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SSY Interest Rate: Before the budget, the government dashed all hopes! PPF-Sukanya Samriddhi investors disappointed

2996402 Nirmala Sitharaman6PPF Interest Rate: Investors investing in small savings schemes like PPF and Sukanya Samriddhi have once again got a shock. The government has not made any change in the interest rate on PPF and other savings schemes for the second quarter of the financial year 2024-25. The interest rate on different small savings schemes has been retained at the old level for the quarter starting from July 1, 2024. The Finance Ministry issued a notification saying, ‘The interest rates on small savings schemes for the second quarter of the financial year 2024-25 (from July 1 to September 30, 2024) will remain the same as the rates notified for the first quarter (from March 1 to June 30, 2024).’

SSY will continue to get 8.2 percent interest as before

According to the notification, under Sukanya Samriddhi Yojana (SSY), the interest rate on deposits will continue to be 8.2 percent as before. Apart from this, the interest rate on a three-year FD will remain at 7.1 percent. The interest rates of PPF and Post Office Savings Scheme will also remain at 7.1 percent and 4 percent. The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. The interest rate on the National Savings Certificate (NSC) for July-September 2024 will be 7.7 percent.

The interest rate is reviewed every quarter.
In the September quarter also, the Post Office will pay 7.4 percent interest to the investors of the Monthly Income Scheme as before. The government notifies the interest rate for small savings schemes run by post offices and banks every quarter. It was expected in the media reports that this time the government may increase the interest rate on small savings schemes to give relief to the middle class before the budget. The interest rate was maintained at the same level during the April to June quarter.

PPF interest rate has not changed for four years
For the last quarter of the financial year 2023-24, the government had changed the interest on two schemes. At that time the interest rate of Sukanya Samriddhi Yojana (SSY) was increased from 8 percent to 8.20 percent. Apart from this, the interest rate on a three-year FD was increased to 7.1 percent. However the interest rate of PPF has remained at the same level for the last four years. The interest rate of PPF was last changed in April-June 2020. During the Corona epidemic, it was reduced from 7.9 to 7.1 percent.