The government has given a special New Year’s gift to people who invest in Sukanya Samriddhi Yojana.
For the last part of the financial year 2023-24, the interest rates for this program have gone up from 8 percent to 8.2 percent.
Also, the interest on deposits with a duration of 3 years has increased from 7 percent to 7.1 percent.
However, the interest rates for other small savings plans remain unchanged.
People who invest in the Public Provident Fund (PPF) are not happy because there hasn’t been any change in its interest rates.
This is the second time the interest rates for Sukanya Samriddhi Yojana have increased. The Department of Economic Affairs of the Finance Ministry made this announcement for the period from January to March in the fourth quarter of 2023-24.
Only the interest rates for Sukanya Samriddhi Yojana have changed among all the small savings plans.
The interest rate for this special scheme for daughters, run by the Modi government, has gone up from 8 percent to 8.2 percent.
Earlier in the current financial year, the interest rates for this scheme increased from 7.6 percent to 8 percent.
In total, the government has raised the interest rates for this scheme by 0.6 percent in the current financial year.
There are no changes in the interest rates for other savings schemes. According to the Finance Ministry’s circular, savings deposits will earn 4 percent interest from January 1, 2024, to March 31, 2024.
Time deposits for 1 year will have 6.9 percent interest, 2 year time deposits will have 7 percent interest, and 5 year time deposits will have 7.5 percent interest.
The interest rate for 5 year recurring deposits will remain at 6.7 percent.
