Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable. He registered as a SEBI RIA in the year 2018. My mother has expired earlier. Dear Siddhartha, Arriving at decision and sharing an answer not possible with few lines of your sharing. The money will be double at maturity. 4.5 Lakh). Account can be transferred from one Post Office to another Post Office. One account can be opened in one post office. Minimum balance to be maintained in an account is INR 500/- , if balance Rs. However, for the current quarter, Government not changed the interest rates on any of it’s small saving schemes. Any number of accounts can be opened in any post office. Post Office Savings Schemes -Changes effective from 1st, April 2016, Post Office Senior Citizen Scheme (SCSS)-Benefits and Interest Rate, PPF (Public Provident Fund) Scheme 2019 – 5 Important Changes. Sukanya Samriddhi Yojana Interest Rate 2020-21: Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children.The scheme encourages parents to build a fund for the future education and marriage expenses for their … Like Bank Account, Post Office also offers you the savings account to its customers. What if you invest ONLY when the Market is all-time high? If a subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. I am providing the links to those earlier posts below. In the last quarter (July-Sept 2020), Government not changed the interest rates of the schemes. Your email address will not be published. Currently, the Sukanya Samriddhi Yojana interest rate stands at 7.6%. There is no maximum limit. 5 unknown facts about Sukanya Samriddhi Yojana (Account) Rules. Online deposit in Post Office PPF, Sukanya Samridhi, RD – How to do? There is rebate on advance deposit of at least 6 installments, Rs. Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder. Single account can be converted into Joint and Vice Versa . I have a only sister. (Discount means deduction from the deposit.). Can i survive 1.5 crore rs without no others income. Refer the same:-, I have written various posts on this. Cheque facility/ATM facility are available, Interest earned is Tax-Free up to INR 10,000/- per year from the financial year 2012-13, Account can be transferred from one post office to another. What are the latest Post Office interest rates on FDs, MIS, SCSS, NSC, KVP, PPF and SSY Schemes? Interest rates in Sukanya Samriddhi Yojana. Maximum investment is Rs.4.5 lakh in a single account and Rs.9 lakh jointly. Let us hope for the best. Dear Dimple, Sorry to question again. The government had revised the below rates quarterly in previous years. can I survive Rs 1.5 crore without other source of income. If in any RD account, there is a monthly default amount, the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. fix the interest rates periodically. I have written a detailed post on this. After 14 years, the closing amount will get an interest of 7.6% per annum. Pls advice if there is any other better scheme to increase the amount. I already wrote a detailed post on this. Conclusion:-It is good that during this Covid situation, Government gave us a relief of not changing the interest rates. This is also the best interest rate … Therefore, make sure to check the current interest rate of post office Sukanya Samriddhi Yojana, before opening an account. The facility to link with IPPB Saving Account is available. Post Office Sukanya Yojana Interest Rate 2020. 100. Sukanya Samriddhi Account-An investment scheme for your girl child, Difference of Sukanya Samriddhi Account Vs PPF (With Tax Benefits). Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. Premature closure is allowed after three years from the date of opening of the account. If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest. The maturity period also varies once in a quarter. Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque. The bank and post offices are offering an interest of 7.6% annually on a compound basis from July 2020. How to check PMAY Scheme status online easily? SSY account in the post office will give you an interest rate of 8.5% per annum. I can invest for long period of time. Single account can be converted into Joint and Vice Versa. Ministry of Finance notified the applicable latest Post Office Interest Rates Oct – Dec 2020. Required fields are marked *. Just to recap quickly, in the first quarter of FY 2020-21, there was a huge reduction in interest rates of all saving schemes of Post Office. I will use it after 10-15 years for my baby. Sir, my intension is to invest in a way to increase as much as I can. Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month. Your email address will not be published. Motilal Oswal 5 Year G-Sec ETF – Alternative to Bank FDs? I am thinking to invest in kisan vikas patra as it will double the amount. Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. Sir, I can invest for long time also if the benefit is in long term investment. Parents can now open up to two SSY accounts for girls and a third account can be opened in case of birth of twins/triplets. She is unmarried and she is working in govt college in kolkata. Earlier the interest rates used to be announced yearly once. Top 10 Diwali 2020 (Samvat 2077) Mutual Funds / Stock picks, List of Fee-only Financial Planners in India and Fee Structure, Interest on interest waiver on loan moratorium – Eligibility and cashback calculation, Top 10 Best SIP Mutual Funds to invest in India in 2020.