Small Savings Scheme Interest rate: No changes to Sukanya Samriddhi Yojana, PPF and other schemes

New Delhi: Small savings scheme interest rates were kept unchanged for the April quarter in comparison to the quarter ending March 2024, the finance ministry said in a notification. The interest rates for Sukanya Samriddhi Scheme, Senior Citizens Savings Scheme, Public Provident Fund and other key schemes remain unchanged for 3 months starting April 1, 2024. Investors should take note and plan their investments for the current financial year and upcoming financial year, accordingly.

Small Savings Scheme rates

Minimum deposit required for each scheme

Sukanya Samriddhi Scheme

Sukanya Samriddhi Scheme may be opened with a minimum deposit of Rs 250 per annum. The maximum deposit is capped at Rs .50 lakh per annum and is eligible for tax deduction under Section 80C of the Income Tax Act. March 31, 2024 is the last date to make the minimum deposit and keep the scheme going.

PPF

Investors can put a minimum Rs 500 in the scheme and a maximum of up to Rs 1.5 lakh. This is a 15-year scheme which allows section 80C tax deductions.

Kisan Vikas Patra

Subscribers can invest a minimum of Rs 1,000 in the scheme. There is no upper cap on investment in this scheme.

Senior Citizens Savings Scheme

With an interest rate of 8.2 per cent, the scheme allows for a minimum deposit of Rs 1,000 which can go up to Rs 30 lakh.

National Savings Certificate

This scheme bears a 7.7 per cent interest rate with a minimum deposit of Rs 1,000. There is no upper cap on investment in the scheme.

Post Office Time Deposits

The multiple time deposit and recurring deposit schemes allow a minimum deposit of Rs 1,000. There is no upper limit on deposits in these schemes.