The interest rates for Small Savings Schemes have been announced by the Finance Ministry. There has been no change in interest rates this time.
Small Savings Schemes Interest Rates: New interest rates for small savings schemes have been announced by the Central Government for the April-June quarter. The government has kept the interest rates of all small savings schemes the same for the first quarter of the financial year 2024-25. This information was given by the Finance Ministry on Friday (March 8, 2024).
This means that only 7.1 percent interest will be available on PPF. There has been no change in the interest rates of PPF by the government for a long time, due to which it was expected that the government may make some changes in the interest rates of PPF.
Interest rates of post office schemes: April-June 2024
- Saving Deposit – 4 percent
- Time Deposit (1 year) – 6.9 percent
- Time Deposit (2 years) – 7 percent
- Time Deposit (3 years) – 7.1 percent
- Time Deposit (5 years) -7.5 percent
- RD (5 years) – 6.7 percent
- Senior Citizen Saving Schemes (SCSS) – 8.2 percent
- Monthly Income Account Scheme (MIS) – 7.4 percent
- National Savings Certificate (NSC) – 7.7 percent
- Public Provident Fund Scheme (PPF) – 7.1 percent
- Kisan Vikas Patra – 7.5 percent
- Sukanya Samriddhi Yojana-8.2 percent
Interest rates are announced every quarter
The interest rate of small savings schemes is declared by the Central Government on quarterly basis. New interest rates for all small savings schemes are announced at the beginning of every quarter. The last change in interest rates was in December 2023. To determine these rates, the methodology proposed by the Shyamala Gopinath Committee is used.
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