Small Savings Schemes: Let us tell you that the coming new year in a few days is going to bring a bundle of happiness for the middle class people.
Actually, updates have been received that before the new year, the government is going to increase the interest rates of many schemes like Small Savings Scheme, which will greatly benefit the common people. Let us know the complete update…
Small Savings Schemes Interest Rates: Only a few days are left for the new year. This time on New Year, the government can give a big gift to the middle class. In the month of January, the government will revise the interest rates of Small Savings Scheme. It is believed that this time the government may increase the interest rates on many small savings schemes including PPF.
In the meeting to be held on December 29, the government can decide the interest rates for January-March 2024. In this, the government can change the interest rates on everything from Public Provident Fund to National Savings Certificate, Kisan Vikas Patra, Sukanya Samriddhi Account.
The interest on Senior Citizen Saving Scheme is currently the highest –
According to experts, this time the government can increase the rates considering the trend of securities yield. Currently, the government is giving interest at the rate of 7.1 percent on the Public Provident Fund Scheme. At the same time, the interest rate on Senior Citizen Saving Scheme is 8.2 percent. The rate of interest on Senior Citizen Saving Scheme is the highest.
Interest rates are reviewed every quarter –
According to media reports, the government keeps an eye on both liquidity and inflation factors before deciding on the rates of small savings scheme. The interest rates of small savings schemes are reviewed every quarter.
Let us check how much interest is being received on which scheme now-
| Name of Small Savings Scheme | Rate of interest |
| savings deposit | 4% |
| 1-year FD | 6.9% |
| 2-year FD | 7% |
| 3-year FD | 7% |
| 5-year FD | 7.5% |
| 5-Year Recurring Deposit | 6.7% |
| National Savings Certificate (NSC) | 7.7% |
| Kisan Vikas Patra | 7.5% (will mature in 115 months) |
| Public Provident Fund | 7.1% |
| Sukanya Samriddhi Account | 8% |
| Senior Citizen Saving Scheme | 8.2% |
| monthly income scheme | 7.4% |
The change was made on October 1 –
Let us tell you that the Finance Ministry had last released interest rates on October 1, 2023. These interest rates were till 31 December 2023. In the month of October, the government had increased the interest rate on only 5 year RD from 6.5 percent to 6.7 percent.
Apart from this, there was no change in the interest rates of any scheme. That means the interest rate on other schemes was kept the same. Now it remains to be seen how much the government changes the interest rates for the next quarter.
