The government on Monday announced no change in interest rates on Public Provident Fund (PPF) and other small savings schemes for the third quarter of the current financial year 2024-25.
In this way, the government has not changed the interest rates for three quarters. The last time the rates of some schemes were changed was for the fourth quarter of the financial year 2023-24.
The government has not changed the interest rates on small savings schemes including Sukanya Samriddhi and PPF. This decision has been taken for the third quarter of the financial year 2024-25. The government announced this on Monday. He said that there will be no change in the interest rates of PPF and other small savings schemes. That is, the interest on these schemes will continue to be the same as before. This is the third consecutive quarter when the government has not changed the interest rates. Earlier, the interest rates of some schemes were changed in the fourth quarter of the financial year 2023-24.
The Finance Ministry said in a notification, ‘The interest rates on various small savings schemes for the third quarter of the financial year 2024-25 (from October 1 to December 31, 2024) will remain the same as the rates notified for the second quarter (from July 1 to September 30, 2024).’
You will get 8.2% interest on Sukanya Samriddhi
According to the notification, the interest rate on deposits under Sukanya Samriddhi Yojana will remain at 8.2 percent as before. While the interest rate on three-year fixed deposits will remain at 7.1 percent. Apart from this, interest rates for PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and 4 percent.
There was no change in the rates of these schemes
The interest rate on Kisan Vikas Patra will be 7.5 percent. This investment will mature in 115 months. At the same time, the interest rate on National Savings Certificate (NSC) will be 7.7 percent. In the October-December quarter also, investors of Post Office Monthly Income Scheme will get interest at the rate of 7.4 percent as before. The government notifies the interest rates every quarter for these small savings schemes operated by post offices and banks.
There was already a fear that there would be no change in interest rates
Experts had already predicted that the government is not in a mood to increase rates in the October-December quarter. This was because the interest rates of these schemes are linked to the 10-year government bond yield. The average yield of these bonds between June and August has been 6.93%.
Actually, the interest rates of small savings schemes are decided every three months on the basis of the average government bond yield of the previous three months. In 2016, the Finance Ministry had released a formula, according to which the interest rate of PPF is 0.25% higher than the 10-year government bond yield.
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