These postal savings plans now offer higher interest rates. Details here:

Recently, the Union government has increased rates for some small savings schemes that do not provide any tax benefits. per cointhe deposits that have seen a rise in the interest rate are the 2-year, 3-year term deposits at post offices such as the Senior Savings Scheme (SCSS), Kisan Vikas Patra (KVP), Post Office Monthly Income Account etc.

Previously, interest rates on small savings plans were revised in the first quarter of 2021-2022, when they were lowered. The new rates will apply from 1 October.

Post Office 2-Year Term Deposit: Increased 20 basis points, the interest rate stands at 5.7 percent, up from the now-earlier 5.5 percent.

Post Office 2-Year Term Deposit: An increase of 30 basis points, from 5.5 percent to 5.8 percent.

Senior savings plan: On this basis, you earn 20 basis points more at 7.6 percent, versus 7.4 percent.

Kisan Vikas Patra (KVP): The government has also revised the duration of this scheme. After the revision, the interest and maturity are 7 percent and 123 months, respectively, compared to the previous 6.9 percent and 124 months.

Monthly Income Scheme (MIS): Now, at 6.7 percent, it is 10 basis points higher than the previous 6.6 percent.

However, for the Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF) and National Savings Certificate (NSC), the interest rates remain unchanged.

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