Post Office Interest Rates Table 2022
- 1 What is the interest rate for post office in July 2022?
- 2 Which scheme is best in post office 2023?
- 3 What is the interest rate of post office fixed deposit 20223?
- 4 What is the interest rate for POSB account in 2022?
- 5 Which FD scheme is best in post office?
- 6 What is the 15 lakh scheme in post office?
- 7 Which scheme in post office is to double money?
- 8 What is the interest of 1 lakh in post office for 1 year?
- 9 What is the interest of 10 lakh FD in post office?
- 10 What is POSB savings interest rate?
- 11 What is the interest rate of post office for July?
What is the interest rate for post office in July 2022?
Public Provident Fund (PPF) – 7.1% –
PPF or Public Provident Fund is a savings scheme offered by the Government of India.PPF has a lock-in period of 15 yearsMinimum deposit amount in a FY to keep your PPF account active is Rs.500 Maximum deposit amount for which you can earn interest in PPF account is Rs.1,50,000 The interest on the account is paid by the government of India and is set every quarter, It is also tax-free.PPF interest is calculated every month and is compounded annuallyThe applicable PPF interest rate for July 2022 to September 2022, has been fixed at 7.1% annually,PPF or Public Provident Fund falls under EEE category (Exempt, Exempt, Exempt), which means, the Deposits, Interest and Maturity Amounts are all exempted from Income TaxPartial withdrawals are allowed in PPF accountLoan facility is also available in PPF account
Read more about PPF her e
What is the latest post office interest rate 2023?
Interest rates From 01.07.2023 to 30.09.2023
Which scheme is best in post office 2023?
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What is the interest rate of post office fixed deposit 20223?
National Savings Time Deposit Account –
- Tenor: Available for 1, 2, 3, and 5 years.
- Eligibility: Open to adults, guardians for minors or persons of unsound mind, minors above 10, and joint accounts (max.3 adults).
- Min. Deposit: Rs 1,000, further in multiples of Rs 100.
- Taxation: 5-year PO FDs offer tax benefits under Income Tax Act’s Section 80C.
- Interest: Annual payouts, compounded quarterly. If interest isn’t withdrawn on the due date, no extra interest on the interest amount.
- Extension: Extendable within specified periods from maturity.
1-yr: Within 6 months 2-yr: Within 12 months 3/5-yr: Within 18 months
Premature Closure: Withdrawal after 6 months. Post Office interest rates adjusted based on completed years.
1-yr PO FD closed at 6 months = PO savings account rate.2/3/5-yr PO FD closed at 1+ year = 2% less than completed years’ FD interest rate
Security/Collateral: Transferable/pledged for security, including housing finance, banks, RBI, Governor of a state or the President of India.
What is the interest rate of FD in post office?
Earn 6.25%* Interest on FD Rates are subject to change as per the bank’s discretion. India Post, which operates the post offices in our country, offers post office FD interest rates of 6.90% – 7.50% p.a. for tenures ranging from 1 year to 5 years. The interest rate on Post Office Tax Saving FD is 7.50% p.a.
What is the interest rate for POSB account in 2022?
Post office (POSB) interest rate from 1st October 2022 | Revised interest rates for Small Savings Schemes (POSB) for 3rd quarter of Fy 2022.7.1%.7.1%. What is the Revised Rate of Interest for Senior Citizen Savings Scheme (SCSS) in Post Office from 01st October 2022?
Which FD scheme is best in post office?
PPF or Public provident fund is one of the best fixed deposit schemes offered by post offices. Deposits can be made either at once with a lump sum amount or in 12 monthly installments. The rate of interest offered on the fixed deposit account currently is 7.1%. Premature closure is not allowed for the account.
What is the 15 lakh scheme in post office?
Post Office Monthly Income Scheme (POMIS) Calculation 2023: Senior citizens will now be able to deposit more money in the Post Office Monthly Income Scheme (POMIS) account – Post Office Monthly Income Scheme (POMIS) Calculation 2023: Senior citizens will now be able to deposit more money in the Post Office Monthly Income Scheme (POMIS) account as the maximum deposit limit has been increased.
Can I double my money in 5 years?
