Post office and small savings schemes Interest rates from 1st January 2023

The interest rates for the period from 1st January 2023 to 31st March 2023 of several Post office and small savings schemes like PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits will be declared on 30th December 2022 (Friday) , by the Finance Ministry.

Govt. order of ‘Post office fixed deposits and small savings schemes Interest rates’ from 1st October 2022 to 31st December 2022:

For Post office fixed deposit and small savings schemes Interest rates from 1st October 2022, there is increment in the interest rate for the period of 01.10.2022 to 31.12.2022. This rates are declared for PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits. The order is below:

Govt. order of 'Post office fixed deposits and small savings schemes Interest rates' from 1st October 2022 to 31st December 2022:
Rate of Interest on Small Saving Schemes for 1st October 2022 to 31st December 2022

Post office and small savings Interest rates from 1st October 2022 has been declared on 29.09.2022 by Govt. of India. The finance ministry declares the revised interest rates for these small savings schemes quarterly, means every 3 months.

Also Read : Airtel, Vodafone and Jio 4G prepaid plan comparison for unlimited plans

Summary of Interest rates of Post office and Small savings schemes for period 1st October 2022 to 31st December 2022:

  1. Rate of interest of ‘Post office Savings account’ for period 1st October 2022 to 31st December 2022 is 4 %, unchanged from the last quarter.
  2. Rate of interest of ‘Post office 1-year Time Deposits (TD)’ for period 1st October 2022 to 31st December 2022 is 5.5%, unchanged from the last quarter.
  3. Rate of interest of ‘Post office 2-year Time Deposits (TD)’ for period 1st October 2022 to 31st December 2022 is 5.7% in comparison to 5.5% in the last quarter.
  4. Rate of interest of ‘Post office 3-year Time Deposits (TD)’ for period 1st October 2022 to 31st December 2022 is 5.8%, in comparison to 5.5% in the last quarter.
  5. Rate of interest of ‘Post office 5-year Time Deposits (TD)’ for period1st October 2022 to 31st December 2022 is 6.7%, unchanged from the last quarter.
  6. Rate of interest of ‘Post office 5-year Recurring Deposits Scheme (RD)’ for period 1st October 2022 to 31st December 2022 is 5.8%, unchanged from the last quarter.
  7. Rate of interest of ‘Senior citizen Savings scheme (SCSS)’ for period 1st October 2022 to 31st December 2022 is 7.6%, in comparison to 7.4% in the last quarter.
  8. Rate of interest of ‘Monthly Income Scheme (MIS)’ for period 1st October 2022 to 31st December 2022 is 6.7%, in comparison to 6.6% in the last quarter.
  9. Rate of interest of ‘National Savings Certificate (NSC)’ for period 1st October 2022 to 31st December 2022 is 6.8%, unchanged from the last quarter.
  10. Rate of interest of ‘Public provident fund (PPF) scheme’ for period 1st October 2022 to 31st December 2022 is 7.1%, unchanged from the last quarter.
  11. Rate of interest of ‘Kisan Vikas Patra (KVP)’ for period 1st October 2022 to 31st December 2022 is 7.0 %, in comparison to 6.9% in the last quarter.
  12. Rate of interest of ‘Sukanya Samriddhi Yojana (SSY) Account’ for period 1st October 2022 to 31st December 2022 is 7.6%, unchanged from the last quarter.

Types of Govt. small savings schemes from post office or banks:

The Government of India offers many small savings schemes through post offices and banks. These schemes are :

  • Savings Deposit (Post Office)
  • 1-year, 2-year, 3-year, 5-year Time deposits (TD)
  • Recurring deposits (RD)
  • Senior citizen Savings scheme (SCSS)
  • Monthly Income Scheme (MIS)
  • National Savings Certificate (NSC)
  • Public provident fund (PPF) scheme
  • Kisan Vikas Patra (KVP)
  • Sukanya Samriddhi Yojana (SSY) Account

Also Read: FY 22-23 Income tax return e-filing, exemptions, e-payment, refund and excel calculator

Also read : Got your HSRP vehicle plate? Cost and how to apply online?

These small savings schemes are usually the main savings for lower and middle class people. Also, investing in these small savings schemes helps in saving income tax. So, these small savings schemes are actually very much popular among us.

