New Delhi:
Small Saving Schemes serve as a dependable choice for individuals seeking fixed-income investment options.
Managed by the government, these schemes include the Public Provident Fund (PPF), National Savings Certificate (NSC), and various Post Office Saving Schemes, all of which offer guaranteed returns.
Here are the current interest rates on these small savings schemes.
Understanding Small Saving Schemes:
Small Saving Schemes come in three categories—Savings Schemes, Social Security Schemes, and Monthly Income Schemes.
These encompass 1 to 3-year deposit schemes, 5-year Recurring Deposits (RD), and saving certificates such as NSC and Kisan Vikas Patra (KVP).
Social Security Schemes include the Public Provident Fund (PPF), Sukanya Samriddhi Yojana, and the Senior Citizen Saving Scheme.
Interest Rates on Small Savings Schemes:
A) Savings Account: 4%
B) 1-year Post Office Fixed Deposit: 6.9%
C) 2-year Post Office Fixed Deposit: 7.0%
D) 3-year Post Office Fixed Deposit: 7%
E) 5-year Post Office Fixed Deposit: 7.5%
F) 5-year Recurring Deposit: 6.70%
G) National Savings Certificate (NSC): 7.7%
H) Kisan Vikas Patra: 7.5% (matures in 115 months)
I) Public Provident Fund: 7.1%
J) Sukanya Samriddhi Account (Sukanya Samriddhi Yojana): 8.0%
K) Senior Citizen Saving Scheme: 8.2%
L) Monthly Income Scheme: 7.4%
Major banks offer competitive fixed deposit (FD) interest rates as well.
HDFC Bank leads the way, offering up to 7.75% interest on FDs, while SBI provides an annual interest rate of up to 7.50% on FDs.
The government revises interest rates on small savings schemes quarterly, with the rates for October-December 2023 expected to be announced later this month.
However, minimal changes are anticipated in the current interest rates.
