PPF, Postal Deposits, SSY: Check Latest Small Savings Scheme Interest Rates for April-June 2024 | Top Vip News

While the RBI has kept key interest rates unchanged for quite some time after consecutive hikes since May 2022, the government on Friday also kept the interest rates of various small savings schemes unchanged for April-June 2024.

“The interest rates of various small savings schemes for the first quarter of fiscal year 2024-25, starting from April 1, 2024 and ending June 30, 2024, will remain unchanged from those notified for the fourth quarter (January 1, 2024). , as of March 31, 2024) of fiscal year 2023-24,” the notification said.

Here are the latest interest rates for small savings plans:

Interest rates for the April-June 2024 quarter have been set as follows:

Savings Deposit: 4 percent

Fixed-term deposits in post office for 1 year: 6.9 percent

Fixed-term deposits in post office for 2 years: 7.0 percent

Term deposits in post office for 3 years: 7.1 percent

Fixed-term deposits in post office for 5 years: 7.5 percent

Recurring deposits for 5 years: 6.7 percent

National Savings Certificates (NSC): 7.7 percent

Kisan Vikas Patra: 7.5 percent (will mature in 115 months)

Public Provident Fund: 7.1 percent

Sukanya Samriddhi Account: 8.2 percent

Savings plan for seniors: 8.2 percent

Monthly Income Account: 7.4 percent.

Interest Rates in Bank FD

Currently, major banks offer interest rates of up to 7.75 percent depending on the duration of the deposit and the age of the depositor, while some small savings plans offer up to 8.2 percent.

HDFC Bank offers interest rates of up to 7.75 per cent on FDs. ICICI Bank offers FD rates of up to 7.60 per cent per annum and SBI offers up to 7.50 per cent per annum.

What are small savings plans?

Small savings plans are savings instruments managed by the government to encourage citizens to save regularly. Small savings plans have three categories: savings deposits, social security plans and monthly income plans.

Savings deposits include term deposits of 1 to 3 years and recurring deposits of 5 years. These also include savings certificates like National Savings Certificates (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The monthly income plan includes the Monthly Income Account.

The interest rates on small savings schemes, including public provident fund (PPF), national savings certificate (NSC) and Kisan Vikas Patra (KVP), are reviewed every quarter.

The interest rates of small savings plans like PPF, NSC, etc. They are now tied to the market and move in tandem with the 10-year G-Sec performance.

In the previous rate review for January-March 2024, the government also kept interest rates on small savings schemes unchanged, except three-year term deposits and Sukanya Samriddhi scheme.