Latest Post Office Interest Rates October – December 2022 – What are the Post Office Small Savings Interest Rates for October to December 2022? What are the latest post office interest rates on FD, MIS, SCSS, NSC, KVP, PPF and SSY schemes?
Due to rising inflation, many banks have started increasing their FD rates. So, many people thought that this time the government will increase the interest rates of small savings schemes. Accordingly, the interest rates of some post office savings schemes have increased marginally.
Earlier the interest rates were announced once a year. However, from 2016-17, the interest rate will be fixed on a quarterly basis. I have already written a detailed post on this. I am giving the link of that earlier post below.
The time table for changes in interest rates for all Post Office Savings Schemes is given below.
As per the schedule, the government announced the interest rate applicable on all post office savings schemes from 1 October 2022 to 31 December 2022.
Latest Post Office Interest Rates October-December 2022
As per the notification of the Department of Economic Affairs, Ministry of Finance, the following interest rates are applicable for the third quarter of this financial year.
For some products, the interest rate was changed. However, for most products, the interest rate remains unchanged.
You have noticed that there has been a marginal increase in the interest rate for products like 2-year and 3-year fixed deposits, MIS, SCSS and KVP. The surprising thing for me is that the interest rates for 5 year deposits and other schemes remain unchanged. However, the KVP rate changed
Post Office Interest Rate Trend from October 2021 to October 2022
Let us now look at the trend of Post Office Small Savings Interest Rates last year. They are as below.
Features of Post Office Savings Schemes
Now let us have a look at the features of Post Office Small Savings Schemes. This will give you more clarity on choosing the right product for you.
#Post Office Savings Account
Like a bank account, the post office also offers you a savings account to its customers. Some features are given below.
A minimum of Rs 500 is required to open an account. The account can be opened singly, jointly, minor (above 10 years of age), or a guardian on behalf of the minor. The minimum balance to be maintained in the account is Rs.500/-. , if the balance Rs. 500 is not maintained, a maintenance charge of rupees one hundred (100) shall be deducted from the account on the last working day of each financial year and after deduction of account maintenance charges, if the balance in the account becomes nil, So Account Check Facility/ATM Facility Available From Financial Year 2012-13 Interest earned up to Rs.10,000/- per annum is tax-free Account can be transferred from one post office to another An account can be opened in one post office. At least one deposit or withdrawal transaction in three financial years is required to keep the account active, otherwise the account has become dormant. Intra Operate NetBanking/Mobile Banking facility is available. The facility to view funds transfer online between post office savings accounts/stop cheques/transactions is available through intra-operational netbanking/mobile banking. Facility to link IPPB savings account is available. Fund transfer (sweep in/sweep out) facility is available with IPPB savings account. # Post Office Fixed Deposit (FD) with a minimum of Rs 1,000 and in multiples of Rs 100. There is no maximum limit. Currently available FD tenures are 1 year, 2 years, 3 years and 5 years. The account can be opened singly, jointly, minor (above 10 years of age) or a guardian on behalf of the minor. Account can be opened by cash/cheque and in case of cheque the date of realization of the check in Govt. Account opening date. The account can be transferred from one post office to another. Single account can be converted into joint and vice versa. Any number of accounts can be opened in any post office. Interest shall be payable annually, no additional interest shall be payable on the amount of interest which has become due for payment but has not been withdrawn by the account holder. Annual interest can be credited to the savings account of the account holder at his option. Premature encashment is not allowed before the expiry of 6 months, if closed between 6 months to 12 months from the date of opening, the post office savings account interest rate will be payable. FD of 5 years is eligible for tax saving purposes under section 80C. # Post Office Recurring Deposit (RD) minimum Rs 100 per month and in multiples of Rs 10. There is no maximum limit. The account can be opened singly, jointly, minor (above 10 years of age) or a guardian on behalf of the minor. The tenure of RD is 5 years. The account can be opened by cash/cheque and in case of cheque the date of deposit will be the date of withdrawal of the cheque. Premature closure is allowed after three years from the date of account opening. The account can be transferred from one post office to another. Subsequent deposits can be made up to the 15th day. If the account is opened up to the 15th of a calendar month and up to the last working day of the following month, the account of the following month if opened between the 16th day of a calendar month and the last working day. If the deposit is not made by the stipulated period of subsequent days, a default fee is charged for every default, default fee @ Rs.1 for every Rs.100 will be charged. After 4 regular defaults, the account is closed and can be revived in two months but if it is not revived within this period, no further deposits can be made. If there is a monthly default amount in an RD account, the depositor has to first pay the default monthly deposit amount along with the default charges and then pay the current month’s deposit amount. There is a discount on advance deposits of at least 6 installments, up to Rs. 10 for 6 months and Rs. For the denomination of Rs 40, 12 months rebate will be paid. 100. A loan allowed up to 50% of the balance amount after one year. It can be repaid in lump sum with interest at the prescribed rate at any time during the currency of the account. The account can be extended for another 5 years after the maturity of the account. # Post Office Monthly Income Scheme (MIS) Maximum investment in single account is Rs 4.5 lakh and jointly Rs 9 lakh. The account can be opened singly, jointly, minor (above 10 years of age) or a guardian on behalf of the minor. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all the accounts (Rs 4.5 Lakh). Single account can be converted into joint and vice versa. The maturity period is 5 years. Interest can be withdrawn through auto credit in savings account at the same post office, or ECS. / In case of MIS accounts at CBS post offices, monthly interest can be credited to savings account at any CBS post office. years but before 3 years at a discount of 2% of the deposit and after 3 years at a discount of 1% of the deposit. (Exempt means deduction from deposit.) Interest will be payable to the account holder on completion of one month from the date of deposit. If the interest payable every month is not claimed by the account holder, no additional interest will be available on such interest. # Post Office Senior Citizen Savings Scheme (SCSS)
I have written a detailed post on this. Check it out at “Post Office Senior Citizen Scheme (SCSS)-Benefits and Rate of Interest”.
# Public Provident Fund (PPF)
I have written many posts on PPF. See the same:-
# National Savings Certificate NSC (VIII Marks) Minimum Rs.1,000 and in multiples of Rs.100. No maximum limit. The account can be opened singly, jointly, minor (above 10 years of age) or a guardian on behalf of the minor. Tax benefit is available under section 80C. The tenure is 5 years. # Kisan Vikas Patra (KVP) account with a minimum of Rs 1,000 and in multiples of Rs 100. There is no maximum limit. The account can be opened singly, jointly, minor (above 10 years of age) or a guardian on behalf of the minor. The money will double on maturity. However, the interest rate varies on a quarterly basis. The maturity period also varies once a quarter. # Sukanya Samriddhi Account Scheme (SSY)
I have written various posts on this. See the same:-
Conclusion: – This time as expected, the government has changed the interest rates of some schemes. However, I feel this is a small change and may not benefit many people in a big way. However, senior citizens have a little smile on their faces due to the hike in the SCSS interest rate.