Instruments of small savings schemes in post office and bank are:

The post office Savings Deposit interest rates, post office 1-year interest rates, post office 2-year interest rates, post office 3-year interest rates, post office 5-year time deposits interest rates, post office 5-year Recurring deposits interest rates, Senior citizen Savings scheme interest rates, post office Monthly Income Account interest rates, National Savings Certificate interest rates, Public provident fund scheme interest rates, Kisan Vikas Patra interest rates, Sukanya Samriddhi Yojana scheme interest rates are mentioned below:

Also Read: Year 2023, 2022, Govt., Bank, State Govts., holidays list

Post office and small savings schemes Interest rates from 1st October 2022:

The Post office and small savings schemes Interest rates from 1st October 2022 to 31st December 2022 and other details like Minimum amount to deposit annually in the schemes, Maximum amount to deposit annually in the schemes, Maturity period, Entry age of schemes and scheme’s compounding frequency rates like quarterly, half-yearly or annually. (Source: https://dea.gov.in/budgetdivision/interest-rates)

small savings schemesInterest Rates (01.07.22 to 30.09.22) (%)Interest Rates (01.10.22 to 31.12.22) (%)Interest Rates change (%)Minimum Amount (Yearly)Maximum Amount (Yearly)Maturity PeriodEntry Age (Yr)Compounding frequency
Savings Deposit (P.O.)44same500No LimitNA10Annually
1 Year Time Deposit (P.O.)5.55.5 same 1000No Limit1 Yr10Quarterly
2 Year Time Deposit (P.O.)5.55.7 + 0.21000No Limit2 Yr10Quarterly
3 Year Time Deposit (P.O.)5.55.8 + 0.31000No Limit3 Yr10Quarterly
5 Year Time Deposit (P.O.)6.76.7 same 1000No Limit5 Yr10Quarterly
5 Year Recurring Deposit (P.O.)5.85.8 same 100No Limit5 Yr10Quarterly
Senior citizen Savings scheme7.47.6 + 0.2100015 Lakh5 Yr60Quarterly and paid
Monthly Income Account (P.O.)6.66.7 + 0.110004.5 / 9 Lakh for Single / joint 5 Yr10Monthly and paid
National Savings Certificate6.86.8 same 1000No Limit5 Yr10Annually
Public provident fund scheme7.17.1 same 5001.5 Lakh / year15 Yr18Annually
Kisan Vikas Patra 6.9 (will mature in 124 months) 7.0 (will mature in 123 months) + 0.11000No Limit2 X10Annually
Sukanya Samriddhi Account scheme7.67.6 same 2501.5 Lakh / year21 Yr0-10Annually
All the small savings scheme interest rates with maturity information

Also Read: All Govt. Bank’s FD interest rates

Summary of Minimum amount to deposit in the Post office and Small savings schemes :

  1. Minimum amount to deposit in ‘Post office Savings account’  is ₹500 annually.
  2. Minimum amount to deposit in ‘Post office 1-year Time Deposits (TD)’  is ₹1000 annually.
  3. Minimum amount to deposit in ‘Post office 2-year Time Deposits (TD)’  is ₹1000 annually.
  4. Minimum amount to deposit in ‘Post office 3-year Time Deposits (TD)’  is ₹1000 annually.
  5. Minimum amount to deposit in ‘Post office 5-year Time Deposits (TD)’  is ₹1000 annually.
  6. Minimum amount to deposit in ‘Post office 5-year Recurring Deposits Scheme (RD)’  is ₹100 annually.
  7. Minimum amount to deposit in ‘Senior citizen Savings scheme (SCSS)’  is ₹1000 annually.
  8. Minimum amount to deposit in ‘Monthly Income Scheme (MIS)’  is ₹1000 annually.
  9. Minimum amount to deposit in ‘National Savings Certificate (NSC)’  is ₹1000 annually.
  10. Minimum amount to deposit in ‘Public provident fund (PPF) scheme’  is ₹500 annually.
  11. Minimum amount to deposit in ‘Kisan Vikas Patra (KVP)’  is ₹1000 annually.
  12. Minimum amount to deposit in ‘Sukanya Samriddhi Yojana (SSY) Account’  is ₹250 annually.

