The government on Friday, December 29, announced interest rates of small savings schemes for January-March 2024 quarter. While it hiked rates of Sukanya Samriddhi Yojana (SSY) and three-year time deposit by up to 20 bps, other small savings rates were kept unchanged.
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Notably, the interest rates on small savings schemes are reviewed every quarter by the government.
Here are the revised rates offered by small savings schemes for January-March 2024 quarter:
Savings Scheme | Interest rate |
Post Office Savings Account | 4% |
Post Office Recurring Deposit | 6.7% |
Post Office Monthly Income Scheme | 7.4% |
Post Office Time Deposit (1 year) | 6.9% |
Post Office Time Deposit (2 years) | 7% |
Post Office Time Deposit (3 years) | 7.1% |
Post Office Time Deposit (5 years) | 7.5% |
Kisan Vikas Patra (KVP) | 7.5% |
Public Provident Fund (PPF) | 7.1% |
Sukanya Samriddhi Yojana | 8.2% |
National Savings Certificate | 7.7% |
Senior Citizens’ Saving Scheme (SCSS) | 8.2% |
In the last announcement, the government kept small savings interest rates steady for the October-December quarter except for a marginal increase in five-year recurring deposit rates.
The PPF rate has been unchanged from April-June 2020, when it was cut to 7.1% from 7.9%. Before that, it was cut in July-September 2019. It was last raised in October-December 2018 to 8% from 7.6%.
Talking about SCSS, the interest rate was kept constant at 8.2% for the July-September quarter, following two consecutive quarters of upward revisions. In the April-June period, the interest rate was raised from 8% to 8.2%.
(Edited by : Amrita)
First Published: Dec 29, 2023 1:21 PM IST
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