HindustanTimes Thu,17 Apr 2014

Post office savings to earn you more

HT Correspondent , Hindustan Times  New Delhi, March 27, 2012
First Published: 01:14 IST(27/3/2012) | Last Updated: 01:16 IST(27/3/2012)

The government on Monday increased interest rates on a range of popular post-office saving schemes. While returns on post office savings accounts (POSA) have been retained at 4% interest per annum, the monthly income scheme (MIS) and public provident fund (PPF) will earn interest of 8.5% and 8.8%, respectively, up from the current 8.2% and 8.6%, a government release said.  The new rates come into effect April 1.


The newly-introduced National Savings Scheme (NSC) with 10-year maturity will fetch 8.9% against the existing 8.7%. Interest on time deposits of one and two years is up 0.5 percentage points to 8.2% and 8.3%, respectively.

Middle-class Indians rely on these small-investment options for social security and parking surplus money while the government dips into this pool to finance its budget.

more from Utility Bytes

UTI MF launches UTI Mobile

UTI Mutual Fund, along with its mobile solutions partner, mCheck, today announced the launch of 'UTI Mobile', which would enable an investor to initiate payment instructions for investing in the fund schemes from a mobile phone.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved