Small Savings Scheme: This information is helpful to you if you too invest in government-run small savings plans. The government declared on Thursday that starting on April 1, 2024, the first day of the new fiscal year, there would be no modifications to the interest rates on a number of minor savings plans. According to the Finance Ministry’s announcement, the rates will not change for the first quarter of the upcoming fiscal year, which begins on April 1, 2024, and ends on June 30, 2024.
Fourth Quarter Rates Maintained for New Fiscal Year
The interest rates for the fourth quarter of the fiscal year 2023–2024 (1 January 2024 to 31 March 2024) will not change in the first quarter of the new fiscal year. The Finance Ministry has announced that deposits made under the Sukanya Samriddhi Scheme will be eligible for an interest rate of 8.2 percent. Everything will stay the same as it was. Aside from this, the three-year FD interest rate will stay at 7.1 percent.
Consistent 7.5% Interest Rate Sustained
In addition, the interest rates for the Post Office Savings Plan and PPF, which are favoured by millions of investors, will stay unchanged at 4. percent and 7.1 percent, respectively. Additionally, the 7.5 percent interest rate on Kisan Vikas Patra has been sustained. The maturity period of an investment in this government programme is 115 months.
Other than this, the 7.7 percent interest rate on National Savings Certificates (NSCs) will not change for the April–June 2024 quarter. Investors will continue to receive the 7.4% interest rate on the Monthly Income Scheme, just like they did this quarter. Every quarter, the government announces the interest rate on small savings plans based on review. The post office is the primary operator of these programmes.
