The Finance Ministry will announce interest rates for small savings schemes for the October-December quarter on September 30.
This includes popular schemes such as PPF, NSC, SCSS, and Sukanya Samriddhi Yojana. In June, the government had kept these interest rates unchanged.
The government reviews interest rates for small savings schemes every quarter and updates them if needed. Here are the current interest rates on some widely used schemes:
Public Provident Fund (PPF)
PPF is a safe long-term savings option. It currently offers 7.1% per annum, compounded annually. This scheme is considered beneficial for securing the future of children and family.
National Savings Certificate (NSC)
NSC is a reliable investment plan for small and regular investors. It provides 7.7% per annum, compounded annually.
Sukanya Samriddhi Yojana (SSY)
SSY is aimed at providing financial security for girls. It offers 8.2% per annum, compounded annually, making it a strong long-term savings plan for parents.
Senior Citizen Savings Scheme (SCSS)
SCSS is a popular scheme for senior citizens, offering 8.2% per annum. Interest is paid quarterly, providing regular income after retirement.
Post Office Monthly Income Scheme (POMIS)
This scheme is ideal for those seeking a steady monthly income. It offers 7.4% per annum, with interest credited monthly. It is suitable for retirees or anyone wanting consistent income.
Kisan Vikas Patra (KVP)
KVP is designed to double your investment over a fixed period. It currently offers 7.5% per annum, unchanged since April 1, 2023. It is a safe and reliable scheme for small investors.
Post Office Time Deposit (FD/TD)
Post Office Fixed Deposits are available for different tenures. Three-year deposits offer 7.1%, and five-year deposits offer 7.5%. They provide safe and assured returns.
Post Office Savings Account (POSA)
POSA is the most basic and widely used savings option, offering a fixed 4% per annum. This rate has not changed since December 1, 2011, making it a simple and safe way to save.
