Post Office Interest Rate April 2023:PDF Download

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post office current interest rate|post office new interest rate 2023 pdf|post office interest rate 2023 pdf download:Post Office Fixed/Time Deposit Interest Rate April-June 2023: The Finance Ministry has revised Post Office Time Deposit interest rates for various tenors. The interest rates have been hiked up to 0.5%. The revised rates will be applicable in the first quarter of FY 2023-24 starting tomorrow (April 1).In the fourth quarter of FY 2022-23 also, the Government increased the Post Office Fixed Deposit interest rates for some tenors.

Along with Post Office Fixed Deposit interest rates, the Government has also revised the interest rates of some other small savings schemes like the Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana, Kisan Vikas Patra, Post Office Monthly Income Scheme and Post Office Recurring Deposit. There is no change in Public Provident Fund (PPF) interest rate.

post office interest rate april 2023

In the Union Budget 2023, which was presented by Finance Minister Nirmala Sitharaman on 1 February 2023, a slew of announcements and changes were made including changes to two of the most popular post office schemes. A new scheme for female investors was also announced in the Union Budget 2023.

 In Budget 2023, the investment cap for SCSS has been raised from Rs 15 lakh to Rs 30 lakh. The government-backed scheme was established in 2004 with the goal of giving senior citizens a reliable and secure source of income for their post-retirement period. In the January-March quarter, SCSS interest rate is 8 per cent. This fixed interest rate for 5 years with a minimum deposit of Rs 1000 and its multiples However, the interest received from Senior Citizen Savings Scheme is not tax-free.

post office current interest rate

As per an announcement made in Union Budget 2023, the single account holder limit for the Post Office Monthly Income Scheme (POMIS) has been increased from Rs 4 lakh to Rs 9 lakh. In case of joint account holding, the limit has increased limit from Rs 9 lakh to Rs 15 lakh.

The POMIS investors will get interest payments every month at a rate that the government will regularly update. As of now the interest rate is 7.1 per cent for the period between January and March 2023. An MIS account is valid for five years. If it is closed after 3 years but before 5 years from the date of opening, 1 per cent of the principal will be levied.

Mahila Samman Bachat Patra Yojana

Mahila Samman Savings Certificate

Finance Minister Nirmala Sitharaman announced Mahila Samman Savings Certificate for female investors in Union Budget 2023. This is a one-time, short-term savings plan that will be available for two years. But, the department has not yet made an official declaration or provided any details.

Post Office Time Deposit Interest Rates April-June 2023

5yr.A/c7.7​ %

post office new interest rate 2023 pdf

As per the notification issued by the Union Finance Ministry, the government has increased the interest rate for 1-year, 2-year, 3-year, 5-year term deposits from 6.6 per cent, 6.8 per cent, 6.9 per cent, 7.0 per cent in the last quarter to 6.8 per cent, 6.9 per cent, 7.0 per cent, and 7.5 per cent, respectively.

Besides this, it has also increased the interest rate for Senior Citizens’ Savings Scheme, Monthly Income Scheme, National Savings Certificate from 8 per cent, 7.1 per cent, 7.0 per cent to 8.2 per cent, 7.4 per cent, and 7,7 per cent, respectively.

The interest rates for Post Office Recurring Deposit, Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana have been hiked from 5.8 per cent, 7.2 per cent (123 months), 7.6 per cent to 6.2 per cent, 7.5 per cent (115 months), 8.2 per cent for the Q1 FY24, respectively.

Pm Rojgar Mela 2023 Registration

Savings Scheme Interest rate Oct-Dec Interest rate Jan-MarchInterest rate Apr-June
Post Office Savings Account 4.00% 4%4%
Post Office Recurring Deposit5.80%5.8%6.2%
Post Office Monthly Income Scheme6.70%7.1%7.4%
Post Office Time Deposit (1 year) 5.50%6.6%6.8%
Post Office Time Deposit (2 years) 5.70% 6.8%6.9%
Post Office Time Deposit (3 years) 5.80% 6.9%7.0%
Post Office Time Deposit (5 years)6.70% 7.0%7.5%
Kisan Vikas Patra (KVP)7% (123 months)7.2% (123 months)7.5% (115 months)
Public Provident Fund (PPF)7.10% 7.1%7.1%
Sukanya Samriddhi Yojana 7.60% 7.6%8.0%
National Savings Certificate6.80% 7.0%7.7%
Senior Citizens’ Saving Scheme (SCSS) 7.60% 8.00%8.2%

Only the interest rates on the Public Provident Fund (PPF), Post Office Savings Account have been kept unchanged at 7.1 per cent, 4 per cent, respectively.

post office interest rate 2023 pdf download

Will Post Office interest rate increase in 2023?

The government on Friday raised interest rates on most post office saving schemes by up to 0.7 per cent for the April-June 2023 quarter in line with the firming of interest rates in the economy.

What is the interest rate for SCSS 2023?

In this small savings interest rate from April 2023, the central government has raised Senior Citizens Saving Scheme interest rate to 8.20 per cent from SCSS interest rate of 8 per cent for January to March 2023 quarter. So, SCSS interest rate will be a big change effective from today

What is the new interest rate 2023 Post Office?

From April 1, 2023, the scheme will fetch an interest rate of 7.4% per annum on fresh investments made. The interest rate has been hiked by 0.30% from 7.1% earlier. Do note that the interest rate in the scheme is reviewed and revised every quarter.