Business News Desk -The interest rates of small savings schemes run by the government are reviewed every month. There are several savings schemes, including Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patra (KVP), whose interest rates are subject to review. The government will revise the interest rates on these schemes for October-December 2024 at the end of this month i.e. on 30th September. Experts say domestic factors remain strong and inflation is expected to rise from September, so changes in interest rates on small savings schemes are unlikely.
Small savings schemes are run by the government, the aim of which is to encourage people to save. There are three categories of these schemes – savings deposits, social security schemes and monthly income schemes. Savings deposits include 1-3 year fixed deposits and 5 year recurring deposits. These also include savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi and Senior Citizens Savings Scheme.
What are the current interest rates?
There was no change in the interest rates of small savings schemes for the July-September quarter.
1 year fixed deposit scheme 6.9 percent interest
2 year fixed deposit scheme 7 percent interest
3 year fixed deposit scheme 7.1 percent interest
5 year fixed deposit scheme 7.5 percent interest
5 year RD scheme 6.7 percent interest
MIS- i.e. Monthly Income Account Scheme 7.4 percent interest
NSC- National Savings Certificate Scheme 7.7 percent interest
Senior Citizen Savings Schemes 8.2 percent interest
PPF- Public Provident Fund Scheme 7.1 percent interest
KVP- Kisan Vikas Patra 7.5 percent interest
Sukanya Samriddhi Yojana 8.2 percent interest