Effective Ways to Double Your Money –
Mutual Funds: There are various types of mutual funds. ELSS (Equity Linked Savings Scheme), equity-oriented, debt-oriented, and balanced mutual funds are a few examples. Mutual funds offer a higher rate of return than other investment options, despite the market risks. So, you can consider it as one of the most effective ways to double your money. Moreover, the tenure of mutual funds will determine their rate of return. As a rate of return, long-term mutual funds can offer rates between 12% and 15% per year. With these mutual funds, it may take between 5 and 6 years to double your money. Kisan Vikas Patra (KVP) : It comes under the Post Office Small Saving Scheme. It was stopped but restarted in the first quarter of 2015-16. The Indian Government revises the interest rates and tenure to increase the money every quarter. The interest rate for KVP for April -June 2021 is 6.9. Corporate Bonds: Bank deposits don’t offer a high rate of interest. If you are looking for a high rate of interest on your investments, corporate bonds can be the way to go. The credit score and market credibility of corporate FDs or NCDs will determine the interest rates offered. National Savings Certificates: The Indian Postal Department issue National Savings Certificates (NSC). It is one of the most secure investment options. These certificates come with a fixed tenure of five or ten years and a fixed rate of interest. The rate of interest for NSCs with a 5-year term is 8.5% per annum. For NSCs with 10 years, the interest rate is 8.80% per year. National Savings Certificates are exempted from income tax under Section 80C, Income Tax Act 1961 up to Rs 1,50,000. TDS is not charged on amounts received at maturity. NSCs can also be used to obtain loans from any bank. Tax-free Bonds: In the past, tax-free bonds were only issued for a limited time. The Government granted permission to a few state-operated bodies to erect these bonds for INR 40,000 crore. These NTPC and PFC tax-free bonds are high in demand. For the 2015 series, the tax-adjusted return or interest rate offered by tax-free bonds was between 8.20% and 8.50% per annum, based on tenure. This bond can double your money in approximately 8 to 9 years. Gold ETFs: People usually love purchasing Gold. Gold has delivered consistent returns of about 10%. You can also invest in Gold ETFs and Gold Bonds to make gold investments more worthwhile. You can also make investments in the Sovereign Gold Bond Scheme. The RBI and the Government regulate the scheme. The certificate format will allow you to own Gold. Moreover, bonds value is determined in multiples of one gram of Gold. The minimum initial investment is one gram. On the amount you invest, you would receive 2.5% interest per year. The lock-in period for the amount invested in eight years. It would take about eight years to double the money you invest in Gold ETFs. Real Estate: It is also one of the effective ways to double your money. You can generate a regular rental income by investing in residential real property. You can own an asset, diversify your portfolio and save taxes. In 6 to 7 years, your property’s value can double. The catch is, real estate investment requires huge capital to invest. Multiple factors influence the return, including location and infrastructure development in neighboring areas. Stock Market: Stock investing is one of the great ways to double your invested money and build wealth. Direct stock investments carry high risks, so much so that you can lose up to 50% of your investment. However, the returns are equally high. On the flip side, returns on individual stocks are high (>20%) for big companies over longer periods. Eicher Motors Limited, for instance, made a five-year CAGR of 28.77%. In 3.5 years, you can expect to double your wealth. You should still invest in stocks for the long term (five years or more). Public Provident Fund (PPF): A minimum of INR 500 per year is required to invest in PPF. This scheme has a 15-year lock-in period. This plan offers the lowest possible contribution compared to other savings plans. Salaried, self-employed, and government employees can avail of this scheme. For each year in the fund, the rate of return is 8.75% per year. In 8 years, your invested money may double.
Which scheme in post office is to double money?
Kisan Vikas Patra Post Office Scheme to Double the Money 2023 Updated on Aug 09, 2023 The interest rate under KVP saving scheme is compounded annually and the sum invested gets doubled in over 10 years and 4 months’ time. A KVP account can be opened with a minimum amount of INR 1,000, whereas there is no maximum limit to be invested under this account.
What is the interest of 5 lakh in post office?
Monthly Interest for 5 Lakhs in FD 2023
|Bank Name||Interest Rates||Monthly Interest for 5 Lakh|
|Bank of India||7.50%||Rs.3,125|
|State Bank of India||7.60%||Rs.3,167|
What is the interest of 1 lakh in post office for 1 year?
Post Office Fixed Deposit calculation – Rs 1 lakh fixed deposit in 1 year: You can earn Rs 6975 as interest on a deposit of Rs 1 lakh for 1 year in Post Office, the FD calculator shows. The interest rate for this duration is 6.8% for senior citizens as well as others.
