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Postal investments carry higher interest rates

6:44 PM, Saturday, November 12th, 2011
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postal-investNew Delhi: It may not double your income, as advertised by Blade Cos., in India overnight, but the Central government has shown a kind attention towards Postal Services and savings accounts, by raising interest rates on all postal deposits, says a press release on Saturday here.

The PPF rate of deposits is raised by 0.6% to 8.6% on investment made in Postal department by crores of Indian depositors.

The higher rate of interest covers the following central schemes: Public Provident Fund from 8% to 8.6% on deposits.
Postal savings rate is raised to 4% interest payable. Monthly income scheme has 8.2% interest rate.

Deposits raised to Rs.1 lakh in PPF accounts. One year savings deposit is raised to 7.2% in interest rate.

Kisan Vikas certificates are under cancellation.

Monthly income plan interest rate reduced to 5%.

A new 10 year national savings certificate scheme is released. Monthly income plan bonus paid at 5% is stopped. Commission being paid on PPF and Senior citizens’ savings scheme is off now.

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