Post Office Interest Rates Table 2024 - January to March

In this post we will see Latest updated Post Office Interest Rates Table 2024 for the quarter between January to March 2024. These interest rates of small savings schemes from Post Office are reviewed on quarterly basis by the Government of India hence it is important to track the latest interest rates of all these small saving schemes.

The Post Office Interest rates for quarter January to March 2024 have been revised for few saving schemes and are as follows: Post Office Savings Deposit = 4%, Term Deposit or Fixed Deposits = 6.9% (1 year), Recurring Deposits = 6.7%, National Saving Certificate (NSC) = 7.7%, Post Office Monthly Income Scheme (MIS) = 7.4%, Public Provident Fund (PPF) = 7.1%, Senior Citizen Saving Scheme (SCSS) = 8.2%, Kisan Vikas Patra (KVP) = 7.5%, Sukanya Samriddhi Yojana (SSY) = 8.2%

Out of all above post office small saving schemes, Senior Citizen Saving Scheme provides the highest annual interest rate of 8.2%.

Table of Contents

Post Office Interest Rates Table – January to March 2024
Savings Deposit – 4%
- Savings Account Interest Calculation – Video
Term Deposit – 7.5%
Recurring Deposit – 6.7%
National Savings Certificate (NSC) – 7.7%
Post Office Monthly Income Scheme – 7.4%
- Post Office MIS Scheme Video
Public Provident Fund (PPF) – 7.1%
- How to Maximize PPF Interest – Video:
Senior Citizens Saving Scheme – 8.2%
Kisan Vikas Patra (KVP) – 7.5%
Sukanya Samriddhi Yojana (SSY) – 8.2%
Some more Videos

Post Office Interest Rates Table – January to March 2024

Below is the Post Office Interest Rates Table for quarter between January to March 2024:

Highlighted interest rates in green are the ones that are revised in this quarter.

The Interest rates seem to be attractive if you want low to negligible risks on your investments. These saving schemes can also be opened in popular banks (except few schemes) such as SBI, HDFC, ICICI, etc. with almost similar annual interest rates.

Let’s see benefits of all these Savings Schemes below.

Savings Deposit – 4%

Savings Deposit (or Savings Account) is the most common type of deposit which almost everyone has
This is the account in which mostly people keep their money in Post Offices and Banks and make most number of Transactions.
The interest rate in this quarter is 4% in Post Office but it would be less in other banks as Banks
Interest amount in Savings Deposit is calculated on Daily Lowest Balance and the amount is credited at the end of quarter

Savings Account Interest Calculation – Video

Watch more Excel Videos Here

Term Deposit – 7.5%

Term Deposit is also called as Fixed Deposit
The Term Deposit or Fixed Deposit interest rates varies between 6.9% to 7.5% depending upon the tenure of Term Deposits
You deposit a principal amount decided by you and you receive quarterly interest which is paid to you after FD maturity in case of cumulative FD, or your receive regular payouts in case of non-cumulative FD
Fixed deposits have higher interest rates compared to Savings or Recurring Deposits interest rates
Higher interest rates makes FD more attractive
Irrespective of interest rates, the goal you are trying to achieve should be considered while opening of a Fixed Deposit
If you have a lump sum amount that you need after 1 year, than Fixed deposit is the best place to keep your had earned money with some additional interests amount

Recurring Deposit – 6.7%

RD also called as Recurring Deposit is the type of account you open considering a goal in mind which are usually short term – 6 months to 2 years
The interest rate for 5 year recurring deposit is 6.7% in this quarter
You regularly deposit in your recurring deposit account for a predefined period and accumulate sufficient amount to reach your goal
While you deposit your money in recurring deposit, you get interest amounts based on the interest rate that is set during recurring deposit account opening
The goals for opening an RD can be to pay for the next insurance premium, buying a new phone, etc.
So instead of paying EMIs on such goals, you open recurring deposit account as a part of planning for your goal
In this way, you accumulate sufficient amount to achieve the goal rather than buying things and paying later
Another advantage of opening recurring deposit is that you earn additional interest instead of paying this additional interest which happens in paying the EMIs (in case your convert the buying amount to EMIs)
The calculation of recurring deposit interest is similar to that of Fixed Deposit Interest Calculation. Compounding is done on quarterly basis in most of the banks

