New Delhi [India], June 28 (ANI): The government has decided to keep the interest rates unchanged for various small savings schemes for the second quarter of the financial year 2024-25, said Ministry of Finance on Friday.
This decision applies to the period from July 1, 2024, to September 30, 2024. The rates will remain the same as those set for the first quarter.
“The rates of interest on various Small Savings Scheme for the second quarter of FY 2024-25 starting from 1st July 2024 and ending on 30th September 2024 shall remain unchanged from those notified for the first quarter (1st April 2024 to 30th June 2024) of FY 2024-25,” said the government.
For the Public Provident Fund (PPF), one of the most popular small savings schemes, the interest rate will continue to be 7.1 per cent. This scheme is widely favoured due to its tax benefits and long-term savings potential.
The Senior Citizen Savings Scheme (SCSS) will also maintain its interest rate at 8.2 per cent. This scheme is specifically designed to provide financial security to senior citizens, offering higher returns compared to other savings options.
Deposits made under the Sukanya Samriddhi Yojana, which is aimed at encouraging savings for the education and marriage expenses of girl children, will continue to earn an interest rate of 8.2 per cent. This scheme is an integral part of the government’s ‘Beti Bachao Beti Padhao’ initiative.
The National Savings Certificate (NSC), which is a fixed-income investment plan, will keep its interest rate at 7.7 per cent. This scheme is considered a secure investment with moderate returns.
The Post Office Monthly Income Scheme (PO-MIS), which provides regular monthly income to investors, will offer an interest rate of 7.4 per cent. This scheme is ideal for those looking for a steady source of income.
The Kisan Vikas Patra (KVP), a government-backed savings scheme designed to double the investment over a specific period, will continue to provide an interest rate of 7.5 per cent.
For fixed deposits of different tenures, the interest rates are according to the tenure.
The 1-Year Deposit will have an interest rate of 6.9 percent.
The 2-Year Deposit will offer an interest rate of 7.0 percent.
The 3-Year Deposit will continue with an interest rate of 7.1 per cent.
The 5-Year Deposit will maintain an interest rate of 7.5 percent.
Additionally, the 5-Year Recurring Deposit (RD) scheme, which allows investors to deposit a fixed amount every month, will offer an interest rate of 6.7 per cent. (ANI)
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