The Modi administration has presented a New Year’s offering to the nation—enabling increased interest rates for the Sukanya Samriddhi Yojana
The Federal Government has raised the interest rates for certain small savings schemes, including Sukanya Samriddhi Yojana and the 3-year time deposit
The central government has presented a significant gesture to the public. Prior to the New Year, on Friday, the government elevated the interest rates for certain small savings schemes, including Sukanya Samriddhi Yojana (SSY) and the 3-year Time Deposit for the January-March 2024 quarter. In an official notification, the Union Finance Ministry announced a marginal increase in the interest rates for Sukanya Samriddhi Yojana (SSY) and the three-year time deposit scheme. Meanwhile, the interest rates for numerous other small savings schemes remain unchanged.
The central government has raised the interest rate for Sukanya Samriddhi Yojana to 8.2 percent, and the three-year time deposit rate has been adjusted to 7.1 percent. Previously, the interest rate for Sukanya Samriddhi Yojana stood at 8 percent, while the three-year time deposit rate was 7.1 percent. Notably, the interest rate for the Public Provident Fund (PPF) has remained unchanged for the past three years.
Previously, PPF interest rate was reduced
The most recent adjustment to the PPF interest rate occurred in April-June 2020, resulting in a decrease from 7.9 percent to 7.1 percent. During the last update, the Central Government did not make any modifications to the five-year RD scheme. It’s worth noting that, prior to today’s announcement, the interest rates for the Central Government’s Small Savings Scheme ranged from 4 percent to 8.2 percent.
Interest rates from January-March 2024
- 4% interest on post office savings account
- One year time deposit interest rate 6.9 percent
- 2 year time deposit interest rate 7.0 percent
- 3 year time deposit interest rate 7.1 percent
- Interest on 5 year time deposit is 7.5 percent
- Interest on 5 year RD scheme is 6.7 percent
- National Savings Certificate (NSC) interest 7.7 percent
- Kisan Vikas Patra interest 7.5 percent
- Public Provident Fund (PPF) interest 7.1 percent
- Sukanya Samriddhi Account (SSY) interest is 8.2 percent
- Senior Citizen Savings Scheme (SCSSY) interest is 8.2 percent
- Monthly Income Account interest 7.4 percent
Which plans remained unchanged
Amongst the small savings schemes, adjustments have been made only to the interest rates of Sukanya Samriddhi Yojana (SSY) and three-year time deposits for the January-March 2024 quarter. All other small savings schemes remain unaltered. It’s noteworthy that the interest rates for post office time deposit schemes are relatively high.