PPF, Post Office Deposit updates

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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 Replies 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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