Rs 1 lakh fixed deposit in 3 years: You can earn Rs 23,144 as interest on a deposit of Rs 1 lakh for 3 years in Post Office, the FD calculator shows. The interest rate for this duration is 7% for senior citizens as well as others. Rs 1 lakh fixed deposit in 5 years: You can earn Rs 44,995 as interest on a deposit of Rs 1 lakh for 5 years in Post Office, the FD calculator shows.
The interest rate for this duration is 7.5% for senior citizens as well as others. Rs 1 lakh fixed deposit in 10 years: Post Office doesn’t offer 10-year fixed deposits,
How much interest will I get on 50000?
Monthly Interest Payout on ₹50,000 Fixed Deposit
|Deposit Amount||Interest Rate (p.a.)||Monthly Interest Payout|
What is the interest of 10 lakh FD in post office?
What is Post Office FD ROI for 10 lakh deposit for 1 year? The interest from the Post Office FD calculator for 10 lakh deposit for 1 year will be INR 71,224. The maturity value will be INR 10,71,224. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
Which FD is best in India?
Best Fixed Deposit Schemes To Invest In India in 2023 – Let us see which bank is best for fixed deposit investment with their respective FD interest rates here in this table-
|Banks Offering FD||Interest Rate||Senior Citizen Interest Rate||Tenure|
|AXIS Bank||3.50-6.10%||3.50-6.85%||7 days-10 years|
|Bandhan Bank||3.00% – 5.50%||3.75% – 6.25%||7 days – 10 years|
|Bank of Baroda||3.00% – 5.65%||3.50% – 6.65%||7 days – 10 years|
|Canara Bank||3.25% – 7.00%||3.25% – 7.50%||15 days – 10 years|
|HDFC Bank||3.00% – 4.00%||3.50% – 4.50%||33-99 months|
|ICICI Bank||3.00% – 6.00%||3.50% – 6.60%||7 days -10 years|
|Kotak Bank||2.50% – 5.25%||3.00% – 5.75%||7 days – 10 years|
|Punjab National Bank||3.00%-5.75%||3.50%-6.25%||1-10 years|
|State Bank of India||3.00% – 5.85%||3.50%-6.65%||7 days-10 years|
|Union Bank||3.00% – 6.70%||3.50% – 7.20%||7 days – 10 years|
What is the difference between FD and post office?
Tenure available in post office deposit and Bank FDs – Post office time deposit is offered for a minimum and maximum tenure of 1 year and 5 years, respectively. In bank FDs, you can invest for a minimum of 7 days and usually, the maximum period allowed is up to 10 years. So, bank FDs allow more flexibility in terms of tenure choice as you can also invest for less than 1 year and more than 5 years.
What is the interest rate for POSB savings account 2023?
Best High Interest POSB Savings Account 2023 We found 2 Savings accounts for you! Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site.
- All financial products and services are presented without warranty.
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- However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.
- No matter which savings account you hold, do note that interest rates are based on current SIBOR (Singapore Inter Bank Offer Rate) and SOR (Singapore Dollar Swap Offer Rate) and may change at your bank’s discretion.
In 2020, multiple changes were made to savings accounts’ interest rates across all major banks in Singapore. Here are the updated POSB savings accounts’ interest rates as of 1 October 2020.
|POSB Savings Accounts||Interest Rates – from 1 October 2020 (per annum)||Bonus Interest Rates – Maximum (per annum)|
|POSB Smiley CDA||1.00% (below S$10k)||2.00% (S$10 – 40k)|
|POSB My Account||0.05%||N/A|
|POSB eMySavings||0.05%||0.25% (S$1.5 – 3k)|
If you do not have a DBS Multiplier Account or are not enrolled into the POSB Multiplier Programme, you can enrol yourself into the POSB Cashback Bonus Programme to earn cash back every calendar month. To enjoy the cashback rates listed below, you will need to fulfil at least 3 of the categories’ criteria. Cash back rates vary from category to category.
