New Delhi: There are several government-controlled savings schemes which are offering interest rates between 7.5 per cent and 8.2 per cent for October-December 2024. It may be noted that the government reviews interest rates of the savings schemes ever quarter of a financial year.
Schemes which are offering 7.5% to 8.2% interest rates are as follows: Sukanya Samriddhi, Mahila Samman Savings Certificate (MSSC), Senior Citizen Savings Scheme, Public Provident Fund, Kisan Vikas Patra, and National Savings Certificate.
Sukanya Samriddhi Yojana interest rate 2024
Sukanya Samriddhi Yojana was launched by Prime Minister Narendra Modi in January 2015 as part of the ‘Beti Bachao, Beti Padhao’ campaign. The scheme guidelines state that one has to make a minimum deposit of Rs 250 per financial year, while the maximum deposit is capped at Rs 1.5 Lakh in a financial year. The account can be opened in the name of a girl child till she attains the age of 10 years. The government has announced that the Sukanya Samriddhi Yojana interest rate is fixed at 8.2 per cent from January 1, 2024 to December 31, 2024.
Mahila Samman Savings Certificate interest rate
The Modi government started the Mahila Samman Savings Certificate scheme to provide financial security to every girl and woman in India in June 2023. According to the Mahila Samman scheme guidelines, an individual can open an account on or before March 31, 2025 for a tenure of two years. The beneficiary will be eligible to get interest at the rate of 7.5 per cennt per annum which will be compounded quarterly. The minimum amount of deposit is Rs 1,000/- and any sum in multiple of 100 may be deposited within the maximum limit of Rs 2,00,000/-.
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme can be availed by an individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS. The government has fixed the interest rate at 8.2 per cent from April 1, 2023 to December 31, 2024.
What is the Public Provident Fund scheme?
Public Provident Fund is a very popular scheme in India. The government has fixed the maturity period as 15 years but the same can be extended within one year of maturity for further 5 years and so on. PPF account holders are eligible to get a deduction from income under Sec. 80C of IT Act. Minimum deposit is Rs 500/- and Maximum deposit Rs 1,50,000/- in a financial year. PPF interest rate has remained at 7.1 per cent from April 1, 2020 to December 31, 2024.
Kisan Vikas Patra scheme
Kisan Vikas Patra Scheme was relaunched in 2014. The deposit amount doubles in 100 months (8 years & 4 months) in this scheme. The scheme allows for the opening of a single holder type account by an adult for himself or on behalf of a minor. The single account can also be opened by a minor on attaining the age of 10 years. KVP scheme offers an interest rate of 7.5 per cent compounded annually on investment.
What is National Savings Certificate?
The National Savings Certificate scheme is aimed at government employees, businessmen and other salaried classes who are Income Tax assesses. The NSC account matures in 5 years and the government has fixed the minimum deposit at Rs 1000/- and thereafter in multiple of Rs 100. There is no maximum deposit limit. National Savings Certificate scheme is offering 7.70 per cent interest rate till December 31, 2024.
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