Small Saving Schemes Rates: The process of cutting interest rates has started all over the world. In the second week of October, the Reserve Bank of India is also going to take a decision on interest rates in the Monetary Policy Committee meeting. In such a situation, all eyes are on what decision the government takes at the end of this month regarding the interest rates of small savings schemes for the third quarter of the financial year 2024-25. Will investors investing in small savings schemes get relief or will they face trouble!
Decision on interest rates on September 30
The Department of Economic Affairs of the Ministry of Finance will announce the interest rates of post office deposit schemes including PPF, Sukanya Samriddhi Yojana for the third quarter of the financial year 2024-25 from October to December on September 30, 2024. There was no change in the interest rates for the second quarter of the current financial year.
There are high chances that the government will not make any change in the interest rates of small savings schemes even in the third quarter between 1 October 2024 and 31 December 2024 and it will be kept as it is. But after the start of the process of reducing interest rates by the RBI, there are chances that the government can also reduce the interest rates of small savings schemes.
8.2% interest on Sukanya Samriddhi Yojana
Currently 8.2 percent interest is being given annually on Sukanya Samriddhi Yojana. 4 percent interest is being given on post office savings deposit, 6.9 percent on 1 year term deposit, 7 percent on 2 year time deposit, 7.5 percent interest on 5 year deposit and 6.7 percent interest on 5 year recurring deposit. is being given. Currently, 8.2 percent interest is being given on Senior Citizen Saving Scheme, 7.7 percent on National Saving Certificate and 7.5 percent on Kisan Vikas Patra. 7.1 percent interest is being given on 3-year term deposits.
PPF investors disappointed
The government has increased the interest rates on all small savings schemes in the last two years, but there has been no change in the interest rates of PPF since the first quarter of the financial year 2020-21, due to which investors investing in Public Provident Fund have been very disappointed.
And now the phase of decreasing interest rates is about to begin. That is, even in the era of high interest rates, the government has not increased the interest rates on PPF. But investors investing in small savings schemes are keeping an eye on the Finance Ministry to see what decision it takes regarding the interest rates of these schemes.
