Latest Post Office Small Savings System Interest Rates from January 2024 to March 2024
The Ministry of Finance has issued a circular setting out amendments to the Post Office Small Savings Scheme applicable for the quarter from January 2024 to March 2024. This post office interest rate has been revised several times. This article provides the latest and revised version. Post Office Small Savings Scheme Interest Rates from January 2024 to March 2024.
Highlights of Post Office interest rate changes – January 2024 to March 2024
Below are the highlights Ministry of Finance Notice on Small Savings Scheme.
- The three-year post office fixed deposit interest rate will be revised to 7.1%. Previously it was 7%.
- The interest rate for Sukanya Samriddhi scheme is fixed at 8.2%. Previously it was 8%.
- There will be no change in interest rates for other small savings schemes.
Post Office Small Savings Scheme Interest Rates – January 2024 to March 2024
Below is a comprehensive picture of the latest interest rates for small savings schemes for the quarter January to March 2024.
Frequently asked questions regarding interest rates for the Post Office Small Savings Scheme
#1 – What is the Post Office Double System in 2024?
Kisan Vikas Patra offers an interest rate of 7.5% per annum and investors’ money doubles in 115 months.
If you are looking for a safe way to double your money, you can choose the following methods: KVP scheme.
#2 – What is the interest on a $100,000 FD in the post office?
Post office fixed deposits, or term deposits, are offered in terms of 1, 2, 3 and 5 years. The revised interest rate will range from 6.9% to 7.5% and will be compounded quarterly. Using quarterly compounding, if he receives 100,000 FD at the post office, he will earn the following interest:
- 1 year Fixed Deposit – Rs 7,080
- 2 years fixed deposit – Rs 14,888
- 3 years fixed deposit – Rs 23,507
- 5 years fixed deposit – Rs 44,995
The above numbers are approximate and actual numbers may vary.
#3 – How can I earn 10,000 in interest per month from a small savings scheme?
Among all schemes, Monthly Income Scheme (MIS) provides monthly interest payments.but POMIS scheme The investment limit is 900,000 rupees for individuals and 1.5 million rupees for joint holdings (revised in Budget 2023). If on an individual basis he invests 900,000 rupees, per month he can expect an interest income of 5,550 rupees.
If investors can take lower risks, Ultra short term investment trust Create a Systematic Withdrawal Plan (SWP) where you invest 1.5 million rupees and get 10,000 rupees every month. Most of the amount withdrawn is income from such short-term funds, and the principal can be withdrawn at any time.
#4 – What is the best post office system in 2024?
The Post Office offers a variety of savings schemes, each with its own unique features.
- If you are looking for the highest interest rate savings scheme for your girl child, choose Sukanya Samriddhi scheme.
- For a zero-risk multiplier money scheme, consider Kisan Vikas Patra (KVP).
- If you want to save up to Rs 1.5 million with a minimum fixed period in a small savings scheme under Section 80C, you can opt for National Savings Certificate (NSC).
- To create long-term wealth with zero risk, Public Provident Fund (PPF) is a good option.
#5 – Will the Post Office interest rate schedule change quarterly in 2024?
The Ministry of Finance, Government of India reviews the interest rates on small savings schemes on a quarterly basis and makes appropriate amendments.
#5 – Who can invest in the Post Office Monthly Income Scheme?
The Post Office Monthly Income Scheme (MIS) is offered to individuals seeking a regular monthly income. The investment limit is Rs 90,000 for individuals and Rs 1,50,000 on joint basis.
Suresh KP is the founder of Myinvestmentideas. He is a NISM Certified Investment Advisor and he is a NISM Certified Research Analyst. I have been analyzing financial markets for the past 20 years. He can be reached at suresh@myinvestmentideas.com.
