Small savings schemes interest rates announced: Check latest Sukanya Samriddhi, PPF, Kisan Vikas Patra, NSC interest rate

The government announced on Friday that the interest rates on various small savings schemes will remain unchanged for the first quarter of the next fiscal, beginning April 1, 2024. A notification in this regard has been issued by the finance ministry.

The notification said, "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."

Sukanya Samriddhi scheme (SSY) interest rate

The deposit 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.

Public Provident Fund (PPF) interest rate

The interest rates for popular PPF and savings deposits too have been retained at 7.1 per cent and 4 per cent, respectively.

Kisan Vikas Patra interest rate

The interest rate on the Kisan Vikas Patra will be 7.5 per cent, and the investments will mature in 115 months.

National Savings Certificate (NSC) interest rate

The interest rate on the National Savings Certificate (NSC) will remain at 7.7 per cent for the April 1-June 30, 2024, period.

Monthly Income Scheme interest rate

Like the current quarter, the interest rate for 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.

The Reserve Bank, since May 2022, has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to raise interest rates on deposits as well. However, the RBI has maintained the status quo on policy rate in the last five consecutive Monetary Policy Committee meetings since February this year.