Interest rates on small savings schemes remain unchanged for April-June quarter

The government on Thursday said the interest rates on various small savings schemes will remain unchanged for the quarter beginning April 1, 2024.

"The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24," said a finance ministry notification.

As per the notification, deposits under the Sukanya Samriddhi scheme will attract an interest rate of 8.2 per cent, while the rate on a three-year term deposit remains at 7.1 per cent.

The interest rates for popular PPF and post office savings deposits scheme too have been retained at 7.1 per cent and 4 per cent, respectively. The interest rate on the Kisan Vikas Patra will be 7.5 per cent, and the investments will mature in 115 months.

The interest rate on the National Savings Certificate (NSC) will remain at 7.7 per cent for the April-June 2024 period. Like the current quarter, the Monthly Income Scheme will earn 7.4 per cent for investors.

The government notifies the interest rates on small savings schemes, majorly operated by post offices, every quarter.