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Tiny Cut In Post Office Small Savings Schemes Interest

The Department of Economic Affairs, Ministry of Finance has announced the latest interest rates on the Post Office Small Savings Schemes for the period July to Sept 2019.

This was notified vide its Office Memorandum 'Revision of interest rates for Small Savings Schemes' dated Jun 28, 2019.

As per the same, the interest rates for small saving schemes — which are now notified on a quarterly basis — will be 0.01% lower for the second quarter of the financial year 2019-20 starting 1st July 2019 and ending on September 30th, 2019 as compared to the first quarter from Apr to Jun 2019.

Here are the Jul-Sept 2019 interest rates on various Post Office Small Savings Schemes:

Public Provident Fund (PPF) : Down from 8.0% p.a. to 7.9% p.a. [compounded annually]

5-year National Saving Certificate (NSC) : Down from 8.0% p.a. to 7.9% p.a. [compounded annually]

Monthly Income Scheme : Down from 7.7% p.a. to 7.6% p.a. [monthly compounding and paid out]

Senior Citizens Savings Scheme : Down from 8.7% p.a. to 8.6% p.a. [quarterly compounding and paid out]

Time Deposits
1-year Deposit : Down from 7.0% p.a. to 6.9% p.a.
2-year Deposit : Down from 7.0% p.a. to 6.9% p.a.
3-year Deposit : Down from 7.0% p.a. to 6.9% p.a.
5-year Deposit : Down from 7.8% p.a. to 7.7% p.a.
(All on quarterly compounding basis)

5-year Recurring Deposit : Down from 7.3% p.a. to 7.2% p.a. [compounded quarterly]

Kisan Vikas Patra : Down from 7.7% p.a. to 7.6% p.a. [compounded annually] 
(The scheme will double your money in 9 years and 5 months)

Sukanya Samriddhi Scheme : Down from 8.5% p.a. to 8.4% p.a. [compounded annually]

Savings Deposit : No change at 4% p.a. [compounded annually]


Note:
The above interest rates apply only to the "new accounts" opened during the said quarter — except PPF and Sukanya Samriddhi Scheme, where the current rate is applied on the outstanding account balance.

For the existing accounts under all other schemes, the contracted interest rate remains unchanged until maturity.


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