The central government has announced the interest rates of small savings schemes for the July-September quarter. The interest rates for various post office schemes, including the Public Provident Fund and Sukanya Samriddhi Yojana, have been announced. However, there have been no changes in the interest rates compared to the April-June quarter.
The current interest rates will continue to be applicable. This news has disappointed many investors who are expecting an interest rate increase, especially for the Public Provident Fund. The new interest rates for the various post office schemes are as follows:
- Post Office Savings Deposit interest rate: 4%
- Post Office annual tenure time deposit interest rate: 6.9%
- Two-year time deposit interest rate: 7%
- Three-year time deposit interest rate: 7.10%
- Five-year tenure time deposit interest rate: 7.50%
- Post Office five-year recurring deposit interest rate: 6.7%
- Senior Citizen Savings Scheme interest rate: 8.20%
- Monthly Income Account scheme interest rate: 7.40%
- National Savings Certificate interest rate: 7.70%
- Public Provident Fund (PPF) interest rate: 7.10%
- Kisan Vikas Patra scheme interest rate: 7.50%
- Sukanya Samriddhi Scheme interest rate: 8.20%
The interest rates for the second quarter of the financial year 2024-25 will be applicable from July 1, 2024, to September 30, 2024. The Union Finance Ministry issued a statement on June 28 regarding these interest rates. The last time the Center raised interest rates was during December 2023.
