Sukanya Samriddhi account interest rate raised by 20 bps to 8.2% for Q4
The government on Friday announced revised interest rates for select small savings schemes.
The government on Friday announced revised interest rates for select small savings schemes.
The interest rate applicable to the Sukanya Samriddhi scheme was increased by 20 basis points to 8.2 per cent, and that to the three-year Time Deposit Scheme—a fixed deposit (FD) scheme with a maturity period of three years—by 10 basis points to 7.1 per cent—both with effect from January 1, according to a circular by the Ministry of Finance.
Here are the interest rates applicable to all the small savings schemes (changes highlighted):
Scheme | Interest rate (%) | ||
Oct-Dec 2023 | Jan-Mar 2024 | Compounding frequency | |
Savings Deposit | 4 | 4 | Annual |
One-year Time Deposit | 6.9 | 6.9 | Quarterly |
Two-year Time Deposit | 7 | 7 | Quarterly |
Three-year Time Deposit | 7 | 7.1 | Quarterly |
Five-year Time Deposit | 7.5 | 7.5 | Quarterly |
Five-Year Recurring Deposit | 6.7 | 6.7 | Quarterly |
Senior Citizen Savings Scheme | 8.2 | 8.2 | Quarterly and paid |
Monthly Income Scheme | 7.4 | 7.4 | Monthly and paid |
National Savings Certificate | 7.7 | 7.7 | Annual |
Public Provident Fund Scheme | 7.1 | 7.1 | Annual |
Kisan Vikas Patra | 7.5 (matures in 115 months) | 7.5 (matures in 115 months) | Annual |
Sukanya Samriddhi | 8 | 8.2 | Annual |
The new rates will be applicable for the fourth quarter of the current financial year.
The Centre reviews the interest rates applicable to small savings schemes—such as the Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Monthly Income Scheme (MIS) and Senior Citizen Savings Scheme (SCSS)—on a quarterly basis, and announces any revisions at the end of each quarter.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of 18x15x12 SIP Strategy: Know in how many years you can build Rs 1.14 crore corpus by investing Rs 15,000 monthly | See calculations
Top Gold ETF vs Top Silver ETF 1-year Return Calculator: Which has given higher return on Rs 10 lakh investment; see calculations to know that
11:46 AM IST