• Source:JND
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Small Saving Schemes:  The Union Government has left interest rates on different small savings plans unchanged for the October-December quarter, according to an official notification issued by the finance ministry. Interest rates on small savings schemes such as PPF and SSY are usually evaluated by the administration every quarter.

PPF interest rate: The interest rate for the Public Provident Fund (PPF), one of the most well-known micro savings plans, would continue at 7.1 per cent. The plan is widely popular because of its tax benefits and long-term savings potential.

Senior Citizen Saving Schemes:  The interest rate on senior citizens' savings plans would be retained at 8.2 per cent. The plan has been designed specifically to provide financial security to senior citizens, and it offers higher returns compared to other savings options.

Sukanya Samridhi Yojana:  The interest rate on deposits under the Sukanya Samridhi Yojana would continue at 8.2 per cent to encourage savings for girls' education and marriage expenditures. This plan is an important component of the administration's 'Beti Bachao Beti Padhao' initiative.

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National Saving Certificate:  The interest rate on the National Savings Certificate (NSC), a fixed-income investment plan, would be kept at 7.7 per cent. This plan is regarded as a safe investment with average returns.

Post Office Monthly Income Scheme: An interest rate of 7.4 per cent would be paid for deposits in the Post Office Monthly Income Scheme, which provides investors with regular monthly income.

Kisan Vikas Patra:  The Kisan Vikas Patra (KVP), a government-backed savings plan designed to double investment over a specific period, would continue to have an interest rate of 7.5 per cent.

Recurring Deposit:  In addition, a 5-year recurring deposit (RD) plan that allows investors to deposit a certain amount every month will offer an interest rate of 6.7 per cent. These micro savings plans provide assured returns at regular intervals, compounded monthly, quarterly, or yearly, depending on the circumstance.

The Shyamala Gopinath Committee presented the formula for calculating the interest rate of a small savings plan. The committee suggested that the returns on government bonds should serve as the benchmark for interest on various micro savings instruments and should be reset in the first month of each April.

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(With Agencies Inputs)

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