Post Office Small Savings Schemes: Big gift to those investing in small savings schemes. The Central Government has increased the interest rates of Small Savings Scheme. This increase has been made for the January-March 2024 quarter.
Post Office Small Savings Schemes: Big gift to those investing in small savings schemes. The Central Government has increased the interest rates of Small Savings Scheme. The government has increased the interest rate on Sukanya Samriddhi Account Yojana by 0.20% and 3 years fixed deposit scheme for the fourth quarter (January-March) of the current financial year. But the interest rate was increased by 0.10%. Rates for all other small savings schemes (Small Savings SChemes) will remain the same as before.
According to the circular issued by the Finance Ministry, the interest rate on deposits under Sukanya Samriddhi Yojana was increased from the existing 8% to 8.2%. The rate on three-year term deposits has been increased from the current 7% to 7.1%. However, the interest rate on PPF has been maintained at 7.1% and the interest rate on savings deposits has been maintained at 4%. The new rates will be applicable from January 1, 2024.
This time the government did not make any change in the interest rates of Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), 5 Year Recurring Deposit, Monthly Income Account Scheme. Is.
Rates were the same in the October-December quarter. The interest rate on Kisan Vikas Patra is 7.5. Its maturity period is 115 months. The interest rate on National Savings Certificate (NSC) remained unchanged at 7.7 for January 1 to March 31, 2024. There has been no increase in the interest rate for the monthly income scheme. For investors it will be 7.4%.
What are the interest rates on small savings schemes? (Small Savings Scheme Interest Rate)
- Savings Deposit- 4%
- 1 Year Time Deposit- 6.9%
- 2 Year Time Deposit- 7%
- 3 Year Time Deposit- 7.1%
- 5 Year Time Deposit- 7.5%
- 5 Year Recurring Deposit- 6.7%
- Senior Citizen Savings Scheme- 8.2%
- Monthly Income Account Scheme- 7.4%
- Nationa Savings Certificate- 7.7%
- Public Provident Fund Scheme- 7.1%
- Kisan Vikas Patra- 7.5%
- Sukanya Samriddhi Account Scheme- 8.2%
The government notifies interest rates on small savings schemes operated mainly by post offices every quarter. The Reserve Bank had increased the policy rate from 2.5% to 6.5% from May 2022, due to which banks also had to increase interest rates on deposits. The Reserve Bank of India (RBI) has maintained status quo on the policy rate in five consecutive meetings of the Monetary Policy Committee (MPC) since February this year.
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