Post Office Raises Interest Rates for POMIS and Recurring Deposit Schemes for April-June Quarter
In a move that is set to benefit thousands of depositors across India, the Post Office has announced an increase in the interest rates of its popular savings schemes for the April-June quarter.
The Post Office Monthly Income Scheme (POMIS) and the Recurring Deposit scheme will now offer higher rates of interest to investors.
The POMIS, which is a fixed income scheme that provides investors with a monthly income, will now offer an interest rate of 6.6% per annum, up from the previous rate of 6.5%.
The Recurring Deposit scheme, which allows investors to save a fixed amount every month and earn interest on it, will now offer an interest rate of 5.8%, up from the previous rate of 5.7%.
These rate hikes are expected to make these schemes more attractive to investors who are looking for safe and reliable investment options that offer regular returns.
The Post Office has always been a trusted name when it comes to savings schemes, and these rate hikes are sure to boost its popularity among investors even further.
According to officials, the increase in interest rates is in line with the government’s efforts to encourage savings and investment among the public.
The Post Office has a network of over 1.5 lakh branches across India, making its savings schemes easily accessible to people from all walks of life.
The new interest rates for the POMIS and the Recurring Deposit scheme will come into effect from April 1, 2023.
Customers who wish to invest in these schemes can do so by visiting their nearest Post Office branch and submitting the necessary documents.
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