Home BUSINESS Govt Keeps Interest Rates Unchanged For Savings Schemes For Q1FY25

Govt Keeps Interest Rates Unchanged For Savings Schemes For Q1FY25

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Govt Keeps Interest Rates Unchanged For Savings Schemes For Q1FY25

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The Indian government decided to keep the interest rates unchanged on several small savings schemes for the first quarter of the new fiscal year. Earlier last week, the authorities announced that they are not making any changes to the rates for the April to June quarter in the 2024-25 fiscal year (FY25). 

An official notification from the Ministry of Finance said, “The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24,” reported PTI. 

The government provides several savings schemes for the public, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana, Post Office Monthly Income Scheme (POMIS), National Savings Certificate (NSC), Post Office Time Deposit (POTD), Atal Pension Yojana (APY), and Pradhan Mantri Vaya Vandana Yojana (PMVVY), among others.

According to the official communication, the deposits under the Sukanya Samriddhi scheme will benefit from an interest rate of 8.2 per cent, while the rate on a three-year term deposit stands at 7.1 per cent.

The PPF and post office savings deposit scheme will attract interest rates of 7.1 per cent and 4 per cent respectively, the government informed. Further, the interest rate on the Kisan Vikas Patra will be 7.5 per cent and the maturity period of the investments will be 115 months. 

The National Savings Certificate (NSC) scheme will see an interest rate of 7.7 per cent for Q1FY25. The Monthly Income Scheme will have an interest rate of 7.4 per cent. 

Notably, some of these schemes also allow taxpayers to avail tax benefits on them. By claiming deductions under several sections of the Income Tax (I-T) Act, individuals can opt for benefits in schemes such as the Senior Citizen’s Savings Scheme (SCSS) and the Public Provident Fund (PPF). However, these benefits are typically capped at Rs 1.5 lakh per annum, under Section 80C of the I-T Act.

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