Post Office Interest Rates Table 2023


What is the latest post office interest 2023?

Interest rates From 01.07.2023 to 30.09.2023

Period Rate
1yr.A/c 6.9%
2yr.A/c 7.0%
3yr.A/c 7.0​%
5yr.A/c 7.5 %

What is the FD rate in Indian Post Office 2023?

Post Office FD Interest Rates 2023

Tenure Normal Citizen FD Rate Senior Citizen FD Rate
11 months 30 days – 11 months 30 days 6.9% 6.9%
1 year – 2 years 11 months 30 days 7% 7%
3 years – 4 years 11 months 29 days 7.5% 7.5%

What will interest percentage be in 2023?

Selected Interest Rates

Instruments 2023 Sep 8 2023 Sep 11
10-year 1.93 1.94
20-year 1.95 1.97
30-year 2.01 2.04
Inflation-indexed long-term average 11 2.05 2.08

What is the interest rate of post office RD 2023 list?

Post Office RD Interest Rates 2023

Tenure 5 Year
Normal Citizen Interest Rates 6.50%
Senior Citizen Interest Rates 6.50%
Minimum Deposit Amount Rs.100
Premature Withdrawal Charges 1.80%

What will interest rates be in 2023 and 2024?

Fannie Mae – The August Housing Forecast from Fannie Mae puts the average 30-year fixed rate at 6.8% during the third quarter of 2023, pulling back marginally to 6.7% by year-end. The mortgage giant doesn’t expect rates to dip below 6% until 2025. All told, Fannie Mae predicts mortgage rates will average 6.6% in 2023 and 6.3% in 2024.

Is interest going up in 2023?

Factors That Influence CD Rates – Just like mortgage rates, savings rates and credit card interest rates, CD rates correlate strongly with the federal funds rate. When the Federal Reserve increases its benchmark rate, interest rates across the economy, including CD rates, increase.

  1. Similarly, decreases in the federal funds rate cause CD rates to fall.
  2. The Federal Open Market Committee recently stated that it anticipates ongoing rate hikes to lower inflation to 2% over time.
  3. If that prediction is correct, CD rates will likely increase until inflation is under control.
  4. If the economy falls into a recession, though, and the Federal Reserve reverses course and starts cutting interest rates, CD rates are likely to fall.

Part of the draw of opening a CD is that its earnings are guaranteed regardless of economic environment changes. If you lock in an interest rate by purchasing a CD, you’ll be paid that guaranteed rate for the entire term of the CD.

What is the interest rate in July 2023?

Implementation Note issued July 26, 2023 Decisions Regarding Monetary Policy Implementation The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its on July 26, 2023:

The Board of Governors of the Federal Reserve System voted unanimously to raise the interest rate paid on reserve balances to 5.4 percent, effective July 27, 2023. As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: “Effective July 27, 2023, the Federal Open Market Committee directs the Desk to:

Undertake open market operations as necessary to maintain the federal funds rate in a target range of 5-1/4 to 5-1/2 percent. Conduct standing overnight repurchase agreement operations with a minimum bid rate of 5.5 percent and with an aggregate operation limit of $500 billion. Conduct standing overnight reverse repurchase agreement operations at an offering rate of 5.3 percent and with a per-counterparty limit of $160 billion per day. Roll over at auction the amount of principal payments from the Federal Reserve’s holdings of Treasury securities maturing in each calendar month that exceeds a cap of $60 billion per month. Redeem Treasury coupon securities up to this monthly cap and Treasury bills to the extent that coupon principal payments are less than the monthly cap. Reinvest into agency mortgage-backed securities (MBS) the amount of principal payments from the Federal Reserve’s holdings of agency debt and agency MBS received in each calendar month that exceeds a cap of $35 billion per month. Allow modest deviations from stated amounts for reinvestments, if needed for operational reasons. Engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve’s agency MBS transactions.”

In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve a 1/4 percentage point increase in the primary credit rate to 5.5 percent, effective July 27, 2023. In taking this action, the Board approved requests to establish that rate submitted by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Chicago, St. Louis. Minneapolis, Kansas City, Dallas, and San Francisco.

This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve’s operational tools and approach used to implement monetary policy. More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York’s,

Will India FD rates increase in 2023?

Should FD investors wait or book their FDs now as RBI holds repo rate? While the interest rates on fixed deposits have become very attractive, many investors were hoping to get more returns on their FDs. Some banks had hiked their FD rates so much that they are now offering above 9%.

