Key Points
The limit for single account users under the Post Office Monthly Income Scheme (POMIS) has increased from Rs 4 lakh to Rs 9 lakh and the maximum for joint holding has been raised from Rs 9 lakh to Rs 15 lakh, was made Budget 2023 announcement...
What has changed: In the Public Provident Fund Scheme, 2019, in paragraph 13, in the second proviso, for the words "or the date of extension of the account", the words "or from the date of commencement of the current block period of five years" shall be substituted, as per the Department of Post notification...
If a deposit in a five-year account is withdrawn prematurely after four years, interest at the Post Office Savings Account rate of 4% will be paid now...
Previously, if a five-year time deposit account is closed after four years from the date of deposit, interest will be calculated using the rate applicable to three-year time deposit accounts.. 1. Extended periods for investing retirement benefits..
As per the notification, "The deposit made at the time of opening of account shall be paid on or after the expiry of five years or after the expiry of each block period of three years where the account was extended under paragraph 8 from the date of opening of account..
You might be interested in
Post office schemes rules changed: Govt makes changes to PPF, Senior Citizen Savings Scheme (SCSS), 5-year
11, Nov, 23On November 7, 2023, the government released a notification that made numerous significant modifications to the popular SCSS, PPF, and 5-year post office time deposit. Here is a look at the changes made to these small savings schemes.
Government relaxes norms for some small savings schemes
10, Nov, 23In case of Public Provident Fund, some changes have been made with regard to the premature closure of accounts. The government has relaxed the norms for various small savings schemes, including the Public Provident Fund (PPF) and Senior Citizen’s Savings Scheme.
Sukanya Samriddhi Yojana: How much should you invest monthly in SSY to get Rs 50 lakh at maturity?
10, Oct, 23Investing in Sukanya Samriddhi Yojana: You can open an SSY deposit with a minimum deposit of Rs 250. The maximum deposit amount can be up to Rs 1.5 lakh.
Was Senior Citizens Savings Scheme interest rate hiked for Oct-Dec quarter? Check latest SCSS rate
03, Oct, 23The government has raised the interest rates on certain small savings schemes and post office schemes for the fiscal quarter ending December 31, 2023.
Interest rate hiked to 6.7% on 5-year recurring deposit
30, Sep, 23The government on Friday raised the interest rate on five-year recurring deposit scheme to 6.7% from 6.5% for the December quarter and retained the rates for all other small savings schemes.
Post Office Schemes latest Interest Rates in India for 2023
04, Apr, 23Post office schemes interest rates: These are popular small savings schemes as they are backed by the central government and the returns here are fixed and guaranteed.
Senior Citizen Savings Scheme investment limit hiked to Rs 30 lakh: Govt issues notification
01, Apr, 23Budget 2023 proposed a hike in investment limit in Senior Citizen Savings Scheme (SCSS. A hike of Rs 15 lakh was proposed in the SCSS. As per the proposal, the maximum investment limit in SCSS has been doubled from Rs 15 lakh to Rs 30 lakh. Now the government has issued a notification for the same.
Senior Citizens Savings Scheme (SCSS) premature withdrawal rules changed; check details
20, Nov, 23The government released a notification implementing numerous significant changes to the popular Senior Citizen's Savings Scheme (SCSS).
Government hikes interest rates on some small savings schemes for July-September quarter
30, Jun, 23Under the revised rates, the 1-year and 2-year time deposit scheme will see an increase of 10 bps, while the 5-year recurring deposit scheme will witness a rise of 30 bps.