New Delhi [India], The government has decided to keep interest rates unchanged for various small savings schemes for the second quarter of the financial year 2024-25, the Finance Ministry said on Friday.
This decision applies to the period from July 1, 2024 to September 30, 2024. The rates will remain the same as those set for the first quarter.
"The interest rates of various Small Savings Schemes for the second quarter of fiscal year 2024-25 beginning on July 1, 2024 and ending on September 30, 2024 will remain unchanged from those notified for the first quarter (April 1, 2024 to June 30, 2024) of Fiscal Year 2024-25,” the government said.
For the Public Provident Fund (PPF), one of the most popular small savings schemes, the interest rate will remain at 7.1 per cent. This scheme is widely favored due to its tax benefits and long-term savings potential.
The Savings Plan for Seniors (SCSS) will also maintain its interest rate at 8.2 percent. This plan is specifically designed to provide financial security to seniors, offering higher returns compared to other savings options.
Deposits made under the Sukanya Samriddhi Yojana, which aims to encourage savings for education and marriage expenses of girls, will continue to earn an interest rate of 8.2 per cent. This scheme is an integral part of the government's 'Beti Bachao Beti Padhao' initiative.
The National Savings Certificate (CNS), which is a fixed income investment plan, will maintain its interest rate at 7.7 percent. This plan is considered a safe investment with moderate returns.
The Post Office Monthly Income Scheme (PO-MIS), which provides regular monthly income to investors, will offer an interest rate of 7.4 per cent. This plan is ideal for those looking for a stable source of income.
The Kisan Vikas Patra (KVP), a government-backed savings scheme designed to double investment over a specified period, will continue to offer an interest rate of 7.5 per cent.
For fixed-term deposits of different terms, the interest rates are according to the term.
The 1-Year Deposit will have an interest rate of 6.9 percent.
The 2-year deposit will offer an interest rate of 7.0 percent.
The 3-Year Deposit will continue with an interest rate of 7.1 percent.
The 5-Year Deposit will maintain an interest rate of 7.5 percent.
Additionally, the 5-year recurring deposit (RD) plan, which allows investors to deposit a fixed amount every month, will offer an interest rate of 6.7 percent.
This decision applies to the period from July 1, 2024 to September 30, 2024. The rates will remain the same as those set for the first quarter.
"The interest rates of various Small Savings Schemes for the second quarter of fiscal year 2024-25 beginning on July 1, 2024 and ending on September 30, 2024 will remain unchanged from those notified for the first quarter (April 1, 2024 to June 30, 2024) of Fiscal Year 2024-25,” the government said.
For the Public Provident Fund (PPF), one of the most popular small savings schemes, the interest rate will remain at 7.1 per cent. This scheme is widely favored due to its tax benefits and long-term savings potential.
The Savings Plan for Seniors (SCSS) will also maintain its interest rate at 8.2 percent. This plan is specifically designed to provide financial security to seniors, offering higher returns compared to other savings options.
Deposits made under the Sukanya Samriddhi Yojana, which aims to encourage savings for education and marriage expenses of girls, will continue to earn an interest rate of 8.2 per cent. This scheme is an integral part of the government's 'Beti Bachao Beti Padhao' initiative.
The National Savings Certificate (CNS), which is a fixed income investment plan, will maintain its interest rate at 7.7 percent. This plan is considered a safe investment with moderate returns.
The Post Office Monthly Income Scheme (PO-MIS), which provides regular monthly income to investors, will offer an interest rate of 7.4 per cent. This plan is ideal for those looking for a stable source of income.
The Kisan Vikas Patra (KVP), a government-backed savings scheme designed to double investment over a specified period, will continue to offer an interest rate of 7.5 per cent.
For fixed-term deposits of different terms, the interest rates are according to the term.
The 1-Year Deposit will have an interest rate of 6.9 percent.
The 2-year deposit will offer an interest rate of 7.0 percent.
The 3-Year Deposit will continue with an interest rate of 7.1 percent.
The 5-Year Deposit will maintain an interest rate of 7.5 percent.
Additionally, the 5-year recurring deposit (RD) plan, which allows investors to deposit a fixed amount every month, will offer an interest rate of 6.7 percent.