Summary of Maximum amount to deposit in the Post office and Small savings schemes :

  1. Maximum amount to deposit in ‘Post office Savings account’  is Unlimited annually.
  2. Maximum amount to deposit in ‘Post office 1-year Time Deposits (TD)’  is Unlimited annually.
  3. Maximum amount to deposit in ‘Post office 2-year Time Deposits (TD)’  is Unlimited annually.
  4. Maximum amount to deposit in ‘Post office 3-year Time Deposits (TD)’  is Unlimited annually.
  5. Maximum amount to deposit in ‘Post office 5-year Time Deposits (TD)’  is Unlimited annually.
  6. Maximum amount to deposit in ‘Post office 5-year Recurring Deposits (RD)’  is Unlimited annually.
  7. Maximum amount to deposit in ‘Senior citizen Savings scheme (SCSS)’  is 15 Lakh annually.
  8. Maximum amount to deposit in ‘Monthly Income Scheme (MIS)’  is 4.5 for Single account and 9 Lakh for joint account annually.
  9. Maximum amount to deposit in ‘National Savings Certificate (NSC)’  is Unlimited annually.
  10. Maximum amount to deposit in ‘Public provident fund (PPF) scheme’  is 1.5 Lakh per year annually.
  11. Maximum amount to deposit in ‘Kisan Vikas Patra (KVP)’  is Unlimited annually.
  12. Maximum amount to deposit in ‘Sukanya Samriddhi Yojana (SSY) Account’  is 1.5 Lakh per year annually.

Summary of Maturity period of the Post office and Small savings schemes :

  1. There is no Maturity period of ‘Post office Savings account’.
  2. Maturity period of ‘Post office 1-year Time Deposits (TD)’  is 1 year.
  3. Maturity period of ‘Post office 2-year Time Deposits (TD)’  is 2 years.
  4. Maturity period of ‘Post office 3-year Time Deposits (TD)’  is 3 years.
  5. Maturity period of ‘Post office 5-year Time Deposits (TD)’  is 5 years.
  6. Maturity period of ‘Post office 5-year Recurring Deposits Scheme (RD)’  is 5 years.
  7. Maturity period of ‘Senior citizen Savings scheme (SCSS)’  is 5 years.
  8. Maturity period of ‘Monthly Income Scheme (MIS)’  is 5 years.
  9. Maturity period of ‘National Savings Certificate (NSC)’  is 5 years.
  10. Maturity period of ‘Public provident fund (PPF) scheme’  is 15 years.
  11. Maturity period of ‘Kisan Vikas Patra (KVP)’  is till the amount doubles.
  12. Maturity period of ‘Sukanya Samriddhi Yojana (SSY) Account’  is 21 years.

Summary of Entry age to open account in the Post office and Small savings schemes :

  1. Entry age to open account in ‘Post office Savings account’ is 10 years.
  2. Entry age to open account in ‘Post office 1-year Time Deposits (TD)’  is 10 year.
  3. Entry age to open account in ‘Post office 2-year Time Deposits (TD)’  is 10 years.
  4. Entry age to open account in ‘Post office 3-year Time Deposits (TD)’  is 10 years.
  5. Entry age to open account in ‘Post office 5-year Time Deposits (TD)’  is 10 years.
  6. Entry age to open account in ‘Post office 5-year Recurring Deposits Scheme (RD)’  is 10 years.
  7. Entry age to open account in ‘Senior citizen Savings scheme (SCSS)’  is 60 years.
  8. Entry age to open account in ‘Monthly Income Scheme (MIS)’  is 10 years.
  9. Entry age to open account in ‘National Savings Certificate (NSC)’  is 10 years.
  10. Entry age to open account in ‘Public provident fund (PPF) scheme’  is 18 years.
  11. Entry age to open account in ‘Kisan Vikas Patra (KVP)’  is 10 years.
  12. Entry age to open account in ‘Sukanya Samriddhi Yojana (SSY) Account’  is 0 to 10 years.

Disclaimer: For any clarification, contact post office or concerned bank. Consult financial advisors before investing.

8 thoughts on “Post office and small savings schemes Interest rates from 1st January 2023

Leave a Reply

%d bloggers like this: