The Department of Economic Affairs of the Ministry of Finance announced the interest rates for the fourth quarter of the current financial year (January to March 2024)
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New Delhi: The Center did not open its hands to increase the interest on small savings this time either. Only the Sukanya Samriddhi Yojana has to hike interest rates by 20 basis points and post office three-year fixed deposits (FDs) by 10 basis points, but there has been no change in interest rates on the popular PPF and Kisan Bikash Patra. The interest rate on PPF was cut to 7.1 percent from 7.9 percent in the April–June quarter of 2020. Since then, the Public Provident Fund interest rate has remained unchanged. Many were expecting the PPF interest rate to rise this quarter. The new interest rate will be effective January 1, 2024.
The Department of Economic Affairs of the Ministry of Finance announced the interest rates for the fourth quarter of the current financial year (January to March 2024) on Friday. The interest rate on three-year fixed deposits has been increased from 7 percent to 7.1 percent. Besides, the interest rate on the Sukanya Samriddhi Yojana has increased from 8 percent to 8.2 percent. Whereas there has been no change in the interest rate of post office deposit schemes of various tenures.
A press statement published on this day informed that the interest rate for one-year term deposits is 6.9 percent, and the interest rate for two-year term deposits remains unchanged at 7 percent. Besides the savings account (4.0 percent), 5-year term deposit (7.5 percent), 5-year recurring deposit (6.7 percent), senior citizen savings scheme (8.2 percent), monthly income scheme (7.4 percent), National Savings Certificate (7.7 percent), and Kisan Bikash Patra (7.5 percent), interest rates remain unchanged from the previous quarter.
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