- By Aditya Pratap Singh
- Wed, 13 Mar 2024 11:08 AM (IST)
- Source:JND
Interest Rates On Small Saving Schemes: The Reserve Bank of India has not changed the repo rate for a while, following which the union government also kept the interest rates on various small savings schemes for the April-June 2024 quarter unchanged.
Interest Rates of Various Small Savings Schemes for the first quarter of the financial year 2024-25, commencing April 1, 2024, and ending June 30, 2024, will remain unchanged to the fourth quarter of FY 2023-24, the notification said.
Latest interest rate on Small Savings Schemes
The interest rates on saving schemes for the April-June 2024 quarter
The interest rate for Post Office Time Deposits for 1 year is 6.9 per cent, it is 7 per cent for 2 years, 7.1 per cent for 3 years, and 7.5 per cent for 5 years.
The interest rate on National Saving Certificates (NSC) is 7.7 per cent
The interest rate on Kisan Vikas Patra is 7.5 per cent (The maturity period for the scheme is 115 months)
The interest rate on the Public Provident Fund is 7.1 per cent
People will get 8.2 per cent interest on Sukanya Samriddhi Account
The interest rate on Senior Citizens Savings Scheme is 8.2 per cent
The interest rate for Monthly Income Account is 7.4 per cent
Also read: PPF Vs ELSS: Where To Invest For Better Return? Which One Is Risk-Free? Know Here
Small Saving Schemes
Small savings schemes are savings instruments administered by the union government to encourage savings. Small savings schemes are divided into three categories namely Savings Deposit Scheme, Social Security Scheme and Monthly Income Scheme. The Union government review the interest rate for small saving schemes every quarter.
