Small saving Interest: No change in interest rates on small savings schemes for the FY-24

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New Delhi. A big update has come on various small savings schemes including Sukanya Samriddhi Yojana, Public Provident Fund, Kisan Vikas Patra, National Savings Certificate.

The central government has not made any change in the interest rates on Public Provident Fund (PPF) and other small savings schemes for the second quarter of the current financial year 2024-25. The government made this announcement regarding interest rates. The interest rates on various small savings schemes have been kept unchanged for the quarter starting July 1, 2024. The Finance Ministry said in a notification, “The interest rates on various small savings schemes for the second quarter of the financial year 2024-25 (from July 1 to September 30, 2024) will remain the same as the rates notified for the first quarter (from March 1 to June 30, 2024).

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According to the notification, the interest rate on deposits under Sukanya Samriddhi Yojana will be 8.2 percent, while the rate on three-year fixed deposits will be 7.1 percent. The interest rates of PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and 4 percent respectively.

How much interest is there on Kisan Vikas Patra, NSC

The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) for the period July-September 2024 will be 7.7 percent. In the September quarter also, the Post Office Monthly Income Scheme will give 7.4 percent interest to the investors as before. The government notifies the interest rates for small savings schemes run by post offices and banks every quarter.

Public Provident Fund (PPF)

In this scheme, a minimum investment of Rs 500 has to be made every financial year. Investment made in this scheme is also eligible for tax exemption. A maximum of Rs 1.5 lakh can be invested in this scheme in a year.

Senior Citizen Savings Scheme (SCSS)

A minimum investment of Rs 1000 and a maximum of Rs 30 lakh can be made in this scheme. If the total income from its interest exceeds ₹ 50,000/financial year, then tax has to be paid on it.

Post Office Monthly Income Scheme

This account can be started with a minimum investment of Rs 1000. A maximum of Rs 9 lakh can be invested in it in an individual account and a maximum of Rs 15 lakh in a joint account.

National Savings Certificate (NSC)

The minimum investment in this account is Rs 1000. There is no limit for maximum investment. Its maturity period is 5 years.

 

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