging from Senior Citizen Savings Scheme (SCSS) to Post Office
Recurring Deposit (RD) Account, as mentioned on its official website-
indiapost.gov.in. India Post has a network of more than 1.55 lakh post offices
across the country and offers a variety of banking and remittance services,
other than mailing services. Interest rates on post office saving schemes move
in line with the government's interest rates on small savings schemes, which
are revised on a quarterly basis. Recently, the government revised interest
rates on small saving schemes for the quarter between October 1, 2018 and
December 31, 2018.
Post
office recurring deposit (RD) account
Post office Recurring Deposit (RD) account
offers an interest rate of 7.3 per cent per annum, which is compounded
quarterly. On maturity, a recurring deposit of Rs. 10 per month fetches a
return of Rs. 725.05 on maturity and can be continued for another five years on
a year-to-year basis. Post Office RD account can be opened by cash as well as
cheque. Minimum amount for opening of post office recurring deposit account
(RD) is Rs. 10 per month or any amount in multiples of Rs. 5.
Post
Office Time Deposit (TD) or Fixed Deposit (FD) account
Post office time deposit (TD) or
Fixed Deposit (FD) account offers interest rates across four maturities: one,
two, three and five years. Post office fixed deposit for one year, two years,
three years, and five years offer 6.9 per cent, 7 per cent, 7.2 per cent, and
7.8 per cent respectively. Interest is payable annually but is calculated
quarterly. The minimum amount that one requires to open a fixed deposit with
the post office is Rs. 200 can be opened by cash or cheque. However, there is
no maximum limit.
Senior
citizen savings scheme (SCSS)
The senior citizen savings scheme
offers an interest rate of 8.7 per cent per annum, which is payable from the
date of deposit on March 31/ September 30/December 31 in the first instance and
thereafter, interest shall be payable on March 31, June 30, September 30 and
December 31. However, customer can make only one deposit in the account in
multiple of Rs.1,000 which should not exceed Rs. 15 lakh.
15-year public provident fund or PPF account
PPF accounts, which are also offered
by banks, offer an interest rate of 8 per cent per annum, which is compounded
annually. A minimum of Rs. 500 and a maximum of Rs. 1,50,000 can be deposited
in a financial year in a PPF account. One can make deposits in lump-sum or in
12 installments.
Source: https://www.ndtv.com/
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