The department of economic affairs under the Ministry of Finance, government of India recently announced the interest rates for the General Provident Fund (GPF) and small saving schemes for the July-September quarter 2024. The government department maintained the rates at the rate of 7.1 per cent for central government subscribers to the General Provident Fund.
The government in a circular said, “It is announced for general information that during the year 2024-2025, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 per cent with effect from 1st July 2024 to 30th September 2024. This rate will be in force w.e.f. 1st July, 2024.”
There was no change in the interest rates of minor savings schemes also. The government held the rates steady for the July-September quarter, with the Senior Citizen Savings Scheme (SCSS) at 8.2 per cent and the National Savings Certificate (NSC) at 7.7 per cent.
The interest rates for the popular Public Provident Fund (PPF) also remains the same at 7.1 per cent. The interest rate for the scheme has not been revised for about a decade. It is one of most subscribed schemes for small saving investors which comes under ‘EEE’ category. Individuals can invest up to Rs 1.5 lakh in the scheme to save income tax under Section 80C.
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The government in its circular dated 28th June, noted “the rates of interest on various small saving schemes for the second quarter of FY 2024-25 starting from 1st July 2024 and ending on 30th September 2024 shall remain unchanged from those notified for the first quarter (1st April 2024 to 30th June, 2024) of FY 2024-25.”
