Interest rate on small saving schemes kept unchanged for Q1-2024-25
Mar 28, 2024
New Delhi [India], March 28 : The central government has kept the interest rates unchanged on various small savings schemes for the first quarter of the next financial year, beginning April 1.
The rate of interest for the Sukanya Samridhi Scheme is 8.2 per cent while for three-year term deposits, the interest rate is 7.1 per cent. Similarly, Public Provident Fund gives one interest rate of 7.1 per cent. Kisan Vikas Patra gives interest rate at 7.5 per cent, annually.
An official notification has been put out by the Department of Economic Affairs under Ministry of Finance.
"The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24," the notification read.
These small savings schemes offer guaranteed returns at regular intervals compounded monthly, quarterly or annually as the case may be.
Separately, an interest rate of 8.25 per cent would be provided on Employees' Provident Fund (EPF) deposits for 2023-24, and a decision around it was taken at the 235th meeting of Central Board of Trustees held on February 10.
In 2022-23, the interest rate was at 8.15 per cent, which was the lowest since 1977-78.
EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country.
