Investment Tips: Big update on small saving schemes including Sukanya Samriddhi and PPF, know here...
A big update has come on various small savings schemes including Sukanya Samriddhi Yojana, Public Provident Fund, Kisan Vikas Patra, and National Savings Certificate. The Central Government has not made any change in the interest rates on the Public Provident Fund (PPF) and other small savings schemes for the second quarter of the current financial year 2024-25. The government made this announcement regarding interest rates. Interest rates on various small savings schemes have been kept unchanged for the quarter starting from July 1, 2024. The Finance Ministry said in a notification, "The interest rates on various small savings schemes for the second quarter of the financial year 2024-25 (from July 1 to September 30, 2024) will remain the same as the rates notified for the first quarter (from March 1 to June 30, 2024). "According to the notification, deposits under Sukanya Samriddhi Yojana will get an interest rate of 8.2 percent, while the rate on three-year fixed deposits will be 7.1 percent. The interest rates of PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and four percent respectively.
How much interest on Kisan Vikas Patra, NSC
The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. The interest rate on the National Savings Certificate (NSC) will be 7.7 percent for the period July-September 2024. In the September quarter also, the Post Office Monthly Income Scheme will give 7.4 percent interest to the investors as before. The government notifies interest rates for small savings schemes run by post offices and banks every quarter.
Public Provident Fund (PPF)
In this scheme, a minimum investment of Rs 500 has to be made every financial year. Investments made in this scheme are also eligible for tax exemption. A maximum of Rs 1.5 lakh can be invested in this scheme in a year.
Senior Citizen Savings Scheme (SCSS)
A minimum investment of Rs 1000 and a maximum of Rs 30 lakh can be made in this scheme. If the total interest income exceeds ₹50,000/financial year, then tax has to be paid on it.
Post Office Monthly Income Scheme
This account can be started with a minimum investment of Rs 1000. In an individual account, a maximum of Rs 9 lakh can be invested and in a joint account, a maximum of Rs 15 lakh can be invested.
National Savings Certificate (NSC)
The minimum investment in this account is Rs 1000. There is no limit for maximum investment. Its maturity period is 5 years.
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