The Finance Ministry will announce the interest rates of small savings schemes for the October-December quarter on 30 September. These include popular schemes like PPF, NSC, SCSS, Sukanya Samriddhi Yojana. In June, the government did not make any changes in the rates of these schemes and kept them the same as before.
The government reviews the interest rates of the small savings schemes every quarter. It also changes them when needed. Let us know what is the current interest rate on popular small savings schemes.
Public Provident Fund (PPF)
Public Provident Fund (PPF) is the way of safer saving for long periods. It gets an interest rate of 7.1% per year, which is added annually. This scheme is also considered good for the future of children and family.
National Saving Certificate (NSC)
The National Savings Certificate (NSC) is also a reliable investment option. It has an interest rate of 7.7% per year. This scheme is quite good for small and regular investors. Interest increases by adding annually.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana (SSY) is especially made for the financial security of the girl. This scheme gets 8.2% annual interest. Interest is also added to it by adding annually. This scheme is a long time for parents.
Senior civil savings scheme (scss)
SCSS is a reliable option for senior citizens. It gets an interest rate of 8.2% per year. The interest is given to the account holder on a quarterly basis. The scheme is popular for regular income after retirement.
Post Office Monthly Income Scheme (POMIS)
This plan is for those who want to earn stable every month. It gets 7.4% per year interest. Interest is deposited in the account every month. The scheme is good for retired and other regular earnings.
Kisan Vikas Patra (KVP)
The Kisan Vikas Patra (KVP) has been designed to double the investment amount in a fixed period. It gets 7.5% per year interest. There has been no change in this rate since 1 April 2023. This is a reliable scheme for small investors.
Post Office Time Deposit (FD/TD)
Post Office Time Deposit or Fixed Deposit (FD) is available for different periods. 7.1% interest is available on three years TD and 7.5% on five years TD. It is a safe and sure return option.
Post Office Savings Account (POSA)
Post Office Savings Account (POSA) is the most basic and popular option. This account gets a stable interest rate of 4% per year. This rate remains without change since 1 December 2011. For a long time, it has been considered an alternative to simple and safe savings.