New Delhi: The Ministry of Finance revises the interest rate on these schemes every three months and notifies it by issuing a notification. However, this is the third consecutive quarter, when the ministry has made no change in the rates of small savings schemes.
According to the report, for 5 years, interest will be given on the rate of 7.4 % on the Senior Citizens Savings Scheme on quarterly basis. The rate of interest on savings deposits will be 4% per annum. Sukanya Samriddhi Yojana (SSY) will continue to receive interest at the rate of 7.6 %. For the third quarter of the current financial year i.e. October to December interest rate will be 7.6 %.
Kisan Vikas Patra (KVP) will get interest at the rate of 6.9 %. For 1 to 5 years, interest will be available on term deposits at the rate of 5.5-6.7 % on a quarterly basis. Apart from this, interest will be given at the rate of 5.8 % on a 5-year recurring deposit. Interest will be given on the National Savings Certificate at the rate of 6.8 %. The public provident fund (PPF) will get interest at the rate of 7.1 % in the third quarter.
The savings account holder in the post office can use the net banking facility. With the facility of Internet Banking for Savings Account, account holders can send money to transfer money and check the account statement. Apart from this, with the help of internet banking, the account holders will be able to handle all the work related to RD, PF, NSC scheme from home.
What are the terms of net banking?
There are few conditions for using Net Banking facilities for customers having India Post Savings Account. A valid single or joint account is required, KYC related documents, active ATM card, mobile number should be linked to the account, email ID should be registered from the account, PAN number should be registered with the account.