Latest Interest Rates for Post Office Small Saving Schemes in October 2020

The Reserve Bank of India (RBI) has been slicing the key policy rates to relieve Covid-19 impact. Additionally, the majority of the banks and financial institutions have just been lessening the interest rates on their deposits schemes. 

In this way, as broadly envisioned, the focal Govt had declared a lofty cut in the interest rates on little savings schemes for the primary quarter (April to June) of FY 2020-21. Interest rates on different little savings schemes have been cut anyplace between 70 premise focuses and 140 premise focuses (100 premise focuses = 1 percent). 

Be that as it may, the interest rates on little savings schemes have been saved unaltered by the administration for the Second quarter of FY 2020-21, i.e., July-September. 

Keeping up the pattern, the interest rates on Post office schemes for Quarter-3 (Oct, Nov and Dec) have additionally been kept UNCHANGED. 

The administration keeping interest rates on little savings schemes will come as an alleviation for some fixed income investors. 

The National Savings Schemes (NSSs) are one of the exceptionally mainstream sparing schemes in India. These are managed by the Ministry of Finance. They offer total security of speculation joined with alluring returns. 

These schemes additionally go about as instruments of financial incorporation particularly in the topographically unavailable territories because of their execution principally through the Post Offices, which have reach all over. 

A portion of the extremely mainstream schemes which fall under NSS are as underneath; 

• PPF (Public Provident Fund) 
• Sukanya Samriddhi Scheme 
• Month to month Income Scheme (Monthly Income Account) 
• Senior Citizen Savings Scheme 
• KVP (Kisan Vikas Patra) 
• NSC (National Savings Certificate) 
• Time Deposits and 
• Recurring Deposits 

Latest recent Post Office Small Saving Schemes Interest rates for Oct - Dec 2020 

The most recent rates of interest material on different little savings schemes for the quarter from October to December 2020 powerful from 1.10.2020 would be as underneath; 

Most recent Interest Rate on Sukanya Samriddhi Scheme, PPF, MIS, NSC | Quarter 3 of FY 2020-21 

The most recent rates of interest relevant on different little savings schemes for the principal quarter from October to December 2020 compelling from 1-10-2020 would be as underneath; 

• The most recent interest rate on Sukanya Samriddhi Scheme (SSA ) is 7.6%.
• The new rate of Interest on PPF (Public Provident Fund) is 7.1%.
• The interest rate on Senior Citizen Savings Scheme (SCSS) has been diminished to 7.4%.
• The new rate of interest on Kisan Vikas Patra (KVP) would be 6.9%.
• The pace (rate) of interest on long term National Savings Certificate (NSC) is 6.8%.
• New interest rate on Post Office Monthly Income Scheme is 6.6%.
• The pace (rate) of interest on a long term Post Office RD (Recurring Deposit) would be 5.8%.

Benevolently note that interest rates of Small Savings Schemes are currently assessed and reset (assuming any) on a quarterly premise. 

Time Period               Month of Revision 

April to June                              March 

July to September                      June 

October to December            September 

January to March                   December 

The modified rates (assuming any) are appropriate for all the new investments MADE during the separate time frame. 

For the current investments under all the schemes (EXCEPT PPF and SUKANYA SAMRIDDHI SCHEME), the contracted interest rate stays unaltered until maturity.