Small Saving Scheme Interest Rate: Small Saving Scheme is the best option for people looking for a fixed income investment option. These schemes include Public Provident Fund (PPF), National Savings Certificate and Post Office Saving Scheme.
Small Saving Scheme is the best option for people looking for a fixed income investment option. These schemes include Public Provident Fund (PPF), National Savings Certificate and Post Office Saving Scheme. All these saving schemes are being run by the government. The returns received on this are guaranteed. These are the interest rates on small savings schemes.
What are Small Saving Schemes?
Small Savings Scheme motivates citizens to save regularly. These schemes are of three types. Saving Schemes, Social Security Schemes and Monthly Income Schemes. Saving schemes include 1 to 3 year deposit scheme, 5 year RD. Savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) are also included. Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Saving Scheme.
Interest on small savings scheme
Saving Account – 4 percent
1 year post office FD – 6.9 percent
2 year post office FD – 7.0 percent
3 year post office FD – 7 percent
5 year post office FD: 7.5 percent
5 year RD: 6.70 percent
National Savings Certificate (NSC): 7.7 percent
Kisan Vikas Patra: 7.5 percent (mature in 115 months)
Public Provident Fund: 7.1 percent
Sukanya Samridhi Account (Sukanya Samridhi Yojana): 8.0 percent
Senior Citizen Saving Scheme: 8.2 percent
Monthly Income Scheme: 7.4 percent
Among big banks, HDFC Bank is offering maximum interest of up to 7.75 percent on FD. SBI is giving interest up to 7.50 percent annually on FD. The government is offering interest ranging from 4 percent to 8.2 percent on small savings schemes. The government will revise the interest rates on such schemes for October-December 2023 later this month. It is believed that there is little scope for change in these.
