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Interest rates on all small savings schemes in India remain steady for October-December 2024, including popular schemes like PPF and SSY.
The Indian government has announced that interest rates for all small savings schemes will remain unchanged for the October-December quarter of 2024. This decision affects a variety of popular savings instruments including the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and the Senior Citizens Savings Scheme (SCSS), among others.
Following a review, the rates for various schemes for the third quarter of the fiscal year 2024-25 will continue as they were in the previous quarter:
Senior Citizens Savings Scheme (SCSS): 8.2%
Public Provident Fund (PPF): 7.1%
National Savings Certificate (NSC): 7.7% per annum
Post Office Monthly Income Scheme (POMIS): 7.4% per annum
Mahila Samman Savings Certificate: 7.5% per annum
Post Office Recurring Deposit Account: 6.7% per annum
These rates have been static since the last revision at the end of 2023.
Notably, the interest rate for the Public Provident Fund has been held at 7.1% since a reduction from 7.9% during the second quarter of the fiscal year 2020-2021. This long-standing rate continues to draw attention as many savers had anticipated a potential increase to enhance the appeal of this tax-advantaged savings vehicle.
Offered through post offices nationwide, these schemes are backed by the central government, providing a sovereign guarantee and making them a secure option for individual savers. They also offer tax benefits under section 80C of the Income Tax Act, enhancing their attractiveness as savings and investment avenues.
The government's practice of reviewing these rates quarterly allows adjustments based on prevailing economic conditions, although this quarter sees no change, maintaining a steady landscape for savers relying on these traditional financial instruments.
The decision to hold interest rates steady on small savings schemes underscores a period of stability in the government's approach to managing these key investment tools for individuals. Savers will continue to benefit from the security and tax advantages provided by these schemes, even amidst ongoing economic fluctuations.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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