2024-03-09 12:37:00
New Delhi: There is an important update on various small savings schemes including Sukanya Samriddhi Yojana, Public Provident Fund (PPF) and Kisan Vikas Patra. The government has not made any change in the interest rates of these small savings schemes for the first quarter of the next financial year starting from April 1, 2024. That means their interest rates will remain the same. After this step, 7.1 percent interest will continue to be available on PPF like before. The Finance Ministry issued a notification in this regard on Friday.
According to the notification, ‘Interest rates on various small savings schemes for the first quarter (April-June) of the financial year 2024-25 will be the same as the rates notified for the fourth quarter (January-March, 2024).’
Highest interest on Sukanya Samriddhi
Under Sukanya Samriddhi Yojana, interest rate of 8.2 percent will be available on the deposited amount. At the same time, the interest on post office three-year fixed deposits will be 7.1 percent. Sukanya Samriddhi (SSY) is a small savings scheme of the government. This helps in meeting the expenses of education and marriage for the future of daughters. This scheme is available for daughters below 10 years of age. Under the scheme, you can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually.
How much interest on PPF?
Interest rates on PPF have been kept at 7.1 percent and on post office savings deposits at 4 percent. Public Provident Fund helps people save for long-term financial goals. This scheme is also beneficial in tax saving.
Kisan Vikas Patra
The interest rate on Kisan Vikas Patra will be 7.5 percent. This investment will mature in 115 months. You can start with a minimum of Rs 1,000 in KVP. There is no limit on maximum deposit. Deposits and interest under KVP are tax-free.
National Savings Certificate
The interest rate on National Savings Certificate (NSC) will be 7.7 percent for the period April 1 to June 30, 2024. NSC helps in saving for long term financial goals. This scheme also gives benefit in tax saving. You can start investing in NSC with a minimum of Rs 100.
monthly income scheme
The interest rate for Monthly Income Scheme (MIS) will be 7.4 percent like the current quarter. It provides people with a fixed income every month. The scheme is suitable for those looking for regular income. These include pensioners.
The government notifies interest rates payable on small savings schemes operated mainly in post offices every quarter.