The Ministry of Finance has announced the interest rates for schemes like PPF, Sukanya Samriddhi, Senior Citizen Savings Scheme, National Savings Certificate (NSC), Post Office Term Deposit (POTD), Mahila Samman Savings Certificate for the second quarter of the financial year 2024-25 on 28 June 2024.
The central government has announced the interest rates for schemes like PPF, Sukanya Samriddhi, Senior Citizen Savings Scheme, National Savings Certificate (NSC), Post Office Term Deposit (POTD), Mahila Samman Savings Certificate for the July to September quarter. The government has decided not to make any change in the interest rates this quarter as well.
The current interest rates will remain effective in the July-September quarter as well. The Finance Ministry informed through a press release on 28 June 2024 that the interest rates on several small savings schemes for the second quarter of the financial year 2024-25 starting from July 2024 and ending on 30 September 2024 will remain unchanged from the rates notified for the first quarter of the financial year 2024-25 (April 1, 2024 to June 30, 2024).”
See the current interest rates on post office schemes
4 percent interest on savings deposits.
6.9 percent interest on time deposits with a tenure of 1 year.
7 percent interest on time deposits maturing in 2 years.
7.1 percent interest on time deposits maturing in 3 years.
7.5% return on 5-year time deposits.
6.7% interest on 5-year RD.
8.2 percent on Senior Citizen Savings Scheme Returns.
7.4% interest on Monthly Income Account Scheme.
7.7 percent interest on National Savings Certificate.
7.1 percent return on Public Provident Fund Scheme.
7.5 percent interest on Kisan Vikas Patra Yojana.
8.2% interest on Sukanya Samriddhi Account.
Interest rates were changed in December 2023 quarter
Let us tell you that the Finance Ministry changes the interest rates every three months. The Shyamala Gopinath Committee had proposed the methodology for determining these rates. The central government last increased the interest rates on some small savings schemes in the December quarter. However, except for the interest rate on RD, the interest rates of all schemes remain at their previous levels. The interest rate on Public Provident Fund has remained at 7.1 percent since the April-June 2020 quarter.
