The government has announced the interest rates of small savings schemes for the quarter starting from April 1. The new rates will be applicable from April 1.
The government has announced the interest rates of small savings schemes for the quarter starting from April 1. The new rates will be applicable from April 1. For this quarter, the government has not made any change in the rates for these schemes, that is, the rates which were there in the last quarter December-March, will be applicable for the quarter starting in April.
Sukanya Samriddhi Yojana
This time the government has not increased the interest rates of Sukanya Samriddhi Yojana. Currently 8.20 percent interest is being given on this scheme. For the last quarter, the rates on this were increased from 8 percent to 8.20 percent. Sukanya Samriddhi Yojana was launched by Prime Minister Narendra Modi under the ‘Beti Bachao Beti Padhao’ campaign to secure the future of the girl child.
Sukanya Samriddhi Yojana is considered an excellent investment scheme for the better future of the daughter. Under this scheme one has to invest for 15 years. Which matures after 21 years. Money can be deposited in this account through online transfer, demand draft, cheque, or cash.
Who can open an account
The parents of the girl child can open Sukanya Samriddhi Yojana account in the name of the girl child. According to India Post, the account can be opened only till the age of 10 years from the date of birth. Sukanya Samriddhi account can be opened with a minimum investment of Rs 250 and maximum Rs 1,50,000 annually.
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Small Savings Scheme Interest Rates
Currently 4% on Savings Deposit, 6.9% on One Year Time Deposit, 7% on Two Year Time Deposit, 7.1% on Three Year Time Deposit, 7.5% on 5 Year Time Deposit, 8.2% on Senior Citizen Saving Schemes. Interest rates are 7.4 percent on Monthly Income Account, 7.7 percent on National Savings Certificate, 7.1 percent on PPF, 7.5 percent on Kisan Vikas Patra, 8.2 percent on Sukanya Samriddhi Scheme.