National Savings Certificate (NSC) – 7.7%

National Savings Certificate (NSC) scheme is a fixed income scheme.
The current interest rate for National Saving Certificate (NSC) is 7.7% annually for 5 years NSC
It is one of the popular savings instruments in India.
One can activate this scheme at any Post Office.
NSC scheme is the Government of India initiative. Hence it guarantees returns.

Read more about NSC here [VIDEO]

Post Office Monthly Income Scheme – 7.4%

Maximum investment is Rs. 9 lacs in a single account and Rs. 15 lacs jointly.
Current Interest rate for MIS is 7.4% annually.
Account can be opened single, jointly, Minor (above 10 years of age) or a guardian on behalf of minor.
Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 9 Lakh).
Single account can be converted into Joint and Vice Versa.
Maturity period is 5 years.
Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices.
Can be prematurely encashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.).
Interest shall be payable to the account holder on completion of a month from the date of deposit.
If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

Post Office MIS Scheme Video

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Public Provident Fund (PPF) – 7.1%

PPF or Public Provident Fund is a savings scheme offered by the Government of India.
PPF has a lock-in period of 15 years
Minimum deposit amount in a FY to keep your PPF account active is Rs. 500
Maximum deposit amount for which you can earn interest in PPF account is Rs. 1,50,000
The interest on the account is paid by the government of India and is set every quarter, It is also tax-free.
PPF interest is calculated every month and is compounded annually
The applicable PPF interest rate for January to March 2024, has been fixed at 7.1% annually.
PPF or Public Provident Fund falls under EEE category (Exempt, Exempt, Exempt), which means, the Deposits, Interest and Maturity Amounts are all exempted from Income Tax
Partial withdrawals are allowed in PPF account
Loan facility is also available in PPF account

Read more about PPF here [VIDEO]

How to Maximize PPF Interest – Video:

Watch more Excel Videos Here

Senior Citizens Saving Scheme – 8.2%

Investing in SCSS is a good opportunity for senior citizens above 60 years to make money.
Current Interest rate is 8.2% annually
This is an effective and long-term saving option which offers security and added features that are usually associated with any government-sponsored savings or investment scheme.
An individual can invest a maximum amount of Rs. 30 lakh, individually or jointly in an SCSS account (in multiples of Rs.1,000).
The amount invested in the scheme cannot exceed the money that has been received on retirement.
Hence, the individual can invest either Rs.15 lakh or the amount received as a retirement benefit, whichever is lower.
The account can be opened by cash for an amount below Rs.1 lakh and by cheque for an amount exceeding Rs.1 lakh.

Kisan Vikas Patra (KVP) – 7.5%

Minimum Rs. 1,000 and in multiples of Rs. 100. There is no maximum limit.
Account can be opened single, jointly, Minor (above 10 years of age) or a guardian on behalf of minor.
The money will be double at maturity. However, as the interest rate changes on a quarterly basis. The maturity period also varies once in a quarter.
The current Interest rate is 7.5% annually (will mature in 115 months).

Sukanya Samriddhi Yojana (SSY) – 8.2%

Attractive interest rate of 8.0%, that is fully exempt from tax under section 80C.
Minimum Rs. 1000 can be invested in one financial year (April to March)
Maximum investment of Rs. 1,50,000 can be made in one financial year (April to March)
If the minimum amount of Rs 250/- is not deposited in any financial year, a penalty of Rs 50/- will be charged
Deposits in an account can be made till completion of 14 years, from the date of opening of the account
The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
Passbook will be issued to customers
Withdrawal Facility
To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
If the beneficiary is married before maturity of account, account has to be closed.
Monthly interest is calculated and compounding frequency is annual
You can open a maximum of 2 accounts in a family

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