However, it seems like the era of rising interest rates is very close to its fag end as the Reserve (RBI) has yet again decided to hold the repo rate during its monetary policy meeting held on August 10, 2023. Let us understand how the latest status quo on key rates by the RBI could impact the current FD interest rates and what FD investors should do now.

Elevated inflation will determine future interest rates Interest rates depend upon inflation to a great extent. The RBI has a mandate to keep retail inflation in a range of 2% to 6%. After coming down to the lowest level of 4.31% in May 2023, retail inflation again rose to 4.81% in June 2023.

Going by the recent spurt in overall prices, the chances of it going beyond the tolerance range of the RBI cannot be ruled out. So, any significant rise in inflation may compel the central bank to go for a rate hike. However despite a surge if infaltion remains within tolerance range the banking regulator may not go for a rate hike.

“FY 24 inflation has been revised upward from 5.10% to 5.4%. Proactive government measures to curb food inflation should assist in keeping inflation lower. RBI likely to stay on hold for rest of CY 2023,” says Deepak Agrawal, CIO- Fixed Income, Asset Management Company.

  • Another factor that compelled the RBI to raise rates was hikes in rates by other central banks mostly in the US and Europe which were dealing with alarming high inflation.
  • They went overboard in curbing inflation by hiking interest rates in an unprecedented manner.
  • The US Federal and Bank of England have already announced hikes making it challenging for RBI to strike a balance to keep inflation under its tolerance levels and factor in rising borrowing costs.
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While the fight against inflation is not over yet, the RBI has ensured control,” says Adhil Shetty, CEO,, now that the threat of recession in the US and many parts of Europe can do a balancing act as growth concerns may get relatively higher priority and central banks may refrain from hiking rates further.

This will have balancing effect in India and reduce the pressure on RBI to hike rates immediately. Mixed trend in After remaining at the lowest level seen in the last two decades, interest rates on fixed deposits started rising significantly after the RBI started hiking repo rates last year in May 2022.

Within the next 10 months, the central bank raised the repo rate by 2.5% till February 2023. However, there has been no hike since then, which shows that the cycle of interest rate hikes to curb alarming inflation has ended. The 10-year G-sec yield has largely been range bound between 6.9% and 7.2% since May this year which also shows that interest rates have more or less stablised at this level.

  1. The trend of rising interest rates has reached close to its end as some banks have already gone for a reduction in interest rates.
  2. Back when RBI was hiking the repo rate, banks followed suit in raising their FD rates, however, with a lag and it has continued until now.
  3. Banks that were slow in raising their interest rate on FDs have been raising rates to catch up.

On the other hand, banks, which were quick in raising their rates, have started reducing their interest rate.As far as transmission of overall 2.5% repo rate hike is concerned it has largely happened in case of FD rates as the increase in the weighted average domestic term deposit rate (WADTDR) on fresh deposits has been 231 basis points in the current tightening phase between May 2022 and June 2023.

So unless there is a fresh hike in repo rate chances of any signficant surge in FD interest rate is unlikely. On July 26, 2023 reduced FD interest rate by 10 bps on its FD with tenure ranging between 16 months to less than 17 months. has reduced the interest rate by 25 basis points (bps) on a tenure of 1 Year 7 months up to 2 Years from 7.75 to 7.50 percent for general citizens which is effective on August 5.

The mixed example is from Bank of India which reduced the interest rate up to 1 percent across the tenure but introduced a special FD called Monsoon Deposit with the highest interest rate of 7.25% for FD with special tenure of 400 days.

What should FD investors do? Best rate for medium-term FDs? Should you book long-term FDs now?

If you have funds that can be invested in FDs, then waiting for interest rates to rise further may not be the best idea. The chances of interest rates rising further cannot be ruled out completely, however, the likelihood of the rise does look low. Currently, the prevailing interest rates may not be the peak interest rates but they are very close to the peak rate seen in the last 3-4 years.

  1. Therefore, it may be the best time for FD investors to book their FDs.”For retail investors, this is a good time to lock in their desired fixed-income allocation in bank FDs.10 year Gsec yields after having fallen to 7% in June have risen to 7.2% in August.
  2. Investing in long duration debt funds can also be a good strategy.

As the interest yields start falling, the capital appreciation of long duration bonds can give good returns,” says Anshul Gupta, Co-Founder and Chief Investment Officer, Wint Wealth. Most banks are currently offering their highest interest rates on FDs with tenure typically between 2-3 years.

