It also explains the special adjustments for premature withdrawal of funds from the National Savings Time Deposit Scheme. The government has issued a notification in this regard on November 9. A person can invest the money received on retirement in the Senior Citizens Savings Scheme within three months. During this time, he will have to provide proof of the date on which the retirement money has come into his account.

It has been said in the notification that the interest rate on the money deposited in the scheme will be as per the interest rate on the date of maturity of the Senior Citizens Savings Scheme.

Change in the rules for withdrawing money from PPF

The government has also changed the rules for premature closure of PPF account. In the notification, these changes have been named Public Provident Fund (Amendment) Scheme, 2023. In this, special adjustments have also been made in case of premature withdrawal of money in National Savings Time Deposit Scheme. It says that if money is withdrawn from a five-year account after four years from the date of opening the account, then the interest rate of Post Office Savings Account will be applicable on it.

Total 9 small savings schemes

Currently, the rule is that if a five-year deposit account is closed after four years of opening it, then the interest rate of a three-year time deposit account will be applicable on it. Small Savings Accounts are managed by the Department of Economic Affairs, Ministry of Finance. Currently, 9 types of small savings schemes of the government are available. These include Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS).

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.Is. The interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF. The interest rate of Sukanya Samriddhi Yojana has been increased from 7.6 percent to 8 percent. The interest on Monthly Income Account has now increased from 7.1 per cent to 7.4 per cent and on Kisan Vikas Patra from 7.2 per cent to 7.5 per cent.

Those investing in Senior Citizen Savings Schemes will now get 8.2 per cent interest instead of 8 per cent.

Interest rates on time deposits also increased

The government has also increased the interest rates on time deposits of one, two, three and five years. Now one year time deposits will get 6.8 percent interest. Till now 6.6 percent interest was being received. 6.9 percent interest will be available on two-year time deposits. Earlier this rate interest rate was 6.8 percent.

Similarly, the interest on three-year time deposits has been increased from 6.9 per cent to 7.0 per cent. Investors will now get 7.5 per cent interest instead of 7 per cent on 5-year time deposits.

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There are some such schemes of the post office. In which money is available at a higher interest rate than a fixed deposit account. At the same time, some schemes can also double the money on long-term investment. There are many such schemes like National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (Kisan Vikas Patra –KVP). Investing in them gives double the return.

Kisan Vikas Patra is a special scheme of the post office. People prefer to invest in this scheme with confidence. There is no risk of any kind in this scheme. Any adult citizen can open his account. If you want, you can also open a joint account in the name of 3 people.

money will double

This scheme can double your deposit in 10 years and 4 months i.e. 124 months. If you start a KVP deposit of Rs 1 lakh today, it will grow to Rs 2 lakh in the next 124 months. At present, 7 percent interest is being received annually on KVP deposits. It is getting more interest than FD. One can start with a minimum investment of Rs 1000 in KVP. There is no maximum investment limit in this. You can open any number of KVP accounts.

National Savings Certificate

6.8 percent interest is being received on the National Savings Certificate of the post office. The money will double in about 10.59 years on investment in this 5-year savings scheme.

time deposit

Post office time deposit is the best scheme to double the money. In this, one gets the benefit of interest at the rate of 5.8 percent on time deposits ranging from 1 to 3 years. Investing in this will double your money in about 13 years.

Sukanya Samriddhi Yojana

At present, interest is being received at the rate of 7.6 percent in Sukanya Samriddhi Yojana. A maximum of Rs 1.5 lakh and a minimum of Rs 250 can be invested in a financial year. Annual compound interest is available on this scheme. This post office scheme will double your money in nine and a half years i.e. 113 months. By the way, after 21 years of investing in this scheme, the benefit of maturity is available.

Senior Citizens Savings Scheme

In the Senior Citizen Savings Scheme of the Post Office, the money will double in about 113 months. It will get the benefit of interest at the rate of 7.6 percent.

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