The current rate of interest is 6.60% (for January – March 2021 quarter). The interest rates are announced every quarter. POMIS is a low-risk investment scheme that offers regular monthly income to the depositors in interest payments. Post Office Monthly Income Scheme Account (MIS) They can claim the tax benefit when they file income tax returns. Investors can claim tax benefits up to INR 1.5 lakhs per annum. Investments in the post office fixed deposits qualify for a tax deduction in Section 80C of the Income Tax Act. Also upon maturity, if the depositor doesn’t withdraw, then the amount will be reinvested for the initial tenure of the deposit at the new applicable interest rates. Time deposits can also be transferred from one post office to the other. Additionally, one can also choose to redirect the interest to a five-year recurring deposit scheme. However, this option is not available for one year TD. Also, depositors can opt for reinvestment of the interest. One can open a TD account for any of the following tenures one year, two years, three years and five years. Investments in a post office fixed deposit account have a minimum requirement of INR 1,000. The rates are based on the yield of government securities and spread over the government sector yield. The interest rates are determined by the Finance Ministry every quarter. Post Office Time Deposit (POTD) Account is one of the most popular post office savings schemes. The depositors will only get back their principal amount. Also, if the premature withdrawal is made before three months, no interest is given. The RD account has a minimum lock-in period of three months. This comes with a penalty of INR 1 for every INR 100 investment. However, in case of emergencies, one can break the RD. One cannot prematurely withdraw their post office RD investments. Furthermore, parents or guardians can open the account on behalf of their minor children. Also, minors who are ten years old can open and operate the account jointly with their guardian. All resident Indian nationals above the age of 18 years can open an account with the post office. The minimum amount of investment is INR 10, with no cap on the maximum amount. Investors can estimate their returns from RD investments using RD calculator. The post office savings interest rates for this scheme is 5.8% per annum. Post Office RD is suitable for individuals who wish to save through regular monthly deposits. This post office small savings scheme has a total of 60 monthly instalments. The interest is compounded on a quarterly basis. Post Office Recurring Deposit Account (RD)ĥ Year Post Office Recurring Deposit (PORD) Account allows investors to save on a monthly basis. Also, the post office savings account can be easily transferred from one post office to the other.Įxplore: Savings Account Interest Rates for all banks 2. However, they have to maintain a minimum balance of INR 50 in a generic account and INR 500 if they have a cheque facility. Also, as per the Income Tax regulations, interest amount less than INR 50,000 per annum is tax-free in the hands of the depositor.įurthermore, depositors can withdraw the deposits anytime they wish.
The post office saving account has an interest rate around 4%, and the interest is calculated every month. Often, the rates are similar to the bank savings account. The Central Government decides the rate of interest for the post office savings account. This post office saving scheme is quite popular in the rural parts of India. One can open a savings account in post office with as low as INR 20. Hence, the post office saving scheme is suitable for individuals seeking to earn fixed returns from their investments. Furthermore, the post office savings account offers a fixed interest rate on the deposit amount. This post office savings scheme is available throughout India. The post office savings account is one of the schemes that the Post Office offers. Post Office Interest Rates 2021 Schemeĥ-Year Post Office Recurring Deposit Account (RD) This article covers the different post office savings schemes and the benefits of post office schemes in detail. Moreover, few the post office investment schemes offer tax benefits up to INR 1.5 lakhs upon investment. All the Post office investment schemes guarantee returns as the Government of India backs it. Indian Post offers a plethora of investment schemes for a variety of investors, including individuals, a girl child. Advantages of investing in post office investment schemes.Post Office Recurring Deposit Account (RD)
0 kommentar(er)
