Interest Rates On Small Savings Schemes Announced For July-September 2024: Here's How Much Will You Get?
interest rates on small savings schemes announced for july-september 2024: here's how much will you get?
The interest rates on popular post office small savings schemes, such as the Public Provident Fund (PPF), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS), will remain unchanged for the July-September quarter of 2024.
What Official Notification Said?
An official notification stated, "The rates of interest on various Small Savings Schemes for the second quarter of FY 2024-25, from July 2024 to September 2024, shall remain unchanged from those notified for the first quarter (April 2024 to June 2024) of FY 2024-25."
Latest PPF Interest Rate 2024
The Indian government sets the PPF interest rate, which is reviewed quarterly. For the July-September 2024 quarter, the PPF interest rate remains at 7.1 per cent per year, compounded annually.
PPF Account Details
Tenure
The PPF account has a tenure of 15 years, with a lock-in period of the same duration.
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Deposit Range
Deposits can range from Rs 500 to Rs 1.5 lakh per financial year.
Who Cannot Open PPF Account?
PPF accounts cannot be opened by Hindu Undivided Families (HUF), Trusts, or Non-Resident Indians (NRIs).
What If One Becomes NRI During Maturity Period Of PPF Account?
However, if a resident becomes an NRI during the maturity period of their PPF account, they can continue contributing to the account until maturity on a non-repatriation basis.
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