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By Fnf Correspondent | PUBLISHED: 02, Apr 2024, 14:44 pm IST | UPDATED: 02, Apr 2024, 14:44 pm IST
New Delhi: The central government in March 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.
| Sl.No. | Instruments | Rate of interest | Compounding Frequency* |
|---|---|---|---|
| 01. | Post Office Savings Account | 4.0 | Annually |
| 02. | 1 Year Time Deposit | 6.9 (Annual Interest ?708 for ?10,000/-) | Quarterly |
| 03. | 2 Year Time Deposit | 7.0 (Annual Interest ?719 for ?10,000/-) | Quarterly |
| 04. | 3 Year Time Deposit | 7.1 (Annual Interest ?719 for ?10,000/-) | Quarterly |
| 05. | 5 Year Time Deposit | 7.5 (Annual Interest ?771 for ?10,000/-) | Quarterly |
| 06. | 5 Year Recurring Deposit Scheme | 6.7 | Quarterly |
| 07. | Senior Citizen Savings Scheme | 8.2 (Quarterly Interest ?205 for ?10,000/-) | Quarterly and Paid |
| 08. | Monthly Income Account | 7.4 (Monthly Interest ?62 for ?10,000/-) | Monthly and paid |
| 09. | National Savings Certificate (VIII Issue) | 7.7 (Maturity Value ?14,490 for ?10,000/-) | Annually |
| 10. | Public Provident Fund Scheme | 7.1 | Annually |
| 11. | Kisan Vikas Patra | 7.5 (will mature in 115 months) | Annually |
| 12. | Mahila Samman Savings Certificate | 7.5 (Maturity Value ?11,602 for ?10,000/-) | Quarterly |
| 13. | Sukanya Samriddhi Account Scheme | 8.2 | Annually |
The interest rate on small savings schemes, which is majorly operated by post offices, is notified by the government on quarterly basis.
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