|POSB Cashback Bonus Categories||Cash Back Rate||Criteria|
|Salary Crediting||0.30% (S$20 Cashback Cap)||Minimum S$2,500 via GIRO with reference codes “SAL” or “PAY”|
|Credit Card Spend||0.30% (S$20 Cashback Cap)||No minimum spend on any POSB or DBS credit cards|
|Home Loan||3.00% (S$30 Cashback Cap)||Monthly cash or CPF contributions to your POSB or DBS home loans|
|Insurance||3.00% (S$30 Cashback Cap)||Monthly premiums to your eligible POSB or DBS regular policies bought after enrolment|
|Investments||3.00% (S$30 Cashback Cap)||Monthly contributions to your POSB or DBS investments bought after enrolment|
You can apply for a POSB bank savings account online via the POSB ibanking portal, POSB digibank. To apply for a POSB account online, visit the POSB digibank website to first create a personal banking account. Once you have your POSB ibanking account ready, click on the website’s menu to find the “Apply” section, followed by “Open Account” where you will see a list of available POSB savings accounts for new applications.
- Click on your POSB account of choice and you will be guided through a simple application form.
- After you have completed your application, you will be able to check on your POSB account application status via the same “Apply” menu, followed by “View Application Status”.
- Being a POSB digibank user, you will have free access to the POSB online banking, or ibanking, website.
Benefits include instant access to your POSB account and credit card information, such as current savings amount, credit card expenditure balance, transaction history, any cash back or interests credited to your account. With POSB ibanking, you will also be able to set up recurring bill payments via GIRO, make retail payments or cash transfers via bank transfers, PayNow, or set up mobile wallets like PayLah!.
To set up a digital token, you will have to first download the POSB digibank mobile app. Login to your digibank mobile app, and select “More” from the menu on the bottom right hand corner, followed by “Manage Digital Token”. Select “Set Up Now” and you will be guided through 3 questions – your email address, an email OTP (one-time password), followed by another SMS OTP which will be sent to your registered mobile number.
Now, when you make any transactions, you will be able to authenticate the transaction on your digibank app instead of the physical token. If you are looking to contact or speak to the customer service at POSB, call the POSB phone banking and general enquiries hotline at 1800 339 6666 or +65 6339 6666 if you are calling from overseas.
- The POSB bank code is 7171, which is the same as the DBS bank code.
- No matter which POSB account you hold, your POSB branch code is 081 – different from the DBS branch code, which can be found in the first 3 digits of your DBS bank account number.
- Finally, the POSB branch name is POSB Bank Ltd.
- While the DBS branch name is DBS Bank Ltd.
If you are looking to purchase or replace your physical POSB passbook to view and update your transaction history and bank account balance, you will need to visit a POSB branch near you in person to purchase a passbook at a S$15 fee. Retrieval of statements fee of S$20 to S$50 for 1 to 3 years and more may apply. A POSB savings account is a personal banking account that allows you to credit your monthly salary via GIRO, set up auto transfers to dedicated savings accounts, and earn interest on your savings. POSB savings accounts range from POSB Smiley CDA for newborns, to the flexible online multi-currency POSB MyAccount for all ages, the automatic transfer savings account POSB SAYE, and the POSB Multiplier account.
- Take your time to browse and understand the workings of the different savings accounts, for the best savings account for you will be the one that suits your lifestyle and banking needs.
- Most POSB savings accounts do not require you to fork out an initial minimum deposit to open the account.
- However, most accounts do have an average daily minimum balance of S$500 upwards to S$3,000.
If your collective average daily minimum falls below the stipulated amount, you will be charged a S$2 or S$5 fall below fee for that month. If you are looking for personal savings accounts, you will be able to apply for either DBS savings accounts if you are an existing POSB customer and vice versa.
The terms and conditions, interest rates, and mechanics of the accounts will be the same. You will also be able to access and apply for these savings accounts on your POSB or DBS digibank website or mobile app. Interest rates for POSB savings accounts vary depending on your account type. For POSB Smiley CDA, you get 1.00% interest per annum for deposits below S$10,000 and 2.00% for deposits between S$10,000 and S$40,000.
If you hold a POSB My Account, you enjoy 0.05% interest per annum. For POSB eMySavings, you will enjoy a base interest rate of 0.05% per annum and a bonus interest rate of 0.25% for deposits between S$1,500 and S$3,000. For POSB SAYE (means “Save As You Earn”), you will enjoy a base interest rate of 0.05% per annum with a 2.00% bonus interest at the end of the 24 month fixed term.
