The government has given a big gift before the New Year to those who invest money in small savings schemes. The Finance Ministry has increased the interest on small savings schemes like Sukanya in the meeting held on Friday. The interest rates of these schemes have been changed after about one and a half years. This time the interest has increased by 20 basis points i.e. 0.20 percent.
The Finance Ministry informed after the meeting that interest rates on small savings schemes have been increased by 0.20 percent for the January-March 2024 quarter. In the notification issued by the Ministry on December 29, it has been said that the interest rates on 3 year time deposits i.e. Post Office FD have been increased by 10 basis points. Now instead of 7 percent, you will get 7.10 percent interest on it. The new interest rate will be implemented only for the last quarter of the current financial year.
How much interest increased on Sukanya:
It is clearly stated in the notification that the interest rates on Sukanya Samriddhi Scheme have also been increased. For the January-March quarter, interest will be 8.2 percent instead of 8 percent. There has been an increase of 20 basis points on this scheme. The special thing is that the government has increased Sukanya after about 6 quarters.
What is the impact on other schemes?
The Central Government has not made any change in the interest rates on other small savings schemes. For example, no changes have been made on schemes like PPF, NSC. The same interest will be given on all these schemes as for the October-December quarter. Therefore, for those investing in these schemes, the new year will also bring the same old interest rates.
