- By Aditya Pratap Singh
- Fri, 28 Jun 2024 06:47 PM (IST)
- Source:PTI
Small Saving Schemes: The government on Friday left the interest rates on numerous small saving schemes unchanged for the quarter commencing July 1, 2024. Investment in the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Senior Citizen Saving Schemes (SCSS), and Post Office Time Deposits will attract the same interest rate for the quarter.
"The rates of interest on various small savings schemes for the second quarter of FY 2024-25, starting from July 1, 2024, and ending on September 30, 2024, shall remain unchanged from those notified for the first quarter (March 1, 2024, to June 30, 2024) of FY 2024-25," said a finance ministry notification.
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By the notification, deposits under the Sukanya Samriddhi scheme will fetch an interest rate of 8.2 percent, while the rate of interest on three-year term deposits will stay at 7.1 percent. The interest rates of the popular PPF and Post Office Savings Deposit Scheme have also been retained at 7.1 percent and 4 percent, respectively.
The rate of interest on Kisan Vikas Patra will be 7.5 percent, and the investments will mature in 115 months. The rate of interest on National Savings Certificates will continue to be 7.7 percent for the period from July to September 2024.
As in the current quarter, the monthly income scheme will generate 7.4 percent for investors. The government communicates the interest rates on small saving plans, predominantly run by post offices and banks, every three months.