look news india
The government on Friday left interest rates on various small savings schemes unchanged for the first quarter of the next financial year starting April 1, 2024. A notification in this regard has been issued by the Finance Ministry.
“Interest rates on various small savings schemes for the first quarter of the financial year 2024-25, beginning April 1, 2024, ending June 30, 2024, will remain unchanged from the rates notified for the fourth quarter (January 1, 2024). , till March 31, 2024 of the financial year 2023-24,” the notification said. Under Sukanya Samriddhi Yojana, the interest rate on deposits will be 8.2 percent, while the rate on three-year fixed deposits will be 7.1 percent.
Interest rates on the popular PPF and savings deposits have also been retained at 7.1 per cent and 4 per cent respectively. 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) will be 7.7 percent for the period April 1 to June 30, 2024. Like the current quarter, the interest rate for the monthly income scheme will earn 7.4 percent for investors.
The government notifies interest rates on small savings schemes operated mainly by post offices every quarter. The Reserve Bank has increased the benchmark lending rate by 2.5 percent to 6.5 percent from May 2022, prompting banks to also increase interest rates on deposits.
However, the RBI has maintained status quo on the policy rate in the last five consecutive Monetary Policy Committee meetings since February this year.