For POSB Multiplier accounts, you will enjoy a base interest rate of 0.05% per annum with a maximum of 3.80% interest rate if you fulfil all the specified requirements. While savings accounts generally offer you interest for the amount you deposit in the account, they also often require you to have a minimum average daily balance of S$500 to S$3,000 with a fall below fee of S$2 to S$5.
If you are able to maintain the minimum balance, then it will be beneficial to keep your funds in a savings account to generate interest. A basic, current, or checking account offers you the convenience of withdrawing funds for payments and everyday transactions via a linked debit card.
These accounts, however, do not offer you interest on the money you have stored in the account. Yes, most banks will offer entry-level savings accounts with no minimum initial deposit required. While some savings accounts require you to maintain a minimum average daily balance of S$500 to S$3,000, there are savings accounts such as POSB My Account or POSB eMySavings that do not require you to maintain a minimum daily balance.
Yes, you can open POSB savings accounts in person at DBS branches, via the DBS ibanking website, or the DBS digibank mobile app. Vice versa, you can open DBS savings accounts in person at POSB branches, or via the POSB online banking website, or POSB digibank mobile application.
Yes, you can transfer money via bank transfer, PayNow, or PayLah! from a POSB account to a DBS bank account easily via the POSB ibanking website or the POSB digibank mobile app. Login to your POSB online banking account, and select “Pay and Transfer” from the menu. You will then be able to make a “Local” transfer by selecting the “Add Local Recipient” option.
Fill in the recipient’s name, DBS bank account details or the registered PayNow mobile, NRIC, FIN, or UEN numbers. Once added, you will be able to see this saved recipient in your “Recipients” list. Click on the recipient and you will be guided through the transfer.
- No, POSB account numbers are not the same as DBS account numbers.
- Although both POSB and DBS share the same bank code, 7171, the branch codes and account numbers are different.
- To open a POSB account for work permit holders, you can consider the POSB Payroll account which does not require any initial minimum deposits, minimum average daily balances, or fall below fees.
There are S$0 fees for remittance via DBS Remit as well. However, other fees such as a S$2 ATM withdrawal fee will be charged if the account holder makes more than 4 cash withdrawals from ATMs in a month. A S$2 cash withdrawal fee will be charged as well if any of the ATM cash withdrawals are below S$2,000.
What is the new POSB interest rate?
POSB Interest Rates from 01st July 2023 | Download New Revised Post Office Savings Bank (POSB) Rate of Interest (ROI) from July 2023 in PDF Post Office Small Savings Schemes (POSB) Interest rates from July 2023. New Increased (Revised) Postal Interest Rates from 01 st July 2023.
|Post Office Savings Scheme Name||Post Office Interest Rates from 01.07.2023 to 30.09.2023||Post Office Interest Rate from 01.04.2023 to 31.06.2023|
|Savings Bank A/c||04%||04%|
|Recurring Deposit Account||6.5%||6.2%|
|Term Deposit 1year/2 years/3 years/5 years||6.9%, 7.0%, 7.0% & 7.5%||6.8%, 6.9%,7.0% & 7.5%|
|Monthly Income Scheme||7.4%||7.4%|
|National Savings Certificate(NSC)||7.7%||7.7%|
|Kisan Vikas Patra (KVP)||7.5% (115 Months)||7.5% (115 Months)|
|Public Provident Fund (PPF)||7.1%.||7.1%.|
|Senior Citizen Saving Scheme||8.2%||8.2%|
|Sukanya Samriddhi Yojana||8.0%||8.0%|
What is the Revised Rate of Interest for Senior Citizen Savings Scheme (SCSS) in Post Office from 01st July 2023?
8.2% What is the Revised Rate of Interest for Sukanya Samriddhi Account (SSA) Scheme in Post Office from 01st July 2023? 8.0% What is the Revised Rate of Interest for Kisan Vikas Patra (KVP) Scheme in Post Office from 01st July 2023? 7.5% (will Doubled in 115 Months) What is the Revised Rate of Interest for Monthly Income (MIS) Scheme in Post Office from 01st July 2023?
7.4% Which of the Post Office Schemes did get revised interest rates from 01st July 2023? RD A/c & TD 1year & 2 Year Accounts
What is POSB savings interest rate?
|POSB Save As You Earn (SAYE)|
|Deposit Amount||Rates (% p.a.)|
|$50 – $290||0.050|
|$300 – $790||0.200|
|$800 – $1,490||0.250|
What is the interest rate of post office for July?
