Government Keeps Small Savings Scheme Interest Rates Unchanged for Q2 FY 2024-25

The government has announced that interest rates for various small savings schemes will remain unchanged for the quarter starting July 1, 2024. Rates for schemes like Sukanya Samriddhi remain at 8.2%, while PPF and post office savings deposits stay at 7.1% and 4%, respectively.

In a crucial announcement on Friday, the government declared that the interest rates on various small savings schemes will be retained for the second quarter of FY 2024-25, commencing on July 1, 2024, and concluding on September 30, 2024. This decision follows the rates set for the first quarter from March 1, 2024, to June 30, 2024, according to a finance ministry notification.

The Sukanya Samriddhi scheme will continue to offer a lucrative interest rate of 8.2%, while the three-year term deposit rate is fixed at 7.1%. Additionally, interest rates for popular schemes like Public Provident Fund (PPF) and post office savings deposits will remain unchanged at 7.1% and 4%, respectively.

Investors placing money in the Kisan Vikas Patra will secure a 7.5% interest rate, with a maturity period of 115 months. Similarly, the National Savings Certificate (NSC) will offer a 7.7% return for the July-September 2024 quarter, and the Monthly Income Scheme will continue to yield a 7.4% interest rate. Typically, the government revises interest rates for these schemes, majorly managed by post offices and banks, on a quarterly basis.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)