Small Saving Schemes Rates of interest Apr – Jun 2024

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The Nationwide Financial savings Schemes (NSSs) are one of many very fashionable saving schemes in India. These are regulated by the Ministry of Finance. They’re thought of to be very protected and include enticing returns.

These schemes additionally act as devices of economic inclusion particularly within the geographically inaccessible areas on account of their implementation primarily by means of the Put up Places of work, which have attain far and large.

Indian households’ financial savings in Put up workplace time deposits and PPF (Public Provident Fund) have been growing steadily since 2011. Under desk give us an thought on the whole excellent quantities which might be with varied small financial savings schemes.

Post-office-Deposits-Small-Saving-Schemes-PPF-trend-2011-to-2022
Indian Family financial savings in Put up workplace Schemes | RBI’s newest knowledge 2023

A number of the very fashionable schemes which fall underneath Small Financial savings Schemes are as under;

  • PPF (Public Provident Fund)
  • Sukanya Samriddhi Scheme
  • Month-to-month Earnings Scheme (Month-to-month Earnings Account)
  • Senior Citizen Financial savings Scheme
  • KVP (Kisan Vikas Patra)
  • NSC (Nationwide Financial savings Certificates)
  • Time Deposits &
  • Recurring Deposits

Newest Put up Workplace Small Saving Schemes Rates of interest Apr – Jun 2024 | Q1 of FY 2024-25

The federal government has saved rates of interest on all small financial savings schemes unchanged April to June quarter of FY 2024-25. The newest charges of curiosity relevant on varied small financial savings schemes for the third quarter from Apr to Jun 2024 efficient from 1.04.2024 can be as under;

Saving Scheme Charges of Curiosity from
1st Jan 2024 to thirty first Mar 2024
New Charges of Curiosity from
1st Apr 2024 to thirtieth Jun 2024
Frequency of
Compouding
Most Deposit
(in Rs)
Tenure
(Years)
Sukanya Samriddhi Account – Woman Little one Scheme
8.2% 8.2% Yearly 1.5 Lakh 21
 5 12 months Sr.CSS 8.2% 8.2% Quarterly & Paid 30 Lakh
(w.e.f. FY 2023-24)
5
 PPF 7.1% 7.1% Yearly 1.5 Lakh 15
 Financial savings Deposit 4.0% 4.0% Yearly No Restrict NA
 1 12 months Time period Deposit 6.9% 6.9% Quarterly No Restrict 1
 2 12 months Time period Deposit 7% 7% Quarterly No Restrict 2
 3 12 months Time period Deposit 7.1% 7.1% Quarterly No Restrict 3
 5 12 months Time period Deposit 7.5% 7.5% Quarterly No Restrict 5
 5 12 months Recurring Deposit 6.7% 6.7% Quarterly No Restrict 5
 5 12 months MIS 7.4% 7.4% Month-to-month & Paid 9.5 Lakh Single A/c
15 Lakh Joint A/c
5
 5 12 months NSC 7.7% 7.7% Yearly No Restrict 5
Kisan Vikas Patra (KVP) 7.5% 7.5% Yearly No Restrict 115 months
New Put up workplace Small Saving Schemes Curiosity Charges Desk (Apr – Jun 2024)
  • With efficient from the Monetary 12 months 2023-24, the utmost deposit restrict for the month-to-month financial savings scheme is enhanced from Rs.4.5 lakh to Rs.9 lakh for a single account and from Rs.9 lakh to Rs.15 lakh for a joint account.
  • The utmost deposit for senior citizen saving scheme has been enhanced from Rs 15 lakhs to Rs 30 lakhs.
  • Kindly word that rates of interest of Small Financial savings Schemes at the moment are reviewed and reset (if any) on a quarterly foundation.
  • The revised charges (if any) are relevant for all the brand new investments MADE through the respective interval. For the prevailing investments underneath all of the schemes (EXCEPT PPF & SUKANYA SAMRIDDHI SCHEME), the contracted rate of interest stays unchanged till maturity. The revised charges (if any) are relevant for all the brand new investments MADE through the respective interval.

(Put up first printed on : 06-Apr-2024)



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