Small savings schemes interest rate from July 2024: PPF vs SSY vs SCSS - Govt scheme offering highest interest

small savings schemes interest rate from july 2024: ppf vs ssy vs scss - govt scheme offering highest interest

Small savings schemes interest rate from July 2024: Every quarter, the central government announces revisions in the interest rates for the small savings schemes like Public Provident Fund, Sukanya Samriddhi Yojana, Nation Savings Certificate, Senior Citizen Savings Scheme.

The government on Friday, June 28, unveiled the interest rates for the July-September 2024 quarter, announcing no change. This means that the current rates offered on the small savings schemes will continue to apply during this quarter as well.

"The rates of interest on various Small Savings Schemes for the second quarter of FY 2024-25 starting from July, 2024 and ending on 30' September, 2024 shall remain unchanged from those notified for the first quarter (1St April, 2024 to 30th June, 2024) of FY 2024-25," the finance ministry said in a press released dated June 28, 2024.

Small Savings Schemes Interest Rate from July 2024

Post office savings schemes include Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS).

Which scheme is offering the highest rate of interest, here’s a look:

Savings Deposit – 4%

1 Year Time Deposit - 6.9%

2 Year Time Deposit – 7%

3 Year Time Deposit - 7.1%

5 Year Time Deposit - 7.5%

5 Year Recurring Deposit - 6.7%

Monthly Income Account Scheme - 7.4%

National Savings Certificate - 7.7%

Public Provident Fund Scheme - 7.1%

Kisan Vikas Patna - 7.5% (will mature in 115 months)

Sukanya Samriddhi Account - 8.2%

Senior Citizens Savings Scheme Account - 8.2%

This means that Sukanya Samriddhi Yojana and Senior Citizens Savings Scheme Accounts fetch the highest interest rates. Under Sukanya Samriddhi Account, the rate of interest is calculated on yearly basis and compounded yearly.

Senior Citizens Savings Scheme Account holders get the interest credited from the date of deposit to 31st March/30th Sept/31st December in the first instance & thereafter, on 1st April, 1st July, 1st October and 1st January.