New Delhi: The central government on Friday kept the interest rates for small savings schemes viz PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi Scheme and other unchanged for the April June quarter.
Interest rates of these small savings scheme will remain unchanged for the first quarter of the next fiscal, beginning April 1, 2024, a notification issued by the finance ministry has said.
“The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24,” the notification said.
The government notifies the interest rates on small savings schemes, majorly operated by post offices, every quarter.
The Sukanya Samriddhi scheme will yield an interest rate of 8.2 percent on deposits, while the three-year term deposit maintains a rate of 7.1 percent.
Similarly, the interest rates for the popular PPF and savings deposits stand at 7.1 percent and 4 percent, respectively.
The Kisan Vikas Patra will accrue interest at a rate of 7.5 percent.
For the period of April 1 to June 30, 2024, the interest rate on the National Savings Certificate (NSC) will remain steady at 7.7 percent.
Investors in the Monthly Income Scheme can expect an interest rate of 7.4 percent.
The Reserve Bank, since May 2022, has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to raise interest rates on deposits as well. However, the RBI has maintained the status quo on policy rate in the last five consecutive Monetary Policy Committee meetings since February this year.
With PTI Inputs