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Will new rates be applicable to POMIS?

The new interest rate of 7.8 percent on Post Office Monthly Income Scheme (POMIS) will be applicable on accounts opened in the quarter starting from April 1 to June 30

Research Desk

Will the new rates of interest be applicable to the investments made in Post Office Monthly Income Scheme and Senior Citizen Savings Scheme before the rate revisions?
- Yasmin J

The new interest rate of 8.6 per cent on Senior Citizen Savings Scheme (SCSS) and 7.8 percent on Post Office Monthly Income Scheme (POMIS) will be applicable on accounts opened in the quarter starting from April 1 to June 30 2016. The interest rate remains fixed on existing accounts -- 9.3 percent on SCSS and 8.4 percent for POMIS.

This article was originally published on March 29, 2016.

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