Small savings schemes interest rates raised by up to 30 bps for July-Sept 2023, PPF rates unchanged yet again The Centre on Friday hiked the interest rates of by up to 30 bps for the July-September 2023 quarter. In a notification issued on Friday, the Union finance ministry said that the interest rates of most schemes were at the same level, with minor tweaks in 1-year, 2-year term deposits and recurring deposit scheme.
The interest rate on small savings schemes for July-September quarter will now range from 4 per cent to 8.2 percent, the finance ministry said on June 30. Interest rates on schemes such as Senior Citizen Savings Scheme, National Savings Certificate, Kisan Vikas Patra, and Sukanya Samriddhi Account Scheme have been kept unchanged.
The PPF rates were kept unchanged yet again, which was last tweaked in April-June 2020, when it was slashed to 7.1 per cent from 7.9 per cent. This is the fourth time in the last 12 months, the Centre has increased the interest rates on small savings schemes.
|Savings Scheme||Interest rate Oct-Dec||Interest rate Jan-March||Interest rate Apr-June||Interest rate July-September 2023|
|Post Office Savings Account||4.00%||4%||4%||4%|
|Post Office Recurring Deposit||5.80%||5.8%||6.2%||6.5%|
|Post Office Monthly Income Scheme||6.70%||7.1%||7.4%||7.4%|
|Post Office Time Deposit (1 year)||5.50%||6.6%||6.8%||6.9%|
|Post Office Time Deposit (2 years)||5.70%||6.8%||6.9%||7.0%|
|Post Office Time Deposit (3 years)||5.80%||6.9%||7.0%||7.0%|
|Post Office Time Deposit (5 years)||6.70%||7.0%||7.5%||7.5%|
|Kisan Vikas Patra (KVP)||7% (123 months)||7.2% (123 months)||7.5% (115 months)||7.5%|
|Public Provident Fund (PPF)||7.10%||7.1%||7.1%||7.1%|
|Sukanya Samriddhi Yojana||7.60%||7.6%||8.0%||8.0%|
|National Savings Certificate||6.80%||7.0%||7.7%||7.7%|
|Senior Citizens’ Saving Scheme (SCSS)||7.60%||8.00%||8.2%||8.2%|
Interest rates at a glance The interest rates offered by the Government on most of the small savings schemes, including Post Office Fixed Deposit, are already at par with term deposits offered by banks. As per the notification issued by the Union Finance Ministry, the government has increased the interest rate for 1-year, 2-year, from 6.8 per cent, 6.9 per cent, in the last quarter to 6.9 per cent, 7.0 per cent, respectively.
- The interest rates for Senior Citizens’ Savings Scheme, Monthly Income Scheme, National Savings Certificate, Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana have been kept at the same level.
- The government decides the interest rates on small savings schemes every quarter after using the formula given by the Shyamala Gopinath Committee.
- The committee had recommended that the interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.
- Mahila Samman Saving Certificate (MSSC) 2023
Earlier this week, the government said that Mahila Samman Saving Certificate (MSSC) 2023 accounts, the newest small savings scheme, can now be opened in 12 public sector banks and four private sector banks. The scheme was announced in the Union Budget this year, and was only available through post offices.
- According to a recent notification by the Finance Ministry, one can apply for a Mahila Samman Savings Certificate, 2023, in all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd and IDBI Bank.
- “The Central Government hereby specifies that all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd and IDBI Bank shall be authorised to operate the Scheme namely, Mahila Samman Savings Certificate, 2023 with effect from the date of publication of this notification in the Official Gazette.”
- The notification further said the authorisation to operate the scheme is subject to a few conditions, like the banks should have dedicated software for operation and accounting of National Savings Schemes with specific functionality for each scheme.
Published on: Jun 30, 2023, 5:51 PM IST Posted by: Basudha Das, Jun 30, 2023, 5:34 PM IST : Small savings schemes interest rates raised by up to 30 bps for July-Sept 2023, PPF rates unchanged yet again
What is POSB interest rate?
POSB Savings Account Interest Rates
|POSB Savings Accounts||Interest Rates – from 1 October 2020 (per annum)||Bonus Interest Rates – Maximum (per annum)|
|POSB My Account||0.05%||N/A|
|POSB eMySavings||0.05%||0.25% (S$1.5 – 3k)|