The government has not made any change in the interest rate on small savings schemes including PPF for the second quarter (July-September) of the current financial year.
Post Office Scheme: There is big news for those investing in small savings schemes. The government has not made any change in the interest rate on small savings schemes including PPF for the second quarter (July-September) of the current financial year. This means that the current rates will remain applicable during this quarter as well.
Post office savings schemes include Public Provident Fund (PPF), Senior Citizens Savings Scheme Account (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposit (POTD), Mahila Samman Savings Certificate and Post Office Monthly Income Scheme (POMIS).
No change in interest rates
In a press release issued on June 28, 2024, the Ministry of Finance said, the interest rates on various Small Savings Schemes for the second quarter of FY 2024-25 commencing on July 1, 2024 and ending on September 30, 2024 will remain unchanged from the rates notified for the first quarter of FY 2024-25 (April 1, 2024 to June 30, 2024).
According to the notification, deposits under Sukanya Samriddhi Yojana (SSY) will get an interest rate of 8.2%, while the rate on 3-year time deposit will be 7.1%. The interest rates of PPF and Post Office Savings Account will also remain at 7.1% and 4% respectively. The interest rate on Kisan Vikas Patra (KVP) will be 7.5% and this investment will mature in 115 months.
The interest rate on National Savings Certificate (NSC) will be 7.7% for the period July-September 2024. In the September quarter also, the Post Office Monthly Income Scheme will give 7.4% interest to investors as before. The government notifies interest rates for small savings schemes run by post offices and banks every quarter.
Post Office Scheme Interest Rates
| Schemes | जुलाई-सितंबर तिमाही की ब्याज दरें |
| Post Office Savings Account | 4% |
| 1 Year Time Deposit | 6.9% |
| 2 Year Time Deposit | 7.0% |
| 3 Year Time Deposit | 7.1% |
| 5 Year Time Deposit | 7.5% |
| 5-Year Recurring Deposit Account | 6.7% |
| Senior Citizen Savings Scheme | 8.2% |
| Monthly Income Account Scheme | 7.4% |
| Public Provident Fund Scheme | 7.1% |
| Sukanya Samriddhi Account | 8.2% |
| National Savings Certificates | 7.7% |
| Kisan Vikas Patra | 7.5% |
| Mahila Samman Savings Certificate | 7.5% |
