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The middle class got no relief, the government did not increase the PPF interest rate

Sagar Patel

By Sagar Patel

Published on:

The government has not made any changes to the interest rates of the Small Savings Plan.

Once again, the government has dealt a blow to the middle class by not increasing the interest rates of the Small Savings Plan. After the election results, common people had high expectations that this time the government would definitely increase the interest rates of PPF i.e. Public Provident Fund. But this did not happen. There have been no changes to the PPF interest rates since 2020. The last time the PPF interest rates were changed was for the April to June quarter. Now, in the July to September quarter of 2024, the interest rates of these schemes will be the same as in the April to June quarter. Let us also tell you that at the end of the day investors

Notification issued

There was no change in the interest rates of all small savings schemes, including Public Provident Fund i.e. PPF, for the second quarter. The interest rates of all small savings schemes remain unchanged for the quarter commencing July 1, 2024. The Finance Ministry said in a notification that the interest rates of the Small Savings Scheme for the second quarter (July 1 to September 30, 2024) of the financial year 2024-25 will be the same as the rates notified for the first quarter (March 1 to June 30, 2024).

How much interest will you get?

According to the notification, the interest rate on deposits under Sukanya Samriddhi Yojana will be 8.2 per cent, while the interest rate on three-year fixed deposits will be 7.1 per cent. The interest rates of PPF and Post Office Savings Deposit Scheme will also remain at 7.1 per cent and four per cent respectively. The interest rate on Kisan Vikas Patra will be 7.5 per cent and this investment will mature in 115 months. The interest rate on National Savings Certificates (CSN) for the period July-September 2024 will be 7.7 percent. Also in the September quarter, Correos will give 7.4 per cent interest to Monthly Income Plan investors as before. The government notifies the interest rates on small savings schemes run by post offices and banks every quarter.

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Ordinary investors had hope

Investors who instead of investing in the stock market and mutual funds, invest in government schemes like PPF, Sukanya, KVP, this time had high expectations from the government. Notably, there has been no increase in PPF interest rates for the last 4 years. The last change was observed in the April-June 2020 quarter. At that time, the interest rates on small savings plans were increased from 0.40 percent to 1.50 percent. If experts are to be believed, interest rates are likely to rise in the October-December quarter.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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