Public Provident Fund (PPF) vs Sukanya Samriddhi Yojana (SSY) vs SCSS: Latest Post Office saving schemes rates compared


India Post provides eight deposit options for investors, commonly known as post office saving schemes. These eight small saving schemes include Public 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.

Public Provident Fund (PPF) latest rates

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%.

Senior Citizen Savings Scheme (SCSS) latest rates

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%.

Sukanya Samriddhi Yojana (SSY) latest rates

The popular girl child savings scheme Sukanya Samriddhi Yojana account will earn an interest rate of 8%. 

National Savings Certificate (NSC) latest rates

National Savings Certificate has a lock-in period of 5 years. This will fetch 7.7% interest.

Post Office Monthly Income Scheme (MIS) latest rates

MIS allows investors to generate a steady monthly income, and gives an interest rate of 7.4%.

Kisan Vikas Patra (KVP) latest rates

The Kisan Vikas Patra (KVP) is giving an interest rate of 7.5%

5-Year Post Office RD latest rates

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%

Post Office Time Deposit Account latest rates

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. 

1-Year Deposit – 6.9%

2-Year Deposit – 7.0%

3-Year Deposit – 7.0%

5-Year Deposit – 7.5%

The RBI has maintained the status quo on policy rate in the last three consecutive Monetary Policy Committee meetings.

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Updated: 21 Aug 2023, 02:47 PM IST

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