Interest Rates on Small Savings Schemes Unchanged for Third Straight Quarter

The government has kept interest rates on small savings schemes like PPF, NSC, and others unchanged for the third consecutive quarter starting October 1, 2024. Popular schemes like the Sukanya Samriddhi scheme and Kisan Vikas Patra continue to offer attractive rates for investors, maintaining stability in returns.

The government has announced that the interest rates on various small savings schemes will remain unchanged for the third straight quarter beginning October 1, 2024. This decision keeps rates steady until December 31, 2024.

According to a finance ministry notification, the interest rates applicable for the third quarter of FY 2024-25 are the same as those for the previous quarter. Deposits under the Sukanya Samriddhi scheme will attract an 8.2 per cent interest rate. The three-year term deposit rate remains at 7.1 per cent.

Popular schemes such as the Public Provident Fund (PPF) and post office savings deposits will continue offering interest rates of 7.1 per cent and 4 per cent, respectively. Additionally, the Kisan Vikas Patra will have an interest rate of 7.5 per cent, with investments maturing in 115 months. The National Savings Certificate (NSC) will maintain a 7.7 per cent interest rate for the July-September 2024 period. The Monthly Income Scheme will earn a 7.4 per cent rate for investors.

This marks the third successive quarter where rates have not seen any changes. The government last revised some schemes' rates in the fourth quarter of the last fiscal year. Interest rates on small savings schemes, primarily managed by post offices and banks, are reviewed and notified every quarter.

(With inputs from agencies.)