Interest rates for Post Office Small Savings not to be reduced!
Posted on: 25/Mar/2015 2:31:16 PM
The interest rates for Post Office Small Saving Scheme are announced once in a year.
Accordingly, the new interest rates are to be announced before 31st March.
Currently, the interest rate for Post Office Small Saving is 4%. Interest rate for Fixed Deposits for 1 to 3 years is 8.4%. Fixed deposits for 5 years will draw an interest rate of 8.5%.
Senior Citizens get 9.2% interest for Fixed Deposits for 5 years.
For investments in the National Saving Bonds, the interest rate is 8.5% for 5 years and 8.8% for 10 years. Similarly, investment in Kisan Vikas Patras draws 8.7% interest and Sukanya Samriti draws an interest of 9.1%.
The interest rates for Post Office Small Savings are decided on the profit earned from National Bonds as recommended by Shymala Gopinath Committee’s recommendations.
However, reliable sources indicate that there will be no reduction in the prevailing interest rates.
The Central Ministry of Finance is confident about collecting Rs. 22408 Crores through Post Office Small Savings.
