Post Office Account Interest Rate: The Department of Posts offers nine different types of small savings schemes at designated post offices. These investment schemes – including the 15-Year Public Provident Fund account and the Senior Citizen Savings Scheme – offer interest rates to the tune of 4-8.6 per cent for the quarter ending March 31, according to a finance ministry statement. The interest rates applicable to these small savings schemes are reviewed by the government every quarter. For opening a post office account in any of these schemes, one requires a minimum investment in the range of Rs 250-Rs 1,000, according to the India Post website.
Investment in government-run small savings schemes today fetches the following returns for the quarter ending March 31:
The post office time deposit (fixed deposit) account is available in four maturity options, from one year to five years. While the time deposit account of one-, two- and three-year maturity periods currently offer interest at the rate of 6.9 per cent each, the five-year option provides a return of 7.7 per cent.
India Post – which comes under the ambit of Ministry of Communications – has a network of more than 1.5 lakh post office branches across the country.