2024-06-26 01:48:00
New Delhi: The federal government has not made any change within the rates of interest of small financial savings schemes. The rates of interest will stay the identical until the primary quarter of the monetary yr 2024-25 i.e. June 30, 2024. The Finance Ministry has given this info by issuing a round on March 8, 2024. This choice signifies that the rates of interest on small financial savings schemes together with Sukanya Samriddhi, Public Provident Fund (PPF), Senior Citizen Financial savings Scheme (SCSS) will proceed to be the identical as earlier than. The federal government fixes the rates of interest on small financial savings schemes each quarter.
In line with the brand new round, ‘The rates of interest on all small financial savings schemes for the primary quarter of the monetary yr 2024-25 i.e. from April 1, 2024 to June 30, 2024 will stay the identical because the charges notified for the fourth quarter of the monetary yr 2023-24 (January 1, 2024 to March 31, 2024).’
Allow us to now know what are the rates of interest on totally different small financial savings schemes:
1. Recurring Deposit
First let’s speak about Recurring Deposit (RD). On this scheme made for small traders, you’re going to get 6.7% annual curiosity. The particular factor is that you could deposit a minimal of Rs 100 in it. Meaning there is a chance to save lots of even with much less cash!
2. Time Deposit
On this, you get curiosity for one yr, two years, three years and 5 years. It’s important to deposit at the very least Rs 1,000. Sure, yet one more necessary factor – you additionally get tax exemption beneath part 80C of Earnings Tax on a five-year account.
* 6.9% curiosity for one yr
* 7.0% curiosity for 2 years
* 7.1% curiosity for 3 years
* 7.5% curiosity for five years
3. PPF
Now let’s speak about Public Provident Fund (PPF). On this you may deposit a minimal of Rs 500 and a most of Rs 1.5 lakh yearly. You’re going to get 7.1% annual curiosity on this. You additionally get revenue tax exemption on investing in PPF.
4. Senior Citizen Financial savings Scheme
Senior Citizen Financial savings Scheme (SCSS) is a superb possibility for the aged. It provides 8.2% annual curiosity. You may deposit a minimal of Rs 1,000 and a most of Rs 30 lakh. Sure, preserve one factor in thoughts – if the curiosity exceeds Rs 50,000, then you’ll have to pay tax on it.
5. Publish Workplace Month-to-month Earnings Scheme
If you need a hard and fast quantity each month, then Publish Workplace Month-to-month Earnings Scheme (POMIS) is for you. On this, you get 7.4% annual curiosity. You may open an account with a minimal of Rs 1,000. If you’re opening the account alone, then the utmost quantity you may deposit is Rs 9 lakh and if each the persons are opening the account collectively, then you may deposit Rs 15 lakh.
6. Nationwide Financial savings Certificates
Nationwide Financial savings Certificates (NSC) is for 5 years. You get 7.7% annual curiosity on it. It’s important to deposit a minimal of Rs 1,000. There is no such thing as a higher restrict on this. You additionally get revenue tax exemption on investing in NSC.
7. Kisan Vikas Patra
By investing in Kisan Vikas Patra (KVP), your cash doubles in about 9 years and seven months. You get 7.5% annual curiosity on this.
8. Mahila Samman Financial savings Certificates
Mahila Samman Financial savings Certificates is a particular scheme for ladies and ladies. On this, you get 7.5% annual curiosity. This scheme helps girls and ladies to develop into financially sturdy.
9. Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a superb scheme to safe the way forward for daughters. On this, you get 8.2% annual curiosity. This account will be opened earlier than the daughter turns 10 years previous. On this, you may deposit a minimal of Rs 250 and a most of Rs 1.5 lakh yearly.