Interest rate on small savings scheme to remain unchanged

The Centre on Friday knowledgeable that the curiosity rate on small savings schemes will remain unchanged for the quarter starting April 1. A notification on this regard has been issued by the finance ministry.

“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.

The deposit underneath the Sukanya Samriddhi scheme will entice an curiosity rate of 8.2 per cent, whereas the rate on a three-year time period deposit stays at 7.1 per cent. The rates of interest for common PPF and savings deposits too have been retained at 7.1 per cent and 4 per cent, respectively.

The curiosity rate on the Kisan Vikas Patra will likely be 7.5 per cent, and the investments will mature in 115 months. The curiosity rate on the National Savings Certificate (NSC) will remain at 7.7 per cent for the April 1-June 30, 2024, interval.

Like the present quarter, the curiosity rate for the Monthly Income Scheme will earn 7.4 per cent for buyers. The authorities notifies the rates of interest on small savings schemes, majorly operated by publish workplaces, each quarter.

The Reserve Bank, since May 2022, has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to increase rates of interest on deposits as properly. However, the RBI has maintained the established order on coverage rate within the final 5 consecutive Monetary Policy Committee conferences since February this 12 months.

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