New interest rates of post office savings schemes for the period October to December 2023
The central government has released the interest rates of post office savings schemes for the period from 1 October to 31 December 2019. The interest rates of all small savings schemes have been kept unchanged for this quarter. Post office savings schemes like Time deposit (TD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA), Recurring Deposit (RD), National Savings Letter (NSC), Kisan Vikas Patra (KVP), Monthly Income in this fourth quarter The interest rate on the scheme (MIS) and Senior Citizen Savings Scheme (SCSS) has been kept unchanged.
The new interest rates of the post office will be applied in the various post offices for the fourth quarter of the year 2023, which will be active from 1 October 2019 to 31 December 2019. The interest rates of small savings schemes are currently revised by the government on a quarterly basis.
In the recent notification of the Finance Ministry on 30 September 2023, the interest rate on all post office savings schemes will remain unchanged for the quarter October 2019 to December 2019. Accordingly, people can now check the new interest rates for the Post Office Savings Scheme.
New interest rate table for the October to December quarter
| Post office savings scheme | Rate of interest (between 1 January to 31 March 2019) | Rate of interest (between 1 April to 30 June 2019) | Rate of interest (between 1 July to 30 September 2019) | Rate of interest (between 1 October to 31 December 2019) | Maturity period |
| Deposit savings account | 4% | 4% | 4% | 4% | The annual |
| 1 Year Time Deposit (TD) Account | 7.0% | 7.0% | 6.9% | 6.9% | Quarter |
| 2 Year Time Deposit(TD) Account | 7.0% | 7.0% | 6.9% | 6.9% | Quarter |
| 3 Year Time Deposit(TD) Account | 7.0% | 7.0% | 6.9% | 6.9% | Quarter |
| 5 Year Time Deposit(TD) Account | 7.8% | 7.8% | 7.7% | 7.7% | Quarter |
| Recurring Deposit (5 years) | 7.3% | 7.3% | 7.2% | 7.2% | Quarter |
| Senior Citizen Savings Scheme (SCSS) | 8.7% | 8.7% | 8.6% | 8.6% | Quarterly and paid |
| Monthly income plan (MIS) | 7.7% | 7.7% | 7.6% | 7.6% | Quarterly and paid |
| National savings certificate (NSC) | 8.0% | 8.0% | 7.9% | 7.9% | The annual |
| Public provident fund (PPF) | 8.0% | 8.0% | 7.9% | 7.9% | The annual |
| Kisan Vikas Patra (KVP) | 7.7% | 7.7% | 7.6% | 7.6% | The annual |
| Sukanya Samriddhi Account Scheme | 8.5% | 8.5% | 8.4% | 8.4% | The annual |
In the list of new interest rates released for the first quarter, it is clear that the rate of interest for 5-year Post Office Recurring Deposit (RD) has been kept unchanged at 7.2%. The rate of interest for Public Provident Fund (PPF), 5-year National Savings Certificate (NSC), has been kept unchanged at 7.9%. While the rate of interest for the 5-year monthly income plan (MIS) has been kept unchanged at 7.6%.
For popular post office schemes like Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY) for girls, the interest rate for the October to December quarter has been kept unchanged at 8.6% and 8.4% respectively. The Reserve Bank of India (RBI) had raised interest rates twice in FY 2018.
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