Sukanya Samriddhi Scheme: The Prime Minister Narendra Modi government has raised the interest rates on the Sukanya Samriddhi scheme by 20 basis points and the three-year term deposit scheme by 10 basis points for the January-March quarter. Meanwhile, the government retained the rates for all other small savings schemes.
A circular from the finance ministry mentioned that the deposit under the Sukanya Samriddhi scheme will increase to 8.2 per cent from the current 8 per cent, while the 3-year term deposit would become 7.1 per cent from the current 7 per cent, news agency PTI reported.
However, the interest rates on savings deposits and the well-known PPF, have remained at 4 per cent and 7.1 per cent, respectively. The rates were the same during the December quarter.
The interest rate on the Kisan Vikas Patra is 7.5 per cent and the investments will mature in 115 months. The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for the January 1 to March 31, 2024, period, the circular from the finance ministry stated.
There is no increase in interest rate for the Monthly Income Scheme, and this will earn 7.4 per cent for the investors. Every quarter, the government announces the interest rate on small savings schemes, which are mostly run by post offices.
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Since May 2022, the Reserve Bank has increased the benchmark lending rate by 2.5 per cent to 6.5 per cent, which has prompted banks to increase their deposit interest rates as well. In the last five consecutive Monetary Policy Committee meetings since February this year, the RBI has maintained the status quo on policy rates.
