Small savings schemes, like public provident fund (PPF), Sukanya Samriddhi Yojana (SSY) and post office deposits, are government-backed savings instruments to secure fixed income. Check latest interest rates.
Even as investors are moving towards the stock market to maximise their earnings, they also look forward to fixed-income sources to diversify their asset allocation. Small savings schemes, like public provident fund (PPF), Sukanya Samriddhi Yojana (SSY) and post office deposits, are government-backed savings instruments to secure fixed income. Here are the latest interest rates on small savings schemes:
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Currently, the interest rates on popular PPF and savings deposits currently stand at 7.1 per cent and 4 per cent, respectively. The interest rate on the Kisan Vikas Patra is at 7.5 per cent, and the investments will mature in 115 months.
The interest rate on the National Savings Certificate (NSC) remains at 7.7 per cent. The interest rate for the Monthly Income Scheme is 7.4 per cent for investors.
Interest rates on small savings schemes like PPF, post office savings and term deposits, NSC and SSY, are reviewed at the end of every quarter and are decided for the next quarter accordingly. The rate review is done on the basis of G-Sec yields of the preceding quarter (April-June 2023 in this case).
The latest interest rates on small savings schemes:
Savings Deposit: 4 per cent
1-Year Post Office Time Deposits: 6.9 per cent
2-Year Post Office Time Deposits: 7.0 per cent
3-Year Post Office Time Deposits: 7.1 per cent
5-Year Post Office Time Deposits: 7.5 per cent
5-Year Recurring Deposits: 6.7 per cent
National Saving Certificates (NSC): 7.7 per cent
Kisan Vikas Patra: 7.5 per cent (will mature in 115 months)
Public Provident Fund: 7.1 per cent
Sukanya Samriddhi Account: 8.2 per cent
Senior Citizens Savings Scheme: 8.2 per cent
Monthly Income Account: 7.4 per cent.
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Small savings schemes have three categories — savings deposits, social security schemes and monthly income plan.
Saving deposits include 1-3-year time deposits and 5-year recurring deposits. These also include saving certificates such as National Saving Certificates (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The monthly income plan includes the Monthly Income Account.
