All Small Savings Schemes Explained l Small Savings Schemes interest rates for Oct-Dec 2023

Описание: Small Savings Schemes interest rates for Oct-Dec 2023 l All Small Savings Schemes Explained

The Finance Ministry on Friday, September 29, kept small savings interest rates steady for the October-December quarter except for a marginal increase in five-year recurring deposit rates. The interest rates in schemes like the Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account Scheme (SCSS) have been unchanged.The five-year recurring deposit rate has been increased by 20 bps to 6.7 percent.Notably, the interest rates on small savings schemes are reviewed every quarter by the government.

Post Office Savings Account

This account is like a savings account with a bank, except that it is held with a post office.
Only one account can be opened with one post office and can be transferred from one post office to another. You can also open an account in the name of a minor.

Post Office Recurring Deposit Account

In this account, you deposit a fixed amount every month and each instalment compounds in value. Post Office Monthly Income Scheme (POMIS)This account provides monthly interest against your deposit with the post office. You can set up an ECS facility to automatically credit the monthly interest from POMIS to your savings account. Any number of such accounts may be opened in any post office subject to the maximum balance limit (after adding balances in all accounts)

Post Office Time Deposit

This is like a Bank Fixed Deposit (FD).The minimum amount required for a Post Office Time Deposit Account (POTD) is Rs.1,000 and there is no maximum limit.

National Savings Certificates

The National Savings Certificate (NSC) is a fixed-income investment scheme that you can open with any post office branch.This is an initiative by the Government of India and encourages subscribers – mainly small to mid-income investors – to invest while saving also saving on income tax.

Kisan Vikas Patra (KVP) Scheme

Kisan Vikas Patra is a small saving certificate scheme from the Indian post office. Was launched in 1988, closed in 2011 and relaunched in 2014 It doubles a one-time investment in a period of approximately 9.5 years (115 months).

Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign.
The scheme is meant to meet the education and marriage expenses of a girl child.

Public Provident Fund (PPF)


The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of its combination of tax savings, returns, and safety. The PPF scheme was launched in 1968 by the Finance Ministry's National Savings Institute.

Senior Citizens Saving Scheme (SCSS)



A Senior Citizens’ Saving Scheme (SCSS) is a government-backed retirement benefits programme.


Senior citizens resident in India can invest a lump sum in the scheme, individually or jointly, and get access to regular income along with tax benefits.Senior citizens can open an SCSS account to get the benefits of the SCSS. They can open an account in a Post Office branch or an authorised bank.


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