Interest rates on PPF, Sukanya Samriddhi scheme, KVP unchanged for April to June
Since May 2022, the Reserve Bank has increased the benchmark lending rate by 2.5 percent to 6.5 percent, which has caused banks to increase their deposit interest rates as well
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On Friday, the government decided not to raise the interest rates on a number of minor savings plans for the first quarter of the upcoming fiscal year, which starts on April 1, 2024.
The Ministry of Finance has released a notification regarding this.
“The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24,” the notification said.
Interest rates on deposits made under the Sukanya Samriddhi scheme would be 8.2%, while rates on term deposits with a three-year duration will stay at 7.1%.
Popular PPF and savings account interest rates have also been kept at 4.7 percent and 4%, respectively.
The Kisan Vikas Patra investments have a 7.5% interest rate and a 115-month maturity period.
