Latest post office schemes interest rates for Oct-Dec 2024 Quarter:The government has announced interest rates on small savings schemes like PPF, SCSS, SSY, NSC, POTD, MSSC, POMIS for the third quarter of the current financial year i.e. October-December 2024. In a press release issued on Monday, September 30, the government said that the interest rates of various small savings schemes will remain the same as the rates of the second quarter from October 1, 2024 to December 31, 2024. That means there has been no change in the interest rates of small savings schemes for the third consecutive quarter.
After this decision of the government, now post office savings schemes include Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposit (POTD), Like the first and second quarters, interest will continue to be received on Mahila Samman Savings Certificate and Post Office Monthly Income Scheme (POMIS) during October-December 2024 also.
This much interest will be received in October-December quarter
Now after the announcement of interest rate for the third quarter on small savings schemes Like the second quarter, investors investing money in Senior Citizen Saving Scheme (SCSS) and Sukanya Samriddhi Account (SSA) will get 8.2 percent interest during this period too. There itselfInterest will be 7.7% on Post Office’s National Savings Certificate Scheme, 7.5% on schemes like 5-year time deposit, Kisan Vikas Patra, Mahila Samman Savings Certificate and 7.1% on Public Provident Fund (PPF). Here you can check the details of returns according to the scheme.
|
post office scheme |
Interest Rate (for October-December 2024) |
compounding frequency |
|
Post Office Savings Account |
4.0 |
Annually |
|
5 Year Recurring Deposit Scheme |
6.7 |
Quarterly |
|
1 Year Time Deposit |
6.9 (Annual Interest ₹708 for ₹10,000/-) |
Quarterly |
|
2 Year Time Deposit |
7.0 (Annual Interest ₹719 for ₹10,000/-) |
Quarterly |
|
3 Year Time Deposit |
7.1 (Annual Interest ₹719 for ₹10,000/-) |
Quarterly |
|
5 Year Time Deposit |
7.5 (Annual Interest ₹771 for ₹10,000/-) |
Quarterly |
|
Public Provident Fund Scheme |
7.1 |
Annually |
|
Monthly Income Account |
7.4 (Monthly Interest ₹62 for ₹10,000/-) |
Monthly and paid |
|
Farmer Vikas Patra |
7.5 (will mature in 115 months) |
Annually |
|
Mahila Samman Savings Certificate |
7.5 (Maturity Value ₹11,602 for ₹10,000/-) |
Quarterly |
|
National Savings Certificate (VIII Issue) |
7.7 (Maturity Value ₹14,490 for ₹10,000/-) |
Annually |
|
Senior Citizen Savings Scheme |
8.2 (Quarterly Interest ₹205 for ₹10,000/-) |
Quarterly and Paid |
|
Sukanya Samriddhi Account Scheme |
8.2 |
Annually |
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The government revises the interest available on post office schemes every three months.Earlier, there was no change in the interest rates of small savings schemes for the first quarter of the current financial year i.e. April-June 2024 and the second quarter i.e. July-September 2024. Let us tell you that Shyamala Gopinath Committee had given the formula to decide the interest rates of small savings schemes. The committee had suggested that the interest rates of these schemes should be 0.25-1.00% higher than the yield of government bonds of similar maturity. Small savings schemes are the means of saving for most people in India. There are more than 10 options available. In these schemes, investors get fixed rate of interest on their money.
