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
| Scheme | June quarter rate | March quarter rate |
| Savings deposit | 4.00% | 4.00% |
| 1 year time deposit | 6.90% | 6.90% |
| 2 year time deposit | 7.00% | 7.00% |
| 3 year time deposit | 7.10% | 7.10% |
| 5 year time deposit | 7.50% | 7.50% |
| 5 year RD | 6.70% | 6.70% |
| Senior Citizens Savings Scheme | 8.20% | 8.20% |
| Monthly Income Account Scheme | 7.40% | 7.40% |
| National Savings Scheme | 7.70% | 7.70% |
| PPF | 7.10% | 7.10% |
| Kisan Vikas Patra | 7.5% (115 month maturity) | 7.5% (115 month maturity) |
| Sukanya Samriddhi Account Scheme | 8.20% | 8.20% |
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.
