The government has decided not to change the interest rates for small savings schemes.
The Department of Economic Affairs, under the Ministry of Finance, announced today that the interest rates for the third quarter (from 1 October 2024 to 31 December 2024) will remain the same as before.
Interest Rates for PPF and Sukanya Samriddhi Yojana Remain Unchanged
This means the interest rates for schemes like the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana will stay the same.
For instance, the interest rate for PPF has not changed since the first quarter of the 2020-21 financial year.
Current Interest Rates for Small Savings Schemes
1) 4% on Post Office Savings Account
2) 7.4% on Post Office Monthly Income Scheme
3) 7.5% on Kisan Vikas Patra
4) 7.1% on Public Provident Fund (PPF)
5) 8.2% on Sukanya Samriddhi Yojana
6) 7.7% on National Savings Certificate (NSC)
7) 8.2% on Senior Citizen Savings Scheme
The highest interest rate is 8.2%, offered on both the Sukanya Samriddhi Yojana and the Senior Citizen Savings Scheme.
Decision Made After Review by Finance Ministry
The Finance Ministry reviewed the interest rates on schemes like the Kisan Vikas Patra (KVP), Public Provident Fund (PPF),
and National Savings Certificate (NSC) before announcing this decision on 30 September 2024.
Interest rates for these schemes are reviewed every three months. The government had last increased the rates in December 2023.
Currently, the interest rates for small savings schemes range between 4% and 8.2%.
