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Post Office Small Savings Scheme: Check Latest Rate Of Interest Of All 13 Small Savings Scheme
Check Rate Latest Rate Of Interest Of All 13 Small Savings Scheme applicable from 01 January 2024 to 31 March 2024
New Delhi: The central government has recently announced its latest interest rates on all the Small Savings Schemes for the January-March quarter. While government raised the interest rates on Sukanya Samriddhi scheme by 20 basis points and three-year term deposit scheme by 10 basis points, it has retained rates for all other small savings schemes.
Check Rate Latest Rate Of Interest Of All 13 Small Savings Scheme applicable from 01 January 2024 to 31 March 2024
| Sl.No. | Instruments | Rate of interest w.e.f 01.01.2024 to 31.03.2024 | Compounding Frequency* |
|---|---|---|---|
| 01. | Post Office Savings Account | 4.0 | Annually |
| 02. | 1 Year Time Deposit | 6.9 (Annual Interest ₹708 for ₹10,000/-) | Quarterly |
| 03. | 2 Year Time Deposit | 7.0 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
| 04. | 3 Year Time Deposit | 7.1 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
| 05. | 5 Year Time Deposit | 7.5 (Annual Interest ₹771 for ₹10,000/-) | Quarterly |
| 06. | 5 Year Recurring Deposit Scheme | 6.7 | Quarterly |
| 07. | Senior Citizen Savings Scheme | 8.2 (Quarterly Interest ₹205 for ₹10,000/-) | Quarterly and Paid |
| 08. | Monthly Income Account | 7.4 (Monthly Interest ₹62 for ₹10,000/-) | Monthly and paid |
| 09. | National Savings Certificate (VIII Issue) | 7.7 (Maturity Value ₹14,490 for ₹10,000/-) | Annually |
| 10. | Public Provident Fund Scheme | 7.1 | Annually |
| 11. | Kisan Vikas Patra | 7.5 (will mature in 115 months) | Annually |
| 12. | Mahila Samman Savings Certificate | 7.5 (Maturity Value ₹11,602 for ₹10,000/-) | Quarterly |
| 13. | Sukanya Samriddhi Account Scheme | 8.2 | Annually |
The interest rate on small savings schemes, which is majorly operated by post offices, is notified by the government on quarterly basis.
Meanwhile, following the Reserve Bank's consequent rate hike in benchmark lending rate by 2.5 percent to 6.5 percent since May 2022, banks have also raised the interest rates on deposits.