Post office savings to earn you more

  • HT Correspondent, Hindustan Times, New Delhi
  • |
  • Updated: Mar 27, 2012 01:16 IST

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.


also read

UTI MF launches UTI Mobile

blog comments powered by Disqus