Today government hiked interest rates of schemes operating under Post Office. So let us look what are the changes and how much is increased and what is the effective rate for you after compounding.
These revised rates will be effective from next financial year (1st April 2012). These changes are the effects of Shymala Gopinath committee. Also good news about the recommendations of this committee is that, now onward interest will be revised on yearly base 🙂 For your information, based on this committee recommendations government introduced 10 yr NSC and 5 yr NSC (Previously NSC was 6 Yrs). Raise in PPF yearly contribution limit from Rs.70,000 to Rs.1,00,000 was also recommendation of this committee. So good news for the investors and government is also making it’s effort to make Post Office Schemes as attractive avenue of investments. Happy investment !!!