Due to the quarterly revision of interest rates, will the MIS, R/D, time-deposit of earlier period be affected after 1st April, 2016? For example, what interest would Senior Citizen Savings Scheme with ₹15 lakh deposit (single holding) get for April-June quarter?
- Bishwajeet Kr Sinha
The new interest rate will not be applicable to your existing investments in Post Office Monthly Income Scheme (POMIS), Post Office Recurring Deposit and Post Office Time Deposit. The new rates are applicable to new accounts that are opened during April-June. Similarly, the interest rate is locked for five years at the rates prevailing at the time of your investment in Senior Citizen Savings Scheme. For example, if you open an account in the first quarter April-June 2016, you will get an interest of 8.6 per cent for the tenure of five years, which means a quarterly payout of ₹32,250 for 5 years.
This article was originally published on April 12, 2016.
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