The Finance Ministry will announce interest rates on small savings schemes for the October-December quarter on September 30th. These include popular schemes like PPF, NSC, SCSS, and Sukanya Samriddhi Yojana. In June, the government kept the interest rates unchanged.
The government reviews the interest rates on small savings schemes every quarter and makes changes if necessary. Let’s find out the current interest rates on popular small savings schemes.
Public Provident Fund (PPF)
The Public Provident Fund (PPF) is a safe long-term savings instrument. It offers an interest rate of 7.1% per annum, compounded annually. This scheme is also considered beneficial for the future of children and family.
National Savings Certificate (NSC)
The National Savings Certificate (NSC) is also a reliable investment option. It offers an interest rate of 7.7% per annum. This scheme is ideal for small and regular investors. The interest compounded annually.
Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana (SSY) is specifically designed to provide financial security to girls. This scheme offers an interest rate of 8.2% per annum, compounded annually. This scheme offers long-term benefits for parents.
Senior Citizen Savings Scheme (SCSS)
SCSS is a reliable option for senior citizens. It offers an interest rate of 8.2% per annum. Interest is paid to the account holder on a quarterly basis. This scheme is popular for generating regular income after retirement.
Post Office Monthly Income Scheme (POMIS)
This plan is suitable for those who want a steady monthly income. It offers an interest rate of 7.4% per annum. Interest is credited to the account every month. This plan is suitable for retirees and others who want a regular income.
Kisan Vikas Patra (KVP)
Kisan Vikas Patra (KVP) is designed to double the investment amount over a fixed period. It offers an interest rate of 7.5% per annum. This rate has remained unchanged since April 1, 2023. This is a reliable scheme for small investors.
Post Office Time Deposit (FD/TD)
Post Office Time Deposits (FDs) are available for different tenures. Three-year TDs offer 7.1% interest, and five-year TDs offer 7.5% interest. This is a safe and assured return option.
Post Office Savings Account (POSA)
The Post Office Savings Account (POSA) is the most basic and popular option. This account offers a fixed interest rate of 4% per annum. This rate has remained unchanged since December 1, 2011. It has long been considered a simple and safe savings option.
