The central government has announced that the interest rates for small savings schemes will remain unchanged for the July-September 2024 quarter.
This decision affects various schemes, including the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and the Senior Citizen Savings Scheme (SCSS).
Current Interest Rates
According to the Finance Ministry’s notification, the interest rates for small savings schemes for the second quarter of the financial year 2024-25, from July 1, 2024, to September 30, 2024, will remain the same as the rates for the first quarter (April 1 to June 30, 2024).
Specific Interest Rates
Public Provident Fund (PPF): 7.1%
Savings Account: 4%
Kisan Vikas Patra (KVP): 7.5% (maturity in 115 months)
National Savings Certificate (NSC): 7.7%
Sukanya Samriddhi Account (SSA): 8.2%
Senior Citizen Savings Scheme (SCSS): 8.2%
Monthly Income Scheme: 7.4%
Post Office Fixed Deposits:
1-year: 6.9%
2-year: 7.0%
3-year: 7.1%
5-year: 7.5%
5-year Recurring Deposit: 6.7%
Quarterly Review of Rates
Interest rates on small savings schemes, including PPF, post office savings and fixed deposits, NSC, and SSY, are reviewed at the end of each quarter.
These rates are then fixed for the next quarter. In the last review on March 31, 2024, the government decided to retain the interest rates for the April-June 2024 quarter.
