The interest rate did not change Image credit source: Pixabay
From Post Office RD to National Savings Certificate (NSC), the small savings of the common man will continue to earn good interest. The government reviews interest rates on small savings plans every three months and makes changes if necessary. But at the moment no changes have been made to these.
The government has kept interest rates for small savings plans unchanged during the July-September quarter. It has long been speculated that they could be changed, but the government has neither increased nor reduced them.
Great decision by the Ministry of Finance
The Finance Ministry announced on Friday that the government has decided to keep the interest rates on small savings schemes the same as before for the July-September quarter. Therefore, the decision on interest rates will now be taken again after September 30, 2024.
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Increased interest in this scheme.
Among the small savings schemes, the government gives the highest interest to the Sukanya Samriddhi account. This interest is 8.2 percent annually. The Government also grants the same interest to the Senior Citizens Plan. Investments in both plans can be made from the post office. Sukanya Samriddhi account is a special scheme. It is useful for those parents who want to create a large fund for their daughter’s education.
This interest will be available on the remaining savings.
In addition to this, now the interest on National Savings Certificate will be available at the rate of 7.7%. While the government is giving 7.5% interest on Kisan Vikas Patra and 5-year term deposits, the government is giving 6.9% to 7.5% interest for 1-5 year investment schemes. By investing in these schemes, you can get tax exemption under Section 80C of Income Tax.
