The National Savings Schemes (NSSs) are one of the very popular saving schemes in India. These are regulated by the Ministry of Finance. They are considered to be very safe and come with attractive returns.
These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide.
Indian households’ savings in Post office time deposits and PPF (Public Provident Fund) have been increasing steadily since 2011. Below table give us an idea on the total outstanding amounts that are with various small savings schemes.
Some of the very popular schemes which fall under Small Savings Schemes are as below;
- PPF (Public Provident Fund)
- Sukanya Samriddhi Scheme
- Monthly Income Scheme (Monthly Income Account)
- Senior Citizen Savings Scheme
- KVP (Kisan Vikas Patra)
- NSC (National Savings Certificate)
- Time Deposits &
- Recurring Deposits
Latest Post Office Small Saving Schemes Interest rates Apr – Jun 2024 | Q1 of FY 2024-25
The government has kept interest rates on all small savings schemes unchanged April to June quarter of FY 2024-25. The latest rates of interest applicable on various small savings schemes for the third quarter from Apr to Jun 2024 effective from 1.04.2024 would be as below;
| Saving Scheme | Rates of Interest from 1st Jan 2024 to 31st Mar 2024 |
New Rates of Interest from 1st Apr 2024 to 30th Jun 2024 |
Frequency of Compouding |
Maximum Deposit (in Rs) |
Tenure (Years) |
| Sukanya Samriddhi Account – Girl Child Scheme |
8.2% | 8.2% | Yearly | 1.5 Lakh | 21 |
| 5 Year Sr.CSS | 8.2% | 8.2% | Quarterly & Paid | 30 Lakh (w.e.f. FY 2023-24) |
5 |
| PPF | 7.1% | 7.1% | Yearly | 1.5 Lakh | 15 |
| Savings Deposit | 4.0% | 4.0% | Annually | No Limit | NA |
| 1 Year Term Deposit | 6.9% | 6.9% | Quarterly | No Limit | 1 |
| 2 Year Term Deposit | 7% | 7% | Quarterly | No Limit | 2 |
| 3 Year Term Deposit | 7.1% | 7.1% | Quarterly | No Limit | 3 |
| 5 Year Term Deposit | 7.5% | 7.5% | Quarterly | No Limit | 5 |
| 5 Year Recurring Deposit | 6.7% | 6.7% | Quarterly | No Limit | 5 |
| 5 Year MIS | 7.4% | 7.4% | Monthly & Paid | 9.5 Lakh Single A/c 15 Lakh Joint A/c |
5 |
| 5 Year NSC | 7.7% | 7.7% | Yearly | No Limit | 5 |
| Kisan Vikas Patra (KVP) | 7.5% | 7.5% | Yearly | No Limit | 115 months |
- With effective from the Financial Year 2023-24, the maximum deposit limit for the monthly savings scheme is enhanced from Rs.4.5 lakh to Rs.9 lakh for a single account and from Rs.9 lakh to Rs.15 lakh for a joint account.
- The maximum deposit for senior citizen saving scheme has been enhanced from Rs 15 lakhs to Rs 30 lakhs.
- Kindly note that interest rates of Small Savings Schemes are now reviewed and reset (if any) on a quarterly basis.
- The revised rates (if any) are applicable for all the new investments MADE during the respective period. For the existing investments under all the schemes (EXCEPT PPF & SUKANYA SAMRIDDHI SCHEME), the contracted interest rate remains unchanged until maturity. The revised rates (if any) are applicable for all the new investments MADE during the respective period.
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(Post first published on : 06-Apr-2024)
