Various types of savings are provided by the government, banks and many financial institutions in the country. Schemes have been launched through which you can avail savings plan on monthly or yearly basis ranging from small to large amounts. But you should also know how much interest you are getting on which savings scheme. Here, information is given about some such post office schemes, in which you can get more interest by depositing.
Here is information about different savings schemes for different people and classes. Small savings schemes include Sukanya Samriddhi Yojana for girls, Mahila Samman for women investors, Senior Citizens Savings Scheme for senior citizens, Public Provident Fund for long-term investors, Kisan Vikas Patra, National Savings Certificate and Time Deposit for short-term investors. Savings schemes like recurring deposits are included.
The government reviews the interest rates of small savings schemes on a quarterly basis. The Finance Ministry had said in a press release issued in September this year, the interest rates on many small savings schemes for the third quarter of the financial year 2024-25 i.e. from October 1 to December 31, 2024 will be the same as in the second quarter of the financial year 2024-25 (July to Between September) the rates will be the same. The government has not made any change in the interest rate of small savings schemes for the current quarter.
Interest rate on Senior Citizens Savings Scheme (SCSS)!
SCSS is a government scheme that provides a sum of money to senior citizens and retired workers. Any person can open an account in SCSS with Rs 1000. At the same time, with multiple account holders of Rs 1000, they can maintain a limit of up to Rs 30 lakh. SCSS offers 8.2 percent annual interest for the October-December quarter.
Interest on 5 year post office time deposit!
Deduction under Section 80C of the Investment Act, 1961 is allowed under 5 Year Post Office Time Deposit. The minimum investment for a time deposit is Rs 1,000. You will get 7.5 percent interest rate on 5-year term deposits for the October-December quarter of 2024.
This much interest is available on National Savings Certificate!
National Savings Certificate (NSC) is also a government scheme which gives you a fixed return and tax benefits. Deduction is made on the amount deposited under this scheme under Section 80C of the Income Tax Act. After completion of five years from the date of deposit, your deposit becomes mature i.e. it can be withdrawn.
NSC gives you 7.7 percent interest for the October-December quarter. The interest rate on this scheme is compounded annually i.e. interest is added on interest but this benefit will be available only after the deposit matures.
What is the interest rate on Kisan Vikas Patra?
The risk in this scheme is less. KVP offers guaranteed returns and fixed interest rates. The capital invested in this scheme doubles in 115 months i.e. 9 years and 7 months. KVP offers 7.5 percent annual interest for the current quarter. In this also the interest rate is compounded annually.
How much interest will be given on Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government savings scheme for parents of girl children. The amount deposited in this scheme is deducted under Section 80C of the Income Tax Act. There is no tax on the interest received under the Income Tax Act, that is, the interest received on it is tax-free. Sukanya Samriddhi Account can be operated by the girl’s parents only till she attains the age of majority i.e. 18 years. 8.2 percent interest is being given on Sukanya Samriddhi Yojana for the October-December quarter.
