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It is a good news for depositors who approach post offices for products like saving account, monthly income account and PPF (Public Provident Fund). The following changes have been introduced :

  1. The interest on Post office saving account has been raised to 4% p.a. from earlier 3.5%.
  2. Post office Monthly Income Scheme (MIS)  would now fetch an interest of 8.2 %. The 5% bonus on MIS has been scraped off.
  3. Public Provident Fund (PPF) will earn an interest of 8.6 %. The saving limit of Rs. 70,000 has been increased to Rs. 100,000.
  4. The earlier popular investment scheme – Kisan Vikas Patras (KVPs) has been discontinued.
  5. The maturity life of MIS & NSC (National Saving Certificates) has been reduced from 6 years to 5 years.
  6. A new National Savings Scheme (NSC) with 10-year maturity has been introduced.
  7. Commissions earlier being provided to the agents on PPF & Senior Citizen Savings Scheme have been taken away.

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2 Responses to PPF, Post Office Deposit updates

  1. Pravat Kumar Das says:

    I want to know more about ”National Saving Certificate”.
    what is eligibility & how can i open this A/C.

  2. Pravat – there is no specific eligibility requirement for NSC. Just visit any Post office with your PAN and Chequebook and get a NSC opened. I shall shortly write a detailed article on NSCs.

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Delhi – Odd Vs Even Formula

January 2, 2016January 2, 2016

The actual success of the Delhi government’s odd-even formula will be known only by January 15, but if the response of most Delhiities on the first day is any indicator, then the risk taken by Arvind Kejriwal’s Aam Aadmi Party seems to have paid off.

The local government will review the effect on pollution after the 15-day trial and consider including two-wheelers in the second phase of the scheme.

For more click here