Increase Interest Rates of Sukanya Samriddhi Yojana’S
The government has given people a notable New Year’s gift by increasing interest rates for specific small savings plans like Sukanya Samriddhi Yojana and the 3-year Time Deposit. This announcement was made on Friday for the January-March 2024 quarter, as per the notification from the Union Finance Ministry. It’s worth mentioning that the interest rates for several other small savings schemes will stay the same.
Sukanya Samriddhi Yojana is now 8.2 percent
The interest you get from Sukanya Samriddhi Yojana is now 8.2 percent, which is a bit higher than the earlier 8 percent. Also, the three-year time deposit interest is now 7.1 percent, a small increase from before. It’s essential to note that the interest rate for the Public Provident Fund (PPF) has stayed the same for the third year in a row.
PPF Interest rates down
The interest for PPF was last changed in April-June 2020, going down from 7.9 percent to 7.1 percent. The government didn’t alter the five-year RD scheme last time. Before today’s news, the interest rates for the government’s Small Savings Scheme ranged from 4 percent to 8.2 percent.
| For the January-March 2024 period, here are the interest rates: |
| Post office savings account: 4% |
| One-year time deposit: 6.9% |
| Two-year time deposit: 7.0% |
| Three-year time deposit: 7.1% |
| Five-year time deposit: 7.5% |
| Five-year RD scheme: 6.7% |
| National Savings Certificate (NSC): 7.7% |
| Kisan Vikas Patra: 7.5% |
| Public Provident Fund (PPF): 7.1% |
| Sukanya Samriddhi Account (SSY): 8.2% |
| Senior Citizen Savings Scheme (SCSSY): 8.2% |
| Monthly Income Account: 7.4% |
Post Office Interest Rates
In the small savings plans, they’ve only bumped up the interest rates for Sukanya Samriddhi Yojana (SSY) and the 3-year time deposits for the January-March 2024 quarter. Everything else in the small savings plans remains the same. And just so you know, the interest you get from the post office time deposit scheme is more than what you’d get from a regular bank fixed deposit.
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