The Modi government has given the citizens a New Year’s gift. Now, you’ll get higher interest rates on various small savings schemes, including Sukanya Samriddhi. Before the new year begins, the government has increased the interest rates for January, February, and March by 0.25% for several small savings schemes. Today, the Ministry of Finance issued a notice regarding this. If you have little girls in your family, you can also start the Sukanya Samridhi Yojana for them. If you haven’t joined yet, you still can.
So, because the New Year brings added benefits for this scheme, here’s some great news for Sukanya Samriddhi beneficiaries. There’s been a 0.2% increase in the interest rates to zero point two percent on a three-year deposit. While the country faces inflation and rising prices, the government has raised the Sukanya Samriddhi Yojana interest rate by 0.2%, bringing it to 8.2%. Additionally, there’s an extra benefit of 0.1% on a three-year time deposit.
After this government decision, from the start of the first quarter of 2024, in January, February, March, here are the updated interest rates for various small savings schemes. I’ll provide you with a complete list and the updates. Generally, small savings are divided into three categories for students.
The post office deposit
- Includes savings accounts
- Recurring deposits
- Fixed deposits,
- Monthly income schemes, and others.
The second one
- Savings Certificate Scheme
- which includes National Small Savings Certificate
- NSC
- Kisan Vikas Patra ( KVP)
The third one
- Social Security Scheme
- which includes
- Sukanya Samriddhi Yojana
- Public Provident Fund (PPF)
- Senior Citizen Savings Scheme,
- CSS, etc.
The government has disappointed PPF investors in the new year. There hasn’t been any increase in the PPF interest rates. Only a 7.1% interest will be received, and some other small saving schemes have remained unchanged. According to the Finance Ministry’s circular, on saving deposits from January 1, 2024, to March 31, 2024, a 4% interest will be provided. On deposits for one year, 9.6%, for two years, 7%, and for five years, 6.7% interest will be given. There have been no changes in these schemes.
Now, it remains to be seen how much interest these schemes will yield post the changes.
No changes have been made to the Post Office Savings Account.
The interest rate remains at 4%, the same as before. On the Post Office Recurring Deposit, there is a 6.7% interest, for the Post Office Monthly Income Scheme, it’s 7 to 4%, and for the Post Office Time Deposit, it’s 6% for up to one year and 7% for up to two years. There’s one scheme where the interest rate has been increased by 1%. The Post Office Time Deposit for three years, which earlier had a 7% interest rate, has been raised to 7.1%.
Similarly, the five-year plan on the Post Office Time Deposit is offering a steady 7% interest. The Kisan Vikas Patra (KVP) also has an interest rate of a steady 7%, and the Public Provident Fund (PPF) is at seven. As I mentioned earlier, the government has also gifted under the Sukanya Samriddhi Yojana. The interest rate was raised from the previous 8% to 8.2%, and additionally, the National Savings Certificate Scheme is at 7%, while the Senior Citizen Savings Scheme stands at 8.2%. Changes have been made to plans for senior citizens. So, currently, this is the decision the government has made. Only the interest rates for Sukanya and the three-year time deposit have been altered.
If you want to know about the Sukanya Samriddhi Yojana, how to get involved, and how to apply, you can open an account online. Most banks provide online facilities for this. Accounts for the Sukanya Samriddhi Yojana are not just limited to a specific bank like SBI or BOB; you can open them online with any bank. This is mostly for girls, allowing you to open an account for a young girl. From the time of her birth until she turns 18, a certain amount is deposited for her education or marriage, So, hopefully, this small update has been helpful for you to know.
I am Atul Sharma, As a full-time blogger, my focus is on delivering news articles on this platform. Your visit to my blog is highly appreciated. Thank you!