Government Announces Interest Rates For Sukanya, NSC, SCSS, PPF Schemes: Here’s What You’ll Earn

Small savings schemes have long been popular among middle-class investors due to their attractive returns. On Monday, the government provided a significant update regarding these schemes. The Finance Ministry announced the interest rates for the quarter starting from October 1 and ending on December 31, 2024. If you are considering investing in schemes such as the Senior Citizens Savings Scheme ( SCSS ), Sukanya Samriddhi Yojana (SSY), National Savings Certificate ( NSC ), Post Office Term Deposit (POTD), Mahila Samman Savings Certificate, or the Post Office Monthly Income Scheme (POMIS), it’s essential to know the latest interest rates.

What Are the New Interest Rates?

On September 30, late in the evening, the central government announced the interest rates for small savings schemes for the October-December 2024 quarter. The Finance Ministry stated that there will be no change in interest rates from the previous quarter (July-September 2024). This means that the returns available in the earlier quarter will continue to apply in the upcoming one.

In a press release, the Finance Ministry said, “The interest rates on various small savings schemes for the third quarter of the financial year 2024-25 commencing on October 1, 2024 and ending on December 31, 2024 will remain unchanged from the rates notified for the second quarter of the financial year 2024-25.”

Interest Rates for Different Schemes:

• 7.7% interest on National Savings Certificate (NSC)

7.1% return on Public Provident Fund (PPF)

7.5% interest on Kisan Vikas Patra (KVP)

8.2% interest on Sukanya Samriddhi Yojana (SSY)

4% interest on Saving Deposits

6.9% interest on 1-year Post Office Time Deposit (POTD)

7% interest on 2-year POTD

7.1% interest on 3-year POTD

7.5% interest on 5-year POTD

6.7% interest on 5-year Recurring Deposit (RD)

8.2% interest on Senior Citizens Savings Scheme (SCSS)

7.4% interest on Post Office Monthly Income Scheme (POMIS)

These rates offer stable returns across a wide range of investment options, providing safe and reliable choices for individuals looking to grow their savings during this quarter.