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The central authorities has stored rates of interest unchanged on small financial savings schemes like submit workplace deposits, public provident fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Savings Certificate (NSC) for the January-March 2025 quarter.
Small Savings Schemes are financial savings devices managed by the federal government to encourage residents to avoid wasting usually.
As the rates of interest on small savings schemes like submit workplace deposits, public provident fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Savings Certificate (NSC) are revised each quarter, buyers hold a watch out on the speed modifications. This time, the central authorities has stored rates of interest on such schemes unchanged for the January-March 2025 quarter.
“The charges of curiosity on numerous small financial savings schemes for the fourth quarter of FY 2024-25, ranging from January 1, 2025, and ending on March 31, 2025, shall stay unchanged from these notified for the third quarter (October 1, 2024, to December 31, 2024) of FY 2024-25,” based on a finance ministry notification.
Current Interest Rates On Small Savings Schemes?
The rates of interest for the present quarter January-March 2025 are 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
- 5-Year Post Office Time Deposits: 7.5 per cent
- 5-Year Recurring Deposits: 6.7 per cent
- National Savings Certificate (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
- Senior Citizens Savings Scheme: 8.2 per cent
- Monthly Income Account: 7.4 per cent.
Bank Fixed Deposits Vs Post Office Deposits: Interest Rates Comparison
Post workplaces are providing FD rates of interest between 6.9 per cent and seven.1 per cent, whereas banks are offering rates of interest within the vary of 6.5 per cent to eight.05 per cent. The charges are for deposits for tenures between 1 yr and three years for residents beneath 60 years of age. Senior residents are supplied additional rates of interest of mounted deposits.
Bandhan Bank presents the very best FD rates of interest at 8.05 per cent for 1-3 tenures of deposits, based on bankbazaar.com.
Though rates of interest on small financial savings schemes have been left unchanged for the final 4 quarters now, the RBI MPC is anticipated to chop rates of interest in February or April financial coverage assessment.
The authorities notifies the rates of interest on small financial savings schemes, majorly operated by submit workplaces and banks, each quarter.
The authorities had final made modifications in some schemes for the fourth quarter of the final fiscal.
What Are Small Savings Schemes?
Small Savings Schemes are financial savings devices managed by the federal government to encourage residents to avoid wasting usually. The small financial savings schemes have three classes — financial savings deposits, social safety schemes and month-to-month revenue plan.
Saving deposits embrace 1-3-year time deposits and 5-year recurring deposits. These additionally embrace saving certificates akin to National Saving Certificates (NSC) and Kisan Vikas Patra (KVP). Social safety schemes embrace Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The month-to-month revenue plan contains the Monthly Income Account.
Interest charges on small financial savings schemes like PPF, submit workplace financial savings and time period deposits, NSC and SSY, are reviewed on the finish of each quarter and are determined for the subsequent quarter accordingly. The price assessment is completed on the idea of G-Sec yields of the previous quarter (October-December 2024 within the newest case).
