Small Savings Schemes interest rates for April-June quarter announced – Check the latest rates
There is bad news for those looking for a hike in the interest rates of small savings schemes for the coming quarter – April 1 to June 30, 2024 – as the government has announced that there will be no change in the interest rates of these schemes for this period.
“The rates of interest on various Small Savings Schemes for the first quarter of FY 2024-25, starting from 1st April, 2024 and ending on 30th June, 2024 shall remain unchanged from those notified for the fourth quarter (1st January, 2024 to 31st March, 2024) of FY 2023-24,” the Department of Economic Affairs under the Ministry of Finance said in its office memorandum, dated 08.03.2024.
It may be noted that the interest rates on key small savings schemes such as National Savings Certificate (NSC), Senior Citizens Savings Scheme (SCSS) and Public Provident Fund (PPF) had remained unchanged at 7.7%, 8.2% and 7.1%, respectively, during the fourth quarter of the current financial year 2023-24 — starting from 1st January, 2024 and ending on 31st March, 2024 – also, however, the rates on 3 Year Time Deposit and Sukanya Samriddhi Account Scheme were marginally increased from 7.0% and 8.0% to 7.1% and 8.2%, respectively, to give some relief to those looking to invest in these schemes.
However, as there will be no change in the interest rates for the April-June quarter, the rates will remain the same as they are now in the January-March 2024 quarter, as given below:
Rates of Interest for the Jan to March 2024 Quarter
Financial experts say that the basic purpose of small savings schemes is to inculcate the habit of savings in the general public. So, they should continue saving money, whether the rates are hiked or not.
“These schemes have been put in place to encourage the
Read more on financialexpress.com
