Jammu, Nov 30: Bringing cheers on the faces of lakhs of its customers in the state, Department of Posts has increased the rate of interest on Post Office Savings Bank scheme from 3.5 to 4 per cent. The new rate will come into effect from December 1.
 Talking to the media persons here, Chief Postmaster General (CPMG), J&K John Samuel disclosed that the DoP has revised the rates on “Time Deposit Accounts”.
 The CPMG informed that the rate of interest per annum (quarterly compounded) for one, two, three and five years would be 7.7 per cent, 7.8 per cent, 8 per cent and 8.3 respectively.
 “The Post Office has also introduced a new scheme 10-year National Savings certificate and this provides 8.7 per cent interest,” he said.
  He informed that maximum limit of subscription in PPF in a financial year has been increased from Rs. 70,000 to Rs one lakh and rate of interest has been increased from 8 per cent to 8.6 per cent.
 Samuel said that rate of interest on MIS (Monthly Income Scheme) with effect from December 1 will be 8.2 per cent per annum. 
 “The maturity period of MIS Account will be 5 years.  However, the sale of Kisan Vikas Patras (KVP) will be discontinued from November 30,” he maintained.
 He said that the new rates will be applicable to existing as well as to new customers.

Lastupdate on : Wed, 30 Nov 2011 21:30:00 Makkah time
Lastupdate on : Wed, 30 Nov 2011 18:30:00 GMT
Lastupdate on : Thu, 1 Dec 2011 00:00:00 IST