Post office small savings schemes


Post office small savings schemes

As we have finished the FY 2014-15 and started a new FY 2015-16, FM Arun Jaitley has declared the new interest rates for post office small savings schemes. Recently we have noticed private sector banks like ICICI, Axis, HDFC banks reduced fixed deposit interest rate for FY 2015-16. At the same time our FM is increasing few of the post office schemes. Under post office small deposit scheme there are many products like Kisan Vikas Patra (KVP)National Saving Scheme (NSC) , Post office Savings account, Public Provident Fund (PPF), Recurring deposit – 5 year, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana Account (SSYA) and Term deposit schemes. Out of them FM has declared a hike of 0.10% interest rate only Sukanya Scheme and Senior Citizen scheme. Rest all interest rates were kept as it was.


Post office small savings schemes

It is clear that Govt is trying to stress more on investment towards Sukanya Samriddhi Scheme and Senior Citizen scheme. We have seen that BJP govt is trying more to encourage people to save more for the girl child future as well pension schemes. By June 1st we are going to get a new pension scheme Atal Pension Yojana. Anway many experts think that this move might be a political move by keeping all popular schemes interest rate as it was, but giving importance to the new Sukanya Scheme.

Also see Highlights of Union Budget for 2015-16

Whatever the fact it is, this move will definitely help Govt to to open more Sukanya Samriddhi Account in coming days by attracting highest interest rate in the peer group. But people should not consider that this scheme will get every year more interest rate. In the early years it may get more interest, but there is no guarantee that it will continue for long term. And again in case political power changes in our country after few years, it may impact this future of this scheme as well. Anyway consider this piece of information as a news only, think twice about your priorities and goals before investing in any product just by considering the best interest rate. Share your valuable thoughts by writing a comment below.


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