Post Office Savings Interest Rate -2024
The Post Office: A Haven for Steady Returns, But Weigh Your Options
If you are looking a steady returns with the safety of your hard-earned money, then the post office offers the same, here you should know the latest interest rate on the post office saving scheme this year.
While the digital wave has swept through banking, the Post Office savings bank remains a steady, familiar presence for many. Its interest rates, however, offer a mixed bag.
For a basic savings account, the current rate of 4% falls short compared to offerings from some private banks. However, this simplicity comes with advantages: safety of government backing, zero minimum balance requirements, and even tax exemption on the first ₹10,000 of interest earned.
| Interest Rates(01.04.2024 to 30.06.2024) Initial Mini, Maximum & Subsequent Multiple Amounts | |||
| Name of POSB Schemes | Rate of Current Interest | Compounding | Min and Maxi amount |
| SB | 4.00% | Annually | Min. 500/- & Max No Limit |
| 5yr-RD | 6.70% | Quarterly | Min. 100/- & Max No Limit (Multiple of 10/-) |
| 1 yr-TD | 6.90% | Quarterly | Min. 1000/- & No Limit (Multiple of 100/-) |
| 2yr-TD | 7.00% | Quarterly | |
| 3yr-TD | 7.10% | Quarterly | |
| 5yr-TD | 7.50% | Quarterly | |
| 5yr-MIS | 7.40% | Monthly P | Min. 1000 & Max. Single 9 & Joint 15 Lakhs (Multiple of 1000/- |
| 15yr-PPF | 7.10% | Annually | Min. 500 & Max. 1.5 Lakh in a Financial Year (Multiple of 50/-) |
| 5yr-SCSS | 8.20% | Quarterly | Min. 1000 & Max. 30 Lakhs (Multiple of 1000/-) |
| 5yr-NSC | 7.70% | Annually | Min. 1000 & Max. No Limit (Multiple of 100/-) |
| 6yr-KVP | 7.50% | Annually | Min. 1000 & Max. No Limit (Multiple of 100/-) |
| SSA | 8.20% | Annually | Min. 250 & Max. 1.5 Lakh in a Financial Year (Multiple of 50/-) |
Post Office Savings Interest Rate – Jan-2024 to March-2024
| Interest Rates(01.01.2024 to 31.03.2024) Initial Mini, Maximum & Subsequent Multiple Amounts | |||
| Name of POSB Schemes | Rate of Current Interest | Compounding | Min and Maxi amount |
| SB | 4.00% | Annually | Min. 500/- & Max No Limit |
| 5yr-RD | 6.70% | Quarterly | Min. 100/- & Max No Limit (Multiple of 10/-) |
| 1 yr-TD | 6.90% | Quarterly | Min. 1000/- & No Limit (Multiple of 100/-) |
| 2yr-TD | 7.00% | Quarterly | |
| 3yr-TD | 7.10% | Quarterly | |
| 5yr-TD | 7.50% | Quarterly | |
| 5yr-MIS | 7.40% | Monthly P | Min. 1000 & Max. Single 9 & Joint 15 Lakhs (Multiple of 1000/- |
| 15yr-PPF | 7.10% | Annually | Min. 500 & Max. 1.5 Lakh in a Financial Year (Multiple of 50/-) |
| 5yr-SCSS | 8.20% | Quarterly | Min. 1000 & Max. 30 Lakhs (Multiple of 1000/-) |
| 5yr-NSC | 7.70% | Annually | Min. 1000 & Max. No Limit (Multiple of 100/-) |
| 6yr-KVP | 7.50% | Annually | Min. 1000 & Max. No Limit (Multiple of 100/-) |
| SSA | 8.20% | Annually | Min. 250 & Max. 1.5 Lakh in a Financial Year (Multiple of 50/-) |