New Delhi:
The government’s quarterly revisions of Small Saving Scheme interest rates have become a focal point for many investors.
As we step into the April-June 2024 quarter,
the rates remain unaltered from those set in the preceding January-March 2023 quarter.
In a recent office memorandum dated March 8, 2024, issued by the Finance Ministry,
it was confirmed that the interest rates for the Post Office Small Savings Scheme will persist unchanged for the upcoming financial quarter, spanning from April 1, 2024, to June 30, 2024.
A Glimpse at Popular Small Saving Schemes
The Small Saving Scheme landscape encompasses various avenues tailored to meet diverse financial goals.
Notable schemes like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Certificate, Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC) stand out as favorites among the populace.
Interest Rates for April-June 2024 Quarter
Here’s a breakdown of the interest rates applicable to Small Saving Schemes for the first quarter of the fiscal year 2024-25:
| # | Saving Scheme | Interest Rate (Apr 1 – Jun 30) | Interest Payment Frequency |
|---|---|---|---|
| 01. | Post Office Savings Account | 4.0% | Annually |
| 02. | 1 Year FD | 6.9% | Quarterly |
| 03. | 2 Year FD | 7.0% | Quarterly |
| 04. | 3 Year FD | 7.1% | Quarterly |
| 05. | 5 Year FD | 7.5% | Quarterly |
| 06. | 5 Year Recurring Deposit | 6.7% | Quarterly |
| 07. | Senior Citizen Savings Scheme | 8.2% | Quarterly |
| 08. | Monthly Income Scheme | 7.4% | Monthly |
| 09. | National Savings Certificate (8th digit) | 7.7% | Annually |
| 10. | Public Provident Fund Scheme | 7.1% | Annually |
| 11. | Kisan Vikas Patra | 7.5% | Annually |
| 12. | Mahila Samman Saving Scheme | 7.5% | Quarterly |
| 13. | Sukanya Samriddhi Yojana | 8.2% | Annually |
The table provides a comprehensive view of the interest rates across various Small Saving Schemes, aiding investors in making informed financial decisions.
