Government has not made any change in the interest rates of various small savings schemes for the first quarter of the financial year starting from April 1, 2024. However, this time it is believed that the government may consider changes in some schemes.
If you invest in small savings schemes like Public Provident Fund (PPF) and Sukanya Samriddhi, then this news is of your use. Actually, there is a possibility of change in the interest rate of small savings schemes for the quarter from July to September. Let us tell you that in the last week of June, the interest rates of these schemes are reviewed for the next quarter and the change is implemented.
No change for April-June quarter
Let us tell you that the government has not made any change in the interest rates of various small savings schemes for the first quarter of the financial year starting from April 1, 2024. However, this time it is believed that the government may consider changes in some schemes.
What is the interest rate of which scheme
Public Provident Fund (PPF) is getting 7.1 percent interest as before. Under Sukanya Samriddhi Yojana, 8.2 percent interest is available on the deposit amount, while interest on three-year fixed deposit is 7.1 percent. The interest rate on Kisan Vikas Patra is 7.5 percent and this investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) is 7.7 percent for the period from April 1 to June 30, 2024. The interest rate for Monthly Income Scheme is 7.4 percent like the current quarter.
RBI did not change the repo rate
Recently the Reserve Bank of India (RBI) has taken a decision on the repo rate. The central bank did not change the repo rate for the eighth consecutive time and maintained it at 6.5 percent. With this, the permanent deposit facility remains at 6.25 percent, marginal permanent facility rate and bank rate at 6.75 percent. Let us tell you that repo is the interest rate at which commercial banks take loans from the central bank to meet their immediate needs.