  • So, if this tenure matches your investment horizon, then you would be better off by booking medium term FDs now.
  • If your long-term FD is locked at an extremely low rate and has 2-3 years of tenure left, then you may consider the possibility of breaking your FD and reinvesting it at a higher rate in a medium term FD.

However, you need to do a proper net benefit analysis as breaking the FD may come with some penalty. After analysis, if there is net benefit, it may be a good time to break your old FD and reinvest it. FD investors looking to book their fixed deposits for long tenures face the biggest dilemma about the right time to lock in their deposits.

  • If they book it now and interest rates rise further, they may lose on the additional interest rate.
  • However, if they wait too long and if the interest rates go down, they may end up losing both on account of waiting without earning higher interest and then settling with a much lower interest rate than what would have been offered earlier.

Therefore, instead of waiting for higher rates they can divide their FDs into different parts and start booking FDs after an interval so that they can average out the interest rate close to peak rates. Another way of ensuring that you never get the lowest rate on your entire FD portfolio is by going for FD laddering.

Will FD rates increase further in 2023 in India?

MUMBAI: Growth in bank credit has outpaced the increase in deposits during the first five months of the current fiscal, As a result, bank deposit rates are likely to move up further, with banks’ weighted average term deposit rates inching up 27 basis points in April-Aug 2023. In absolute terms, banks have added Rs 11.9 lakh crore of deposits while their loan books have grown by Rs 12.4 lakh crore. The wedge between credit and deposit growth has been managed because of surplus investments by banks in government securities. According to CareEdge Ratings, credit growth for the current financial year is expected to be 13-13.5%, excluding the impact of the HDFC merger.

  • The rating agency said banks will shore up branch networks to ensure deposit growth does not constrain credit offtake.
  • According to Madan Sabnavis, chief economist at Bank of Baroda, the difference between credit and deposit growth is reflected in the liquidity in money markets.
  • It is not surprising that the cost of deposits did increase in July based on RBI data, which would have persisted in August, too,” he said.

The weighted average term deposit rate of banks has risen from 6.28% in April to 6.55% in July 2023. Last week, PNB raised interest rates on term deposits by 25 bps (100bps = 1 percentage point). Currently, small finance banks have the highest term deposit rates, with Unity SFB offering 9% on 1001-day deposits.

Among Indian private banks, DCB offers 7.75% on 25 to 37 months. Punjab & Sind Bank’s 7.4% deposit rate is the highest among public sector banks. According to economists, one of the critical determinants of deposit rates in the future will be liquidity leakages due to cash withdrawals. There is a fear that the increase in current and savings account deposits due to the withdrawal of the Rs 2,000 banknotes is temporary.

In the short-term, liquidity is expected to come under pressure in mid-September due to the advance tax outflows, which will outstrip the Rs 25,000 crore released by RBI from the incremental cash reserve ratio requirement.

What will interest rates be in 2025?

Projected Interest Rates in 5 Years – Pent-up demand, especially for travel, means inadequate supply to chains still rocked by COVID-19, but Russia’s invasion of Ukraine and energy insecurity have raised oil and gas prices. It implies central bankers are uncertain how successful monetary tightening will be against many mitigating factors, with rate rises potentially adding pain without resolving rising prices.

  1. Interest rates are projected to rise in the near term as policymakers try to ward off 40-year-high inflation, but they are expected to peak soon thanks to expectations of a recession in the US.
  2. According to the forecasts as of February 2023, inflation was expected to continue to fall gradually over the next 18 months, hitting 5.3% by the end of this year and falling to 51% by the end of 2023.
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Capital Economics predicted inflation to sit at 2.5% by the end of 2023, and between 2026 and 2031, while the CBO expected inflation to average 2.4% between 2028 and 2030. Interest rates are a crucial factor in the financial markets that have wide-ranging ramifications for the economy.

The US Federal Reserve (Fed) sets the Federal Funds Rate (FFR), which influences demand for bonds, prime rates, and the overall economy. Even slight variations in interest rates can have significant effects on the stock market and investment portfolios, affecting both buyers and sellers. The Federal Reserve is responsible for setting the target range for the federal funds rate, which is the interest rate at which banks lend to each other overnight.

This rate has a significant impact on the overall economy, influencing borrowing costs for individuals and businesses, as well as affecting the value of the dollar. The predictions made by the various analysts and banks provide insight into what the financial markets anticipate for interest rates over the next few years.

