Govt keeps interest rates on small savings schemes unchanged for Q1 FY25; Check rates for NSC, Sukanya Samriddhi, others
Sukanya Samriddhi Account Scheme: One can open this account by investing a minimum of ₹250 and maximum ₹1.50 lakh in a financial year. The rate of interest is 8.2 percent per annum with effect from Jan 1, 2024, while the rate on a three-year term deposit remains at 7.1 per cent. PPF: One can invest a minimum of ₹500 while maximum is ₹1.5 lakh in a financial year.
The rate of interest is 7.1 per cent per annum compounded yearly. The interest rates for savings deposits too have been retained at four per cent. Kisan Vikas Patra: One can invest a minimum of ₹1,000 and in multiples of ₹100 while there is no maximum limit.
Rate of interest offered is 7.5 per cent compounded annually, and the investments will mature in 115 months. National Savings Certificate: One can open an account by investing a minimum of ₹1,000 while there is no maximum limit. The rate of interest is 7.7 per cent compounded annually but payable at maturity.
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 of India (RBI), 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.
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