But, the post office has not reduced the interest rates of its schemes. Here we will tell you about such a scheme of the post office, in which if you deposit Rs 5 lakh, you will get a direct return of Rs 2.25 lakh on maturity. The special thing is that you will get this return with guarantee and there will be no if-but in it.

How much interest is being received in the post office right now

Like the FD of banks, the post office runs TD (time deposit) accounts. Like FD, a fixed amount is received on maturity in the TD account of the post office, which includes guaranteed returns. The post office is giving interest ranging from 6.9 percent to 7.5 percent on time deposit accounts. In the post office, 6.90 percent interest is being given on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD.

How many years will it take to get a return of ₹2.25 lakh

Post office is giving 7.5 percent interest on 5 year TD. If you deposit 5 lakh rupees in 5 year TD scheme in post office, then on maturity you will get a total of 7,24,974 rupees with guarantee. This amount also includes a fixed return of 2,24,974 rupees. All customers get the same return in post office. Whereas in banks, senior citizens get more return than ordinary citizens. Let us tell you that post office works under the control of central government. Therefore, your money is completely safe in it.

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The government has recently relaxed the rules for various small savings schemes. The schemes for which changes have been made in the rules include Public Provident Fund (PPF), Senior Citizens Savings Scheme etc. Decisions related to changes in the Small Savings Scheme are taken by the Economic Affairs Department of the Finance Ministry. At present, the government runs 9 types of small savings schemes, which include Recurring Deposit (RD), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme.

What has changed?

Senior Citizens Savings Scheme (SCSS)

According to the new rules of the Senior Citizens Savings Scheme, a person can open an account under this scheme within 3 months of receiving the retirement benefit, whereas earlier this deadline was one month. According to the notification, interest on accounts opened under the Senior Citizens Savings Scheme will be calculated on the basis of the applicable scheme rate.

Public Provident Fund (PPF)

In the new notification, changes have been made related to premature closure of PPF accounts. These changes have been made in the notification under the Public Provident Fund (Amendment) Scheme. In this, changes have been made mainly regarding the rules related to premature withdrawal under the National Savings Deposit Scheme.

Post Office Savings Account

In the notification related to Post Office Savings Account, it has been said that if the amount deposited for five years is withdrawn even after 4 years, then interest will be given on it at the current applicable rates of Post Office Savings Account. Under the current rules, if the amount deposited for 5 years is withdrawn after four years, the interest will be calculated at the rate applicable to three-year deposits.

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The government has given relief to small investors by changing the rules of small saving schemes. For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme. Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes. The management of these small savings schemes is done by the Department of Economic Affairs of the Finance Ministry.

What has changed?

Senior Citizens Savings Scheme (SCSS)

According to the new rules of the Senior Citizens Savings Scheme, a person can open an account under this scheme within 3 months of receiving the retirement benefit, whereas earlier this deadline was one month. According to the notification, interest on accounts opened under the Senior Citizens Savings Scheme will be calculated on the basis of the applicable scheme rate.

Public Provident Fund (PPF)

In the new notification, changes have been made related to premature closure of PPF accounts. These changes have been made in the notification under the Public Provident Fund (Amendment) Scheme. In this, changes have been made mainly regarding the rules related to premature withdrawal under the National Savings Deposit Scheme.

Post Office Savings Account

In the notification related to Post Office Savings Account, it has been said that if the amount deposited for five years is withdrawn even after 4 years, then interest will be given on it at the current applicable rates of Post Office Savings Account. Under the current rules, if the amount deposited for 5 years is withdrawn after four years, the interest will be calculated at the rate applicable to three-year deposits.

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Now it has been made mandatory for you to give Aadhaar card to invest in schemes like Public Provident Fund, Sukanya Samriddhi Yojana, Post Office Savings Scheme, Senior Citizen Saving Scheme, National Savings Certificate. The Ministry of Economic Affairs, Ministry of Finance had issued a notification on March 31, 2023, stating that from April 1, it would be necessary to give Aadhaar to invest in the Small Savings Scheme. Earlier, you could invest in them even without giving Aadhaar details.

What has changed in the rules regarding small savings scheme?

According to the new notification, the subscribers of the Small Savings Scheme will have to submit their Aadhaar to the post office or bank, wherever they have opened an account for investment. If you had not given Aadhaar while opening your account, then you have been given time till September 30, 2023, before which you have to submit your Aadhaar.

Apart from this, any new investor who opens this account will also have to give his Aadhaar. If he does not have Aadhaar, then he will have to apply for Aadhaar and give the enrollment ID of the Aadhaar application. It is necessary that you submit your Aadhaar to the bank/post office within the next six months of opening the account.

What will happen if Aadhaar is not submitted?

If you fail to submit Aadhaar or Enrollment ID of Aadhaar within this period, your account will be frozen after six months. If you have already invested in these schemes, but do not have the details of Aadhaar linked in your account, then do it immediately because if you do not do so by October 1, 2023, your account will also be frozen.

Changed rules for even children (Aadhaar card for kids)

This rule has been applied even to children. That is, if an account is being opened in the name of a child or a minor in these schemes, then it will be mandatory to submit the Aadhaar of that account holder i.e. the child as well. It has been said in this notification that “…the child investing with the desire to take advantage of these schemes will also have to provide proof of his Aadhaar or undergo Aadhaar authentication.” If a child does not have Aadhaar, then with the consent of his parent or guardian, Aadhaar will have to be enrolled, then registration for the scheme will have to be done and then enrollment ID will have to be given on it.

Which documents are required to be submitted?

Those investing in Small Savings Scheme are required to provide some documents-

1. Aadhaar Enrollment ID in case of Aadhaar or non-Aadhaar. (Mandatory)

2. Any one of the other documents mentioned below along with Aadhaar-

• Bank or Post Office passbook with photo
• PAN card
• Passport
• Ration card
• Voter ID Card
• mnrega card
• Kisan Photo Passbook

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Lakhs of people will get big benefit

From October 1, 2022, interest rates have increased, but the government has increased interest rates only on certain schemes. Let us tell you that from now on which scheme you can take advantage of more interest. 

According to a notification of the Finance Ministry, people in the Senior Citizen Savings Scheme will get 7.6 per cent interest during the October-December period with an increase of 20 basis points instead of 7.4 per cent. On the other hand, in Kisan Vikas Patra, people will now get 7 percent interest instead of 6.9 percent.

Small Savings Scheme Interest Rate – 
– Savings Deposit – 4%
– 1 Year Time Deposit – 5.5%
– 2 Year Time Deposit – 5.7%
– 3 Year Time Deposit – 5.8%
– 5 Year Time Deposit – 6.7%
– 5 Yearly Recurring Deposit – 5.8%
– Senior Citizen Savings Scheme – 7.6%
– Monthly Income Account Scheme – 6.7%
– National Savings Certificate – 6.8%
– PPF – 7.1 percent
– Kisan Vikas Patra – 7%
– Sukanya Samriddhi Scheme – 7.6%

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