Government did not give any gift on small saving schemes! Interest rates kept stable for April-June quarter

Small Saving Schemes Interest Rates: The Central Government has not given any gift on the curiosity rates of small financial savings schemes and has kept the curiosity rates stable for the April-June quarter.

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Small Saving Schemes Interest Rates: The Central Government has not given any gift on the curiosity rates of small financial savings schemes and has kept the curiosity rates stable for the April-June quarter. Today, on March 8, the Central Government has not made any change within the curiosity rates for the primary quarter April-June of the upcoming monetary yr 2024-25. This is the primary time in 7 consecutive quarters that the federal government has not elevated the curiosity rates on these financial savings schemes.

Government notification has been launched

A authorities notification mentioned that curiosity rates on many small financial savings schemes will stay unchanged for the primary quarter of the monetary yr 2024-25, ranging from April 1, 2024, and ending on June 30, 2024. This signifies that simply because the rates have been notified for the fourth quarter from January 1, 2024 to March 31, 2024, the curiosity rates will proceed for the primary quarter of the monetary yr 2024-25 additionally. It has obtained the approval of the competent authority.

Know the curiosity rates of small schemes

Name of Small Saving Scheme Interest Rates

• Sukanya Samriddhi Scheme 8.2 p.c
• Senior Citizen Saving Scheme 8.2 p.c
• National Saving Certificate 7.7 p.c
• Public Provident Fund 7.1 p.c
• Kisan Vikas Patra 7.5 p.c (115 months)
• Monthly Income Account 7.4 p.c

Know the curiosity rates from financial savings accounts to different small schemes
Name of Small Saving Scheme Interest Rates

Saving Deposit 4%

1 Year Time Deposit 6.9%

2 Year Time Deposit 7.0%

3 Year Time Deposit 7.1%

5 Year Time Deposit 7.5%

5 Year Recurring Deposit 6.7%

Why small financial savings schemes have been left with out adjustments

Small financial savings curiosity rates, nonetheless, are set by the federal government and vary from 0-100 foundation factors based mostly on the yields on authorities securities of comparable maturity. In such a state of affairs, when the market yield on authorities securities falls, curiosity rates on small financial savings schemes also needs to be decreased. However, small financial savings curiosity schemes for Q2 2024 have been left unchanged regardless of the autumn in authorities bond yields.

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