Small Savings Scheme: From Sukanya Samriddhi Yojana to Senior Citizen Savings, there are many schemes in the government’s savings scheme which offer more than 8 percent interest.
Small Savings Scheme: Many types of savings schemes have been launched by the government, banks and many financial institutions in the country, through which you can avail the benefits of saving schemes from small to large amounts on a monthly or annual basis. But you should also know how much interest you are getting on which savings scheme. Here information has been given about some such post office schemes in which you can get more interest by depositing.
Here information has been given about different savings schemes for different people and classes. Small savings schemes include Sukanya Samriddhi Yojana for girls, Mahila Samman for women investors, Senior Citizen Savings Scheme for senior citizens, Public Provident Fund for long term investors, Kisan Vikas Patra, National Savings Certificate and Time Deposit, Recurring Deposit for short term investors.
The government reviews the interest rates of small savings schemes on a quarterly basis. The Finance Ministry had said in a press release issued in September this year, the interest rates on many small savings schemes for the third quarter of the financial year 2024-25 i.e. from October 1 to December 31, 2024 will be equal to the rates of the second quarter of the financial year 2024-25 (between July to September). For the current quarter, the government has not made any change in the interest rate of small savings schemes.
Here is a list of small savings schemes offering interest rates between 7.5 per cent and 8.2 per cent for October-December 2024-
Interest rate on Senior Citizen Savings Scheme (SCSS)!
SCSS is a government scheme that provides a sum of money to senior citizens and retired personnel. Any person can start an account in SCSS with Rs 1000. At the same time, with multiple account holders of Rs 1000, one can maintain a limit of up to Rs 30 lakh. SCSS offers 8.2 per cent annual interest for the October-December quarter.
Interest on 5-year post office time deposit!
Deduction under Section 80C of the Investment Act, 1961 is made under 5-year post office time deposit. The minimum investment for time deposit is Rs 1,000. You will get 7.5 percent interest rate on 5-year term deposit for the October-December quarter of 2024.
This much interest is available on National Savings Certificate!
National Savings Certificate (NSC) is also a government scheme which gives you a fixed return and tax benefits. Deposits under this scheme are deducted under Section 80C of the Income Tax Act. Your deposit becomes mature i.e. withdrawable on completion of five years from the date of deposit.
NSC gives you 7.7 percent interest for the October-December quarter. The interest rate on this scheme is compounded annually i.e. interest is added on interest but this benefit will be available only after the deposit is matured.
What is the interest rate on Kisan Vikas Patra?
This scheme has low risk. KVP gives a guaranteed return and fixed interest rate. The capital invested in this scheme doubles in 115 months i.e. 9 years and 7 months. KVP gives 7.5 percent interest per annum for the current quarter. In this too, the interest rate is compounded annually.
How much interest will be received on Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government savings scheme for the parents of girls. The amount deposited in this scheme is deducted under Section 80C of the Income Tax Act. No tax is levied on the interest received under the Income Tax Act, that is, the interest on this is tax-free. Sukanya Samriddhi account can be run by the parents of the girl only till she becomes an adult i.e. till the age of 18 years. 8.2 percent interest is being given on Sukanya Samriddhi Yojana for the October-December quarter.
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