Post office schemes interest rate 2023: Which small savings scheme offers highest interest rate
Also read: PPF, Sukanya Samriddhi, SCSS, NSC interest rates for December 2023 quarter announced; check here
Compounding frequency
InstrumentsRate of interest w.e.f 01.10.2023 to 31.12.2023Compounding FrequencyPost Office Savings Account4Annually1 Year Time Deposit6.9 (Annual Interest ₹708 for ₹10,000/-)Quarterly2 Year Time Deposit7.0 (Annual Interest ₹719 for ₹10,000/-)Quarterly3 Year Time Deposit7.0 (Annual Interest ₹719 for ₹10,000/-)Quarterly5 Year Time Deposit7.5 (Annual Interest ₹771 for ₹10,000/-)Quarterly5 Year Recurring Deposit Scheme6.7QuarterlySenior Citizen Savings Scheme8.2 (Quarterly Interest ₹205 for ₹10,000/-)Quarterly and PaidMonthly Income Account7.4 (Monthly Interest ₹62 for ₹10,000/-)Monthly and paidNational Savings Certificate (VIII Issue)7.7 (Maturity Value ₹14,490 for ₹10,000/-)AnnuallyPublic Provident Fund Scheme7.1AnnuallyKisan Vikas Patra7.5 (will mature in 115 months)AnnuallyMahila Samman Savings Certificate7.5 (Maturity Value ₹11,602 for ₹10,000/-)QuarterlySukanya Samriddhi Account Scheme8Annually
Also read: Latest PPF interest rate: Was Public Provident Fund interest rate hiked for Oct-Dec quarter?
TDS on interest
The Post Office offers a wide range of long-term and short-term investment plans, although it should be noted that not all investment options are tax-free; for example, the interest paid on some Post Office schemes is taxable, and section 80C of the Income Tax Act, 1961 does not allow for a deduction.
Also read: On which post office schemes is TDS applicable, where tax is not deducted
Final amount
Though interest rate plays a vital role in any investment. Tax slab of individual person also matters. So, one should invest considering all the avenues such as tenure, interest
