Small Savings Schemes Interest Rate: The Central Government has not made any change in the interest rates on small savings schemes including PPF, Sukanya Samriddhi Yojana for the second quarter of the current financial year. The Center on Friday kept the interest rates of all small savings schemes unchanged for the July-September quarter of FY 2025. Let us tell you that in the last quarter also, the government had kept the interest rates unchanged for the April-June quarter before the Lok Sabha elections.
What are the details?
“Interest rates on various small savings schemes for the second quarter (July 1 to September 30, 2024) of the financial year 2024-25 are the same as those notified for the first quarter (March 1 to June 30, 2024),” the Finance Ministry said in a notification. The rates will remain the same.
Petrol and diesel became cheaper, big relief on LPG too, great news for these people
What is the interest rate of which scheme?
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. The interest rates of PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and four percent respectively. The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) for the period July-September 2024 will be 7.7 percent. In the September quarter also, the Post Office will give 7.4 percent interest to the investors of Monthly Income Scheme like before. Let us tell you that the government notifies the interest rates for small savings schemes operated by post offices and banks every quarter.
What was the expert’s opinion?
Let us tell you that recently Siddharth Maurya, Founder and Managing Director of Vibhavangal Anukulkara Private Limited had said that interest rates on PF, ESAF and small savings schemes are sensitive political issues for the government. However, there is pressure to raise interest rates to benefit millions of small savers. An increase in interest rates will lead to an increase in government expenditure and potentially a fiscal deficit.