Based on, Trading Economics predicts a rise to 5% in 2023 before falling back down to 4.25% in 2024 and 3.25% in 2025. Morningstar analyst Preston Caldwell, on the other hand, is skeptical that the Fed will continue raising rates throughout 2023 and has predicted lower rates of 3.75%-4%. ING predicts rates to range from 5% in the second quarter of 2023, rising to 5.5% in the third quarter, and then falling back to 5% in the final quarter of the year.

They also predict interest rates ranging between 3% and 4.25% in 2024, staying at 3% by the end of 2025. The differences in these forecasts may be attributed to the different methodologies and models used to generate them. Also Read:

Which is best RD or FD in post office?

What Should You Choose RD or FD? For people who do not have a lump sum to invest in a FD, but can afford a small portion of investment amount from income every month, a recurring deposit (RD) seems to be the right fit. Both RD and FD are best suited for risk averse investors who are mostly in the lower tax slab.

Which is best RD or FD?

There are many investment options available in the market for people who wish to invest their money. However, they should first study the various investment options, compare them, and then select the one that is most suited for them. Term deposits are the most famous, preferred and popular investment options across India.

People prefer these investment tools as their money is safe and secure in the bank. Also, they earn interest on their investment. There are two types of Term deposits, namely, Recurring Deposit (RD) and Fixed Deposit (FD). Let us learn in detail what is Recurring Deposits and Fixed Deposits. What is a Fixed Deposit? A Fixed Deposit is one of the Term Deposits offered by the banks.

This is the safest and most popular investment option. According to this, one has to invest a lump sum amount at one time in a bank. It isn’t necessary to open a separate account for a Fixed Deposit, but it can be linked to one’s existing Savings Account.

The tenure of the FD and the interest that the bank will pay will be decided at the time of opening the FD Account. What is a Recurring Deposit? Recurring Deposits are another popular investment option offered by banks. Like FDs, RDs too, are safe and secure. However, it is best suited for salaried people and those with a low annual income.

According to this investment option, an individual has to deposit a fixed amount of their income every month for a pre-determined tenure. After maturity, the principal amount is returned along with interest earned. Having to deposit money on a regular basis, also helps one to develop the habit of saving.

Fixed Deposit Recurring Deposit
1.Investment amount:
If a person intends to invest a lump sum amount at one time, then he can to do so in a Fixed Deposit which is provided by any bank or financial institution. A person who can afford to invest a small prefixed amount of money every month can do so in Recurring Deposits in any bank or financial institution.
2. Tenure:
Here, the tenure ranges from 7 days to 10 years. It is upon the individual to choose the tenure period. The tenure ranges from 6 months to 10 years. The individual has to choose the tenure period.
3. Interest amount:
The interest amount earned at the end of maturity of a Fixed Deposit is higher than the interest earned on an RD. The interest amount earned is lesser than the interest earned on an FD.
The interest gets credited on a quarterly /monthly or on maturity The interest earned on an RD is paid on maturity along with the capital amount.
5. Loan facility:
A person can avail loan against his Fixed Deposits. The loan amount can differ, and the maximum limit can be 90% of the value of the Fixed Deposit. Loan facility is also available for Recurring Deposits. The maximum limit is up to 90% of the deposit amount value.
6. Motivating factor:
A person with a surplus amount can invest in a Fixed Deposit plus earn money as interest. Recurring Deposit enables a person to invest a fixed amount of money at regular intervals. This automatically will instil the habit of savings in a person.
7. Default clause:
A person cannot default in payment as it is done once at the beginning with a lump sum amount. If a person fails to make the payment of instalments for six consecutive months, then the bank has the right to close such Recurring Deposit account.

So, now that you know what is Recurring Deposits and Fixed Deposits, which one will you invest in? You can read more about the difference between Recurring Deposits and Fixed Deposits here. Looking to apply for a Recurring Deposit ? Click to get started! *Terms and Conditions apply.

What is the interest rate of PPF in post office?

How To Use a Post Office PPF Account Calculator? – The following are steps on how to use a post office PPF calculator –

Firstly, you have to visit the Scripbox website to determine the potential returns from their post office PPF investments. Next, you have to enter the amount to be invested and the investment duration. After the details are entered, the post office PPF calculator will provide the total corpus created at the end of the investment period.

Let us understand how to use Scripbox’s PPF calculator with the help of an example. Mr Kartick wants to determine his potential returns from post office PPF investments. The yearly investment amount he wishes to invest is INR 1,50,000 and for a tenure of 15 years.

