If you invest in small savings schemes like the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana, this news is relevant for you.
There might be a change in the interest rates for these schemes for the quarter from July to September.
These interest rates are reviewed in the last week of June for the upcoming quarter and any changes are then implemented.
The government reviews the interest rates of these schemes in the last week of June for the next quarter and implements any changes.
No Change for April-June Quarter
For the first quarter of the financial year starting April 1, 2024, the government has not changed the interest rates of various small savings schemes. However, it is believed that changes might be considered for some schemes this time.
Current Interest Rates
Public Provident Fund (PPF): 7.1% interest.
Sukanya Samriddhi Yojana: 8.2% interest on deposits.
Three-Year Fixed Deposits: 7.1% interest.
Kisan Vikas Patra: 7.5% interest, maturing in 115 months.
National Savings Certificate (NSC): 7.7% interest from April 1 to June 30, 2024.
Monthly Income Scheme: 7.4% interest, same as the current quarter.
RBI’s Decision on Repo Rate
Recently, the Reserve Bank of India (RBI) decided not to change the repo rate, keeping it at 6.5% for the eighth consecutive time.
The permanent deposit facility rate remains at 6.25%, while the marginal standing facility rate and bank rate are at 6.75%.
The repo rate is the interest rate at which commercial banks borrow from the central bank to meet their immediate needs.
