look news india
Investors investing in small savings schemes like PPF and Sukanya Samriddhi have once again suffered a setback. The government has not made any change in the interest rates on PPF and other savings schemes for the second quarter of the financial year 2024-25. Interest rates on various small savings schemes have been kept unchanged at the old level for the quarter starting from July 1, 2024. The Finance Ministry issued a notification saying, 'The interest rates on small savings scheme for the second quarter of the financial year 2024-25 (from July 1 to September 30, 2024) will be the proposed rates for the first quarter (from March 1). This situation will remain till June 30, 2024.
Interest on SSY will continue to be 8.2 percent as before
According to the notification, the amount deposited under Sukanya Samriddhi Yojana (SSY) will continue to get 8.2 percent interest as before. Apart from this, the interest rate on three-year FD will be 7.1 percent. The interest rate of PPF and Post Office Savings Scheme will also be 7.1 percent and 4 percent. The interest rate on Kisan Vikas Patra will be 7.5 percent and the investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) for the period July-September 2024 will be 7.7 percent.
Interest rates are reviewed every quarter
In the September quarter also, the Post Office will pay 7.4 percent interest to the investors of Monthly Income Scheme as before. The government notifies the interest rates for small savings schemes run by post offices and banks every quarter. Media reports were expecting that this time the government may increase the interest rate on small savings scheme giving relief to the middle class before the budget. Earlier, the interest rates were kept at the same level during the April to June quarter as well.
PPF interest rate has remained unchanged for four years
For the last quarter of the financial year 2023-24, the government has revised the interest rates on two schemes. At that time, the interest rate of Sukanya Samriddhi Yojana (SSY) was increased from 8 percent to 8.20 percent. Apart from this, the interest rate on three-year FD has been reduced to 7.1 percent. But PPF interest rates have remained at the same level for the last four years. PPF interest rates were last revised in April-June 2020. During Corona, it was reduced from 7.9 to 7.1 percent.