Total Investment: INR 22,50,000 Wealth gained: INR 18,18,209 Maturity value: INR 40,68,209

Therefore, Mr Kartick’s potential return from post office PPF investment is INR 40,68,209 by the end of his investment tenure. Explore PPF Interest Rate

What is the interest rate prediction for September 2023?

NAB is also forecasting that the RBA will keep the national cash rate on hold at 4.1% in September 2023. However, NAB is not predicting that this will be an extended pause, with one more rate rise forecast for November 2023, taking the cash rate to a peak of 4.35% (lower than the previously forecast peak of 4.6%).

What is the I bond rate prediction for 2023?

The Bottom Line – Personally, I bought $60,000 worth of I Bonds between my wife and I over the past few years, and the blended rate of return has been phenomenal. We started at 7.12% for the first six months, 9.62% in the following six months, 6.89% in the previous six months, and now 4.30% in the current six months.

  • Considering how ultra-safe I Bonds are as an savings option, the blended rate was way too good to pass up.
  • I don’t have plans to purchase more I Bonds for the reasons I explained in this post.
  • Instead, I parked the rest of my emergency fund in the UFB High Yield Savings account that’s currently offering a 5.25% APY.

I also keep a small amount of money outside of real estate and stock investments directed towards chasing the best bank bonuses, Make sure you have an adequate emergency fund parked at a high-yield savings account before exploring all the different ways to make your money work harder for you.

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What is the interest rate today?

Current mortgage and refinance rates

Product Interest rate APR
15-year fixed-rate 6.370% 6.506%
10-year fixed-rate 6.312% 6.529%
7-year ARM 7.618% 8.088%
5-year ARM 7.424% 8.063%

Which bank gives 7% interest on savings account in India?

If you are not considering fixed deposit investment due to their premature withdrawal rules as you may need the money anytime, you can consider keeping your money in a savings account. Savings account interest rates differ depending on the balances in the account.

  • Some banks pay interest on an incremental basis on their savings account.
  • Here are banks offering savings account interest rates between 7%-8% depending on the account balance.
  • DCB Bank savings account interest rate DCB Bank offers interest up to 8 percent on savings accounts on balances from 10 crore to less than 2 crores.

The bank offers 7.25% interest on savings account balance from 50 lakh to less than 2 Crore in the account and 7% on balances from 5 crore to less than 10 crores in the account.

Balance Range (INR) Rate of Interest p.a.W.E.F May 08, 2023
On balances up to 1 lakh in the account 2.00%
On balances above 1 lakh to less than 2 lakh in the account 3.75%
On balances from 2 lakh to less than 5 lakh in the account 5.25%
On balances from 5 lakh to less than 10 lakh in the account 6.25%
On balances from 10 lakh to less than 50 lakh in the account 7.00%
On balances from 50 lakh to less than 2 Crore in the account 7.25%
On balances from 2 cr to less than 5 crore in the account 5.50%
On balances from 5 crore to less than 10 Crore in the account 7.00%
On balances from 10 crore to less than 50 Crore in the account 8.00%
On balances from 50 crore to less than 200 Crore in the account 8.00%
On balances from 200 crore and above 5.00%

IDFC FIRST Bank savings account interest rate IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 10lac to less than Rs 5 crore. The new rates are effective from July 1, 2023. Suryoday Small Finance Bank savings account interest rate Suryoday Small Finance Bank offers the highest interest rate of 7.00% on savings account balances over of Rs 5 Lakh to Rs 2 crore and 6.75% on balances above Rs 1 lakh up to & including Rs 5 Lakh.

Savings Account Rate (Effective: From March 01, 2023)
Daily Closing Balance Slabs (Domestic/NRE/NRO) % rate per annum*
Up to and including Rs.1 Lakh 3.75%
Above Rs.1 Lakh up to & including Rs.5 Lakh 6.75%
Above Rs.5 Lakh up to & including Rs.50 Lakh 7.00%
Above Rs.50 Lakh up to & including Rs.2 Crore 7.00%
Above Rs.2 Crore up to & including Rs.5 Crore 6.50%
Above Rs.5 crore 5.00%

ESAF Small Finance Bank EASAF Small Finance Bank offers interest up to 7.5 percent on savings accounts on balances from 10 crore to less than 2 crores. The bank offers 7.25% interest on savings account balance from 50 lakh to less than 2 Crore in the account and 7% on balances from 5 crore to less than 10 crores in the account.

