Small and middle-class investors enjoy a high level of interest in post office initiatives. These savings plans provide consistent payments and have no further risk elements.
Savings accounts, recurring deposits, time deposits, national savings monthly accounts, senior citizens savings schemes, public provident fund (PPF), sukanya samriddhi, national savings certificates, and kisan vikas patra are all really popular post office savings concrete plans.
INTEREST RATE SCHEMES IN THE POST OFFICE
The interest rate on the post office savings account is 4 per cent and it is compounded only once a year.
The interest rate on a one-year time deposit is 5.5 per cent with a quarterly compounding frequency.
The interest rate on a two-year time deposit is 5.5 per cent, with quarterly compounding.
A 5.5 per cent of average interest rate is available on a three-year time deposit with a quarterly compounding frequency.
The interest rate on a five-year time deposit is 6.7 per cent, with quarterly compounding.
A 5.8 per cent of interest rate is offered to give on a five-year recurring deposit with a quarterly compounding frequency.
The senior citizen savings plan offers a 7.4 per cent of interest rate and quarterly compounding.
The monthly income scheme has an interest rate of 6.6 per cent.
The national savings certificate offers a 6.8 per cent interest rate with an annual compounding frequency.
The public provident fund system offers a 7.1 per cent of interest rate with an annual compounding frequency.
Kisan vikas patra has an interest rate of 6.9 per cent with an annual compounding frequency.
The Sukanya samriddhi plan gives a 7.6 per cent interest rate with an annual compounding frequency.