Public Provident Fund (PPF) vs Sukanya Samriddhi Yojana (SSY) vs SCSS: Latest Post Office saving schemes rates compared
Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposit for a 5-year term, and Senior Citizen Savings Scheme (SCSS). Interest rates for small savings schemes are notified on a quarterly basis. The below-mentioned interest rates are for the July-September 2023 quarter.
PPF is a long-term tax savings scheme, which matures in 15 years. A minimum deposit of ₹500 per year is required to keep the account active. This will fetch 7.1%.
Investors who are 60 years old can deposit up to ₹30 lakh over their lifetime in a Senior Citizen Savings Scheme to earn regular interest income. The senior citizens' scheme gives 8.2%. The popular girl child savings scheme Sukanya Samriddhi Yojana account will earn an interest rate of 8%.
National Savings Certificate has a lock-in period of 5 years. This will fetch 7.7% interest. MIS allows investors to generate a steady monthly income, and gives an interest rate of 7.4%.
The Kisan Vikas Patra (KVP) is giving an interest rate of 7.5% With small monthly investments, these RD accounts offer lucrative interest rates. This recurring deposit scheme offered by post offices will get new investors 6.5% You can also open time deposits as a post office saving scheme for 1, 2, 3, and 5 years of tenure. It is similar to fixed deposits offered by banks.
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