Sukanya Samriddhi, PPF, and Kisan Vikas Patra: Unraveling Interest Rates and Scheme Details
By Lokmat English Desk | Published: March 9, 2024 03:19 PM2024-03-09T15:19:06+5:302024-03-09T15:19:06+5:30
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A significant update has been released concerning multiple small savings schemes such as the Sukanya Samriddhi Yojana, Public Provident Fund (PPF), and Kisan Vikas Patra. This update pertains to the interest accrued during the initial quarter of the upcoming financial year commencing from April 1, 2024.
The government has decided to maintain the current interest rates for various small savings schemes without any alterations. Consequently, schemes such as the Public Provident Fund (PPF) will retain their interest rate of 7.1 percent, as previously established. This decision was confirmed by the Finance Ministry through a notification issued on Friday.
The interest rates on various small savings schemes will remain unchanged from those notified for the first quarter (April-June) of the financial year 2024-25 and the fourth quarter (January-March, 2024), stated the announcement, confirming the absence of alterations.
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The PPF interest rate remains steady at 7.1 percent, while post office savings deposits retain a 4 percent rate. The Public Provident Fund serves as a valuable tool for individuals aiming to save for long-term financial objectives, alongside offering advantageous tax-saving opportunities.
The interest rate on Kisan Vikas Patra stands at 7.5 percent, with investments maturing in 115 months. Individuals can initiate investments in Kisan Vikas Patra with a minimum of Rs 1000, without any upper limit on deposits. Both deposits and accrued interest remain tax-free under the Kisan Vikas Patra scheme.
The National Savings Certificate (NSC) will offer an interest rate of 7.7 percent for the duration spanning April 1 to June 30, 2024. NSC serves as a beneficial avenue for saving towards long-term financial objectives, while also providing opportunities for tax savings. Individuals can commence investments in NSC with a minimum amount of Rs 100.
The Monthly Income Scheme (MIS) will maintain its interest rate at 7.4 percent, consistent with the current quarter. Offering a fixed income on a monthly basis, MIS is particularly advantageous for individuals seeking regular income, including pensioners.
