New Delhi: The Union government hiked the interest rates of 3-year time deposits and Sukanya Samriddhi Scheme. It also kept interest rates on other small savings schemes unchanged. The interest rate on PPF continues to be 7.1%, that on NSC remains at 7.7%, and Senior Citizen Savings Scheme at 8.2%.
‘The rates of interest on various Small Savings Schemes for the fourth quarter of financial year 2023-24 starting from January 1, 2024, and ending on March 31, 2024, have been revised,’ the finance ministry said in a statement.
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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. Small savings schemes have three categories — savings deposits, social security schemes and monthly income plan. Saving deposits include 1-3-year time deposits and 5-year recurring deposits. These also include saving certificates such as National Saving 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 for the January-March 2024 quarter have been fixed as follows:
Savings Deposit: 4 per cent
1-Year Post Office Time Deposits: 6.9 per cent
2-Year Post Office Time Deposits: 7.0 per cent
3-Year Post Office Time Deposits: 7.1 per cent (7.0 per cent earlier)
5-Year Post Office Time Deposits: 7.5 per cent
5-Year Recurring Deposits: 6.7 per cent (6.5 per cent earlier)
National Saving Certificates (NSC): 7.7 per cent
Kisan Vikas Patra: 7.5 per cent (will mature in 115 months)
Public Provident Fund: 7.1 per cent
Sukanya Samriddhi Account: 8.2 per cent (8.0 per cent earlier)
Senior Citizens Savings Scheme: 8.2 per cent
Monthly Income Account: 7.4 per cent.
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