The government has declared that the interest rates for a range of small savings schemes will not see any changes for the upcoming quarter beginning April 1, 2024. This decision was announced through a notification from the finance ministry, specifying that the rates will stay consistent with those set for the previous quarter, covering the period from January 1, 2024, to March 31, 2024, for the next quarter, ending on June 30, 2024. The interest rates for popular schemes like Sukanya Samriddhi, three-year term deposits, PPF, post office savings deposits, Kisan Vikas Patra, NSC, and Monthly Income Scheme will remain static, providing stability for investors.
Under the Sukanya Samriddhi scheme, the interest rate will continue at 8.2 per cent, while the three-year term deposit rate remains at 7.1 per cent. Additionally, the rates for other schemes like PPF and post office savings deposits will also remain steady at 7.1 per cent and 4 per cent, respectively. The Kisan Vikas Patra will continue to offer an interest rate of 7.5 per cent, with investments maturing in 115 months. Moreover, the NSC will maintain its interest rate at 7.7 per cent for the period of April to June 2024, ensuring consistency for investors seeking this savings option. Investors looking at the Monthly Income Scheme will earn 7.4 per cent, the same as the preceding quarter, providing them with a reliable interest rate for their investments.
This announcement by the government is part of its routine practice to notify the interest rates on small savings schemes, which are predominantly operated through post offices, on a quarterly basis. By keeping the rates steady, the government aims to provide certainty and continuity for investors participating in these schemes without any unexpected fluctuations in returns.