The rates of interest on small financial savings schemes, together with public provident fund (PPF), nationwide financial savings certificates (NSC) and Kisan Vikas Patra (KVP), are reviewed each quarter.
Government retains the rates of interest unchanged on varied small financial savings schemes for April-June 2024; know newest charges on PPF, submit workplace deposits, Sukanya Samriddhi Yojana, Kisan Vikas Patra
Even because the RBI has been retaining the important thing rates of interest unchanged for fairly a while after again-to-again hikes since May 2022, the federal government on Friday additionally stored the rates of interest unchanged on varied small financial savings schemes for April-June 2024.
“The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24,” the notification stated.
Here Are Latest Interest Rates On Small Savings Schemes:
The rates of interest for the April-June 2024 quarter have been fastened as follows:
Savings Deposit: 4 per cent
1-Year Post Office Time Deposits: 6.9 per cent
2-Year Post Office Time Deposits: 7.0 per cent
3-Year Post Office Time Deposits: 7.1 per cent
5-Year Post Office Time Deposits: 7.5 per cent
5-Year Recurring Deposits: 6.7 per cent
National Saving Certificates (NSC): 7.7 per cent
Kisan Vikas Patra: 7.5 per cent (will mature in 115 months)
Public Provident Fund: 7.1 per cent
Sukanya Samriddhi Account: 8.2 per cent
Senior Citizens Savings Scheme: 8.2 per cent
Monthly Income Account: 7.4 per cent.
Interest Rates On Bank FD
Currently, main banks are providing rates of interest as much as 7.75 per cent relying upon deposit tenure and depositor’s age, whereas some small financial savings schemes are providing as much as 8.2 per cent.
HDFC Bank is providing as much as 7.75 per cent rates of interest on FD. ICICI Bank is providing FD charges as much as 7.60 per cent yearly and SBI is giving as much as 7.50 per cent a yr.
What Are Small Savings Schemes?
Small Savings Schemes are financial savings devices managed by the federal government to encourage residents to save lots of often. The small financial savings schemes have three classes — financial savings deposits, social safety schemes and month-to-month earnings plan.
Saving deposits embrace 1-3-yr time deposits and 5-yr recurring deposits. These additionally embrace saving certificates akin to National Saving Certificates (NSC) and Kisan Vikas Patra (KVP). Social safety schemes embrace Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The month-to-month earnings plan contains the Monthly Income Account.
The rates of interest on small financial savings schemes, together with public provident fund (PPF), nationwide financial savings certificates (NSC) and Kisan Vikas Patra (KVP), are reviewed each quarter.
Interest charges on small financial savings schemes like PPF, NSC, and so forth, are actually market-linked and strikes in tandem with 10-yr G-Sec yield.
In the earlier price evaluate for January-March 2024, the federal government had additionally stored rates of interest on small financial savings schemes unchanged, aside from 3-yr time deposits and Sukanya Samriddhi Scheme.
