Interest rates of PPF, NSC, Sukanya Samridhi, other small savings schemes from April 1, 2024

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New Delhi: With 2024-25 financial year all set to begin on April 1 (Monday), let’s have a look at interest rates of Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), Mahila Samman Savings Certificate, Kisan Vikas Patra and National Savings Certificate (NSC) for the April-June quarter.

Small Savings Schemes interest rate from April 1, 2024

The Union Finance Ministry has stated that the interest rates on Small Savings Schemes for the June quarter will remain unchanged. “The rates of interest on various Small Savings Schemes for the first quarter of FY 2024-25 starting from 1 April, 2024 and ending on 30th June, 2024 shall remain unchanged from those notified for the fourth quarter (1 January, 2024 to 31 March, 2024) of FY 2023-24,” the letter released by the ministry stated. Notably, the government revises small savings schemes interest rates every quarter.

PPF interest rate unchanged

The rate of interest in the PPF remains unchanged at 7.1 per cent. The minimum deposit Rs 500 per annum and the maximum deposit is Rs 1,50,000/- in a financial year. The deposit amount qualifies for deduction under Section 80-C of IT Act while the interest is free from Income Tax under Section -10 of IT Act.

Post Office Savings Account interest rate

The government has kept the Post Office Saving Account interest rates unchanged at 4 percent compounded annually. The minimum deposit amount is Rs 500 (subsequent deposit not less than 10 rupees) and the minimum withdrawal amount is fixed at Rs 50. Under Section 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to Rs 10,000 earned in a financial year is exempted from taxable income.

Sukanya Samridhi Account

An account can be opened in the name of a girl child till she attains the age of 10 years. The deposit amount qualifies for deduction under Section 80-C of I.T Act, while the interest received in the account is free from Income Tax under Section -10 of I.T Act. The interest rate remain unchanged at 8.2 per cent.

The National Saving Certificate (NSC) interest rate is at 7.7 per cent, while Kisan Vikas Patra scheme offers an interest rate of 7.5 per cent, and for the Mahila Samman Saving Certificate it is at 7.5 per cent.

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