Interest charges on small financial savings schemes like PPF, NSC, and so forth, are actually market-linked and strikes in tandem with 10-12 months G-Sec yield.
The rate of interest of 8.25 per cent on EPF is now larger as in comparison with small financial savings schemes like PPF, Sukanya Samriddhi Yojana and put up workplace deposits, which supply as much as 8.2 per cent yearly
The EPFO has hiked rate of interest on workers’ provident fund (EPF) to a 3-12 months excessive of 8.25 per cent for 2023-24, in opposition to 8.15 per cent earlier. The rate of interest is now larger as in comparison with small financial savings schemes like PPF, Sukanya Samriddhi Yojana and put up workplace deposits, which supply as much as 8.2 per cent yearly. Here are the small financial savings schemes and their rates of interest.
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.
Latest Interest Rates On Small Savings Schemes:
The rates of interest for the January-March 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 (7.0 per cent earlier)
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 (8.0 per cent earlier)
Senior Citizens Savings Scheme: 8.2 per cent
Monthly Income Account: 7.4 per cent.
Small financial savings schemes have three classes — financial savings deposits, social safety schemes and month-to-month revenue plan.
Saving deposits embody 1-3-12 months time deposits and 5-12 months recurring deposits. These additionally embody saving certificates corresponding to National Saving Certificates (NSC) and Kisan Vikas Patra (KVP). Social safety schemes embody Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The month-to-month revenue plan consists of the Monthly Income Account.
For the October-December 2023 quarter, the federal government had saved the rates of interest unchanged on small financial savings schemes, together with PPF, Sukanya Samriddhi, Senior Citizens Savings Schemes and put up workplace time deposits, for October-December 2023. Only 5-12 months recurring deposits noticed a hike in rate of interest by 20 foundation factors to six.7 per cent.
Interest charges on small financial savings schemes like PPF, NSC, and so forth, are actually market-linked and strikes in tandem with 10-12 months G-Sec yield.
