He registered as a SEBI RIA in the year 2018. Follow my post “Top 10 Best SIP Mutual Funds to invest in India in 2020” (especially the theory part of what I shared). Sir, I can invest for long time also if the benefit is in long term investment. Refer the same:-. 4.5 Lakh). Account can be opened single, jointly, Minor (above 10 years of age), or a guardian on behalf of a minor. PPF-When to contribute to get higher returns? What are the latest Post Office interest rates on FDs, MIS, SCSS, NSC, KVP, PPF and SSY Schemes? However, from 2016-17, the rate of interest will be fixed on a quarterly basis. As of now, servicing around 300+ satisfied clients. Minimum balance to be maintained in an account is INR 500/- , if balance Rs. The money will be double at maturity. 7.6 percent interest (Interest Rate in SSY Account 2020) Sukanya Samriddhi Yojana gets an annual interest rate of 7.6 percent on investment. Sukanya Samariddhi Yojana interest rate. Sukanya Samriddhi Yojana Interest Rate 2020-21: Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children.The scheme encourages parents to build a fund for the future education and marriage expenses for their … Let me know the meaning of Long Term? FD tenure currently available is 1 yr, 2 Yrs, 3 Yrs and 5 Yrs. Minimum of Rs.1,000 and in multiples of Rs.100. Motilal Oswal 5 Year G-Sec ETF – Alternative to Bank FDs? Refer the same:-, I have written various posts on this. Account can be extended for another 5 years after it’s maturity. First of all, remember that the Govt. Sir, my intension is to invest in a way to increase as much as I can. Maximum investment is Rs.4.5 lakh in a single account and Rs.9 lakh jointly. I have own 100 years old house in kolkata. Interest shall be payable to the account holder on completion of a month from the date of deposit. However, as the interest rate changes on a quarterly basis. Post Office Savings Schemes -Changes effective from 1st, April 2016, Post Office Senior Citizen Scheme (SCSS)-Benefits and Interest Rate, PPF (Public Provident Fund) Scheme 2019 – 5 Important Changes. Single account can be converted into Joint and Vice Versa . In the last quarter (July-Sept 2020), Government not changed the interest rates of the schemes. The parents of this scheme have to invest only for 14 years. If a subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. She is unmarried and she is working in govt college in kolkata. I have only son and wife and i am unemployment. Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. SSY interest is highest among all the government saving schemes. Interest rates in Sukanya Samriddhi Yojana. However, for the current quarter, Government not changed the interest rates on any of it’s small saving schemes. Dear Siddhartha, Arriving at decision and sharing an answer not possible with few lines of your sharing. account shall be date of opening of account. As per the schedule, Government announced the interest rate applicable to all Post Office Savings Schemes from 1st October 2020 to 30th December 2020. Refer the same at ” Post Office Senior Citizen Scheme (SCSS)-Benefits and Interest Rate“. In the year 2020, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest. Your email address will not be published. I have written various posts on PPF. The interest rate pertaining to the current quarter (1 April 2020 – 30 June 2020) is 7.60%, and it is compounded on an annual basis. This is also the best interest rate … There is no maximum limit. My current age is 45 years.My wife is home-maker and my son is currently studies at class 3.My amount is invested mostly in post office( 1 yr TD). Parents can now open up to two SSY accounts for girls and a third account can be opened in case of birth of twins/triplets. Let us hope for the best. The facility to link with IPPB Saving Account is available. Below is the timetable for change in interest rates for all Post Office Savings Schemes. Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder. The interest rate for the financial year 2019-2020 for period between 1 January 2020 to 31 March 2020 was 8.40%. Dear Siddhartha, Without knowing your financial life, how can I say that it’s enough? Home About Fee only financial planning service Blog Contact Us, (+91) 9019580450 [email protected] Mon-Sat: 10am-6pm, All rights reserved © 2020 | Crafted by T-Square Cloud. Like Bank Account, Post Office also offers you the savings account to its customers. The few features are as below. Ministry of Finance notified the applicable latest Post Office Interest Rates Oct – Dec 2020. At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active, else account became silent (Dorment). Online deposit in Post Office PPF, Sukanya Samridhi, RD – How to do? After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made. I have written a detailed post on this. Interest can be drawn through auto credit into savings account standing at same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices. SSY scheme offers attractive rates of interest that is similar to other small savings scheme. There is no maximum limit. Earlier the interest rates used to be announced yearly once. Top 10 Diwali 2020 (Samvat 2077) Mutual Funds / Stock picks, List of Fee-only Financial Planners in India and Fee Structure, Interest on interest waiver on loan moratorium – Eligibility and cashback calculation, Top 10 Best SIP Mutual Funds to invest in India in 2020. Earlier the interest rates used to be announced yearly once. The annual interest may be credited to the savings account of the account holder at his option. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 5 Yrs FD is eligible for tax saving purposes under Sec.80C. I already wrote a detailed post on this. Pls advice what is the best option of investing this amount. Any number of accounts can be opened in any post office. Cheque facility/ATM facility are available, Interest earned is Tax-Free up to INR 10,000/- per year from the financial year 2012-13, Account can be transferred from one post office to another. Minimum Rs.1,000 and in multiples of Rs.100. Pls advice if there is any other better scheme to increase the amount. The bank and post offices are offering an interest of 7.6% annually on a compound basis from July 2020. Let us see the trend of last one year Post Office Saving Schemes Interest Rates. I will use it after 10-15 years for my baby. Conclusion:-It is good that during this Covid situation, Government gave us a relief of not changing the interest rates.
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