Savings Bank Account- Slab Rate of Interest effective from 01st July 2023
Up to and including Rs.5 lakh 4.00%
Above Rs.5 lakh up to and including Rs.15 lakhs (i.e. for incremental amount above Rs.5 lakh) 5.50%
Above Rs.15 lakh up to and including Rs.50 lakhs (i.e. for 7.00%
incremental amount above Rs.15 lakh)
Above Rs.50 lakhs (i.e. for incremental amount above Rs.50 7.50%

Other Small Finance Banks AU Small Finance Bank offers interest up to 7 percent on savings accounts, Equitas Small Finance Bank offers 7% interest in saving account for balances above Rs 5 lakh and up to Rs 50 crores. (Your legal guide on estate planning, inheritance, will and more.) Download The Economic Times News App to get Daily Market Updates & Live Business News.

Will the Fed raise rates again in September 2023?

The Key Question – Markets have some conviction that the Fed will leave rates unchanged in September. If so, then the main question will be: Does the Fed want to leave a November or December hike on the table, through either the Summary of Economic Projections or the Fed Chair Jerome Powell’s press conference after the rate decision is announced? However, it may prove just as insightful to analyze the trends from the upcoming CPI, and other inflation releases, which may significantly inform the Fed’s thinking in a direct way.

What is the best CD rate for $100000?

Top National Jumbo CD Rates vs. Regular CD Rates

CD Bank 5.20% APY $100,000
All In Credit Union 5.17% APY $100,000
Luana Savings Bank 4.52% APY $100,000
Best non-Jumbo option: Dow Credit Union 5.65% APY $500

What is the interest rate for SCSS 2023 24?

Senior Citizens Savings Scheme (SCSS) interest rate for the July-September fiscal quarter of 2023–24 was announced. The SCSS interest rate remained unchanged at 8.2%, according to the government’s decision. In the last quarter, the rates were hiked by 20 basis points from 8% to 8.2%.

If you are interested in investing in SCSS, then here is a look at important features of the scheme. Minimum and maximum investment amount The investment minimum is Rs 1,000 and the investment maximum is Rs 30 lakh. If there is an excess amount in a SCSS account, the excess funds will be reimbursed to the depositor right away, and only the PO Savings Account Interest Rate will be in effect from the date of the excess until the date of the reimbursement.

Interest rate Note that the interest rate will remain the same for the duration of the investment once it is completed. Interest is be payable on a quarterly basis and applicable from the date of deposit to 31st March/30th June/30th September/31st December.

TDS According to the Post Office website, “Interest is taxable if total interest in all SCSS accounts exceeds Rs.50,000/- in a financial year, and TDS at the prescribed rate shall be deducted from the total interest paid.” Interest can be withdrawn via auto credit into a savings account at the same post office or ECS.

Monthly interest on SCSS accounts at CBS Post Offices can be credited to savings accounts at any CBS Post Office. SCSS premature closure Accounts can be closed prematurely at any time after they are opened. If the account is closed before one year, no interest is payable, and any interest paid in the account is deducted from the principal.

  • If the account is closed after one year but before two years from the date of opening, 1.5% of the principal balance will be cut off.
  • If the account is closed after 2 years but before 5 years from the date of opening, 1% of the principal amount will be taken away.
  • Extended accounts can be terminated after one year from the date of extension without incurring any fees.

SCSS extension of account The account holder may extend the account for another three years from the date of maturity by submitting the appropriate paperwork along with the passbook to the relevant post office. Within one year of maturity, the account can be extended.

What is the interest rate for April 2023?

Calendar GMT Actual
2023-04-06 04:30 AM 6.5%
2023-06-08 04:30 AM 6.5%
2023-08-10 04:30 AM 6.5%
2023-10-06 04:30 AM

Will interest rates be in 2024?

Mortgage rate predictions 2024 – Most major forecasts expect rates to fall in 2024. But exactly when will mortgage rates go down? Here’s how a few of the leading players stack up in their predictions: Fannie Mae’s forecast suggests that 30-year mortgage rates will fall into the 6% to 6.5% range in 2023, while NAR believes rates will stick closer to 6%.

What is the interest rate of SBI MIS in 2023?

The investors are now getting 7.1 per cent per annum payable monthly. SBI Monthly Income Scheme 2023: The reports of mass layoffs by several firms in various multi-national and Indian companies have created an atmosphere of uncertainty among people.