Government’s New Year gift, interest rates on small savings schemes increased

New Delhi (Uttam Hindu News)-The government has today announced the interest rates of small savings schemes for the January-March 2024 quarter. Sukanya Samriddhi Yojana (SSY) has increased by 0.20% and three-year time deposit rates by 0.10%. The rates of other schemes have not been changed. It has been said in the circular of the Finance Ministry that under Sukanya Samriddhi Yojana, the interest rate applicable on deposits under Sukanya Samriddhi Yojana will now increase from the existing 8 percent to 8.2 percent. Similarly, the 3-year fixed deposit, which currently has an interest rate of 7 percent, has now been increased to 7.1 percent. The central government has decided to offer more interest on two small savings schemes for January-March 2024. Thus, interest rates on these instruments have been increased for the sixth consecutive quarter.

The Finance Ministry has issued a notification related to this today. According to this notification, the interest rate on deposits with a tenure of three years has increased by 10 basis points i.e. 0.10 percent from 7.0 percent to 7.1 percent. This time the government did not make any change in the interest rates of Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), 5 Year Recurring Deposit, Monthly Income Account Scheme. Is. Earlier on September 29, the Finance Ministry had increased the interest rates on RD by 0.20% for October-December. Earlier the interest rate of Sukanya Scheme was 8% and the interest rate of three year time deposit was 7%. This is the sixth consecutive quarter when the rates of these schemes have been increased.