Small Savings Scheme: Many types of savings schemes have been launched by the government, banks and many financial institutions in the country, through which you can avail the benefits of savings schemes from small to large amounts on monthly or yearly basis. But you should also know how much interest you are getting on which savings scheme. Here is information about some post office schemes in which you can earn more interest by making deposits.
Here information is given about different savings schemes for different people and classes. Small savings schemes include Sukanya Samriddhi Yojana for girl children, Mahila Samman for women investors, Senior Citizen Savings Scheme for senior citizens, Public Provident Fund for long term investors, Kisan Vikas Patra, National Savings Certificate and Time for short term investors. There are savings schemes like deposit, recouping deposit.
The government reviews the interest rates of small savings schemes on a quarterly basis. The Finance Ministry had said in a press release issued in the month of September this year, the interest rates on many small savings schemes for the third quarter of the financial year 2024-25 i.e. from 1 October to 31 December 2024 will be the same as in the second quarter of the financial year 2024-25 (July Between the month of September) will be equal to the rates. The government has not made any change in the interest rates of small savings schemes for the current quarter.
Here is the list of small savings schemes offering interest rates between 7.5 percent to 8.2 percent for October-December 2024-
Interest rate on Senior Citizen Savings Scheme (SCSS)!
SCSS is a government scheme that provides a sum of money to senior citizens and retired employees. Any person can open an account in SCSS with Rs 1000. At the same time, with multiple account holders of Rs 1000, a limit of up to Rs 30 lakh can be maintained. SCSS offers 8.2 percent annual interest for the October-December quarter.
Interest on 5 year post office time deposit!
Deduction is made under Section 80C of the Investment Act, 1961 under 5-year Post Office Time Deposit. The minimum investment for a time deposit is Rs 1,000. You will get 7.5 percent interest rate on 5-year term deposits for the October-December quarter of 2024.
This much interest is available on National Savings Certificate!
National Savings Certificate (NSC) is also a government scheme which gives you a fixed return and tax benefits. Under this scheme, deduction is made under Section 80C of the Deposit Income Tax Act. Your deposit becomes mature i.e. withdrawable after completion of five years from the date of deposit.
NSC gives you 7.7 percent interest for the October-December quarter. The interest rate on this scheme is compounded annually, that is, interest is compounded on interest, but this benefit will be available only after the maturity of the deposit.
What is the interest rate on Kisan Vikas Patra?
There is less risk in this scheme. KVP offers a guaranteed return and fixed interest rate. The capital invested in this scheme doubles in 115 months i.e. 9 years and 7 months. KVP gives interest of 7.5 percent per annum for the ongoing quarter. In this also the interest rate is compounded annually.
How much interest will be given on Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government savings scheme for parents of girl children. The amount deposited in this scheme is deducted under Section 80C of the Income Tax Act. Under the Income Tax Act, no tax is levied on the interest received, that is, the interest on it is tax-free. Sukanya Samriddhi Account can be operated by the parents of the girl child only till she attains adulthood i.e. 18 years. 8.2 percent interest is being given on Sukanya Samriddhi Yojana for the October-December quarter.
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