People invest in various post office schemes for a lot of reasons, but their sovereign guarantee is the main advantage of post office schemes. The scheme includes – Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizen, and Sukanya Samriddhi among others.
The central government has kept the post office saving scheme interest rates unchanged for the third quarter of 2021-22. Some post office savings schemes also provide tax benefits under Section 80C of the Income Tax Act.
Post Office PPF and NSC schemes
The annual interest rate for Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to be 7.1 percent and 6.8 percent, respectively.
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Sukanya Samriddhi Yojana
The one-year term deposit scheme will continue to have an interest rate of 5.5 percent. Whereas, the Sukanya Samriddhi Yojana account will have a 7.6 percent rate of interest.
Senior Citizen’s Savings Scheme
For the five-year senior citizen’s savings scheme, the rate of interest will continue to be at 7.4 percent. The interest is paid quarterly on the senior citizens’ scheme.
The interest rate on savings deposits will be retained at 4 percent per annum.
National Savings Certificates (NSC), KVP, Time-deposits, Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), etc., have retained the same rate of interest as that of the previous quarter of July- August-September quarter of 2021.
Post Office Saving Schemes: Documents Required
- Form
- KYC Form
- PAN card
- Aadhaar card
- Driving license
- Voter’s ID card
- Job card
- Proof of date of birth
Savings Scheme in Post Office: How to Apply
Step 1: Go to the closest post office branch.
Step 2: Get a form to open the account. Forms can be downloaded through the official portal of the Indian Post Office.
Step 3: Fill in the form with the needed details and submit it along with the KYC proof. You will also have to give other documents as required.
Step 4: Finish the process of enrolment by depositing the amount of the scheme you chose.
