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Small Savings Scheme Interest Rate 2024
nterest charges on small financial savings schemes like PPF, SCSS, and NSC are reviewed on the finish of each quarter and are determined for the following quarter accordingly.
The finance ministry on September 30 reviewed the rates of interest on small financial savings schemes, together with public provident fund (PPF), National Savings Certificates (NSC) and Kisan Vikas Patra (KVP). However, no modifications had been introduced for the quarter of October-December 2024.
“The charges of curiosity on varied small financial savings schemes for the third quarter of FY 2024-25, ranging from October 1, 2024, and ending on December 31, 2024, shall stay unchanged from these notified for the second quarter (July 1, 2024, to September 30, 2024) of FY 2024-25,” mentioned a finance ministry notification.
As per the notification, deposits beneath the Sukanya Samriddhi scheme will entice an rate of interest of 8.2 per cent, whereas the speed on a three-year time period deposit stays at 7.1 per cent.
The rates of interest for standard Public Provident Fund (PPF) and put up workplace financial savings deposits schemes too have been retained at 7.1 per cent and 4 per cent, respectively.
The rate of interest on the Kisan Vikas Patra can be 7.5 per cent, and the investments will mature in 115 months.
The rate of interest on the National Savings Certificate (NSC) will stay at 7.7 per cent for the July-September 2024 interval.
Like the present quarter, the Monthly Income Scheme will earn 7.4 per cent for traders.
The rates of interest have been left unchanged for the final three quarters. The authorities had final made modifications in some schemes for the fourth quarter of the final fiscal.
Small financial savings schemes in India are designed to offer people with protected and enticing choices for saving cash. They sometimes provide higher interest rates in comparison with common financial savings accounts and infrequently include tax advantages.
Each of those schemes has particular options, eligibility standards, and tax implications. Depending in your monetary objectives, danger tolerance, and tax planning wants, you may select the one which fits you greatest.
Small Savings Interest Rates October 2024
Latest Interest Rates On Small Savings Schemes:
The rates of interest for the present quarter October-December 2024 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 Saving Certificates (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.
The authorities, in June, had determined to take care of the present rates of interest on all small financial savings schemes for the July to September interval. For the October to December 2024 quarter, the choice is more likely to come this month.
During this replace, the Centre elevated the rates of interest for sure small financial savings schemes, together with the Sukanya Samriddhi Scheme and the 3-year Time Deposit, by as much as 20 foundation factors for This fall FY24.
According to the June notification, deposits beneath the Sukanya Samriddhi scheme earn an rate of interest of 8.2%, whereas the three-year time period deposit price stays at 7.1%.
The authorities units the rates of interest for small financial savings schemes, that are primarily managed by put up places of work and banks, each quarter.
In the earlier announcement, the federal government additionally stored the rates of interest on small financial savings regular for the April-June quarter.
The PPF price has remained at 7.1% because it was lowered from 7.9% within the April-June 2020 interval. Before that, it was lowered within the July-September 2019 quarter.
The price was final elevated within the October-December 2018 quarter, rising from 7.6% to eight%.
