The government on Friday kept the interest rates unchanged on small savings schemes, including Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Senior Citizens Savings Schemes (SCSS) and post office time deposits, for July-September 2024, according to a notification by the finance ministry on Friday.
“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 (April 1, 2024, to June 30, 2024),” the finance ministry said in the notification.
The interest rates on popular PPF and savings deposits have been kept unchanged at 7.1 per cent and 4 per cent, respectively. The interest rate on the Kisan Vikas Patra has been retained at 7.5 per cent, and the investments will mature in 115 months.
For the July 1-September 30, 2024, period, the interest rate on the National Savings Certificate (NSC) will remain at 7.7 per cent. Like the current quarter, the interest rate for the Monthly Income Scheme will earn 7.4 per cent for investors.
Interest rates on small savings schemes like PPF, post office savings and term deposits, NSC and SSY, are reviewed at the end of every quarter and are decided for the next quarter accordingly. In the last review on March 31, 2024, the government had left the interest rates unchanged on various small savings schemes for the April-June 2024 quarter.
The rate review is done on the basis of G-Sec yields of the preceding quarter (April-June 2023 in this case).
Latest Interest Rates On Small Savings Schemes:
The interest rates for the current quarter July-September 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.
Small savings schemes have three categories — savings deposits, social security schemes and monthly income plan.
Saving deposits include 1-3-year time deposits and 5-year recurring deposits. These also include saving certificates such as National Saving Certificates (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The monthly income plan includes the Monthly Income Account.
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