The government is set to announce the interest rates for small savings schemes for the July to September 2024 quarter in the next 10 days.
These rates are reviewed and revised every quarter, with the current rates set at the end of March for the April to June 2024 period.
This time, there is an expectation that the government might increase the interest rates for these schemes.
Popular Small Savings Schemes
Some of the well-known small savings schemes include the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Certificate, Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC).
Financial experts have provided the current interest rates for these schemes for the first quarter of the financial year 2024-25.
Current Interest Rates on Small Savings Schemes
Here are the current interest rates for small savings schemes, effective from April 1, 2024, to June 30, 2024:
| No. | Saving Scheme | Interest Rate | Payment Frequency |
|---|---|---|---|
| 01 | Post Office Savings Account | 4.0% | Annually |
| 02 | 1 Year FD | 6.9% (₹708 annually on ₹10,000) | Quarterly |
| 03 | 2 Year FD | 7.0% (₹719 annually on ₹10,000) | Quarterly |
| 04 | 3 Year FD | 7.1% (₹719 annually on ₹10,000) | Quarterly |
| 05 | 5 Year FD | 7.5% (₹771 annually on ₹10,000) | Quarterly |
| 06 | 5 Year Recurring Deposit | 6.7% | Quarterly |
| 07 | Senior Citizen Savings Scheme | 8.2% (₹205 quarterly on ₹10,000) | Quarterly |
| 08 | Monthly Income Scheme | 7.4% (₹62 monthly on ₹10,000) | Monthly |
| 09 | National Savings Certificate (8th 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% (Matures in 115 months) | Annually |
| 12 | Mahila Samman Saving Scheme | 7.5% (Maturity Value ₹11,602 for ₹10,000) | Quarterly |
| 13 | Sukanya Samriddhi Scheme | 8.2% | Annually |
