PPF: This information is helpful to you if you too invest in government-run small savings plans. The government declared on Thursday that starting on April 1, 2024, the first day of the new fiscal year, there would be no modifications to the interest rates on several minor PPF plans. According to the Finance Ministry’s announcement, the rates will not change for the first quarter of the upcoming fiscal year, which begins on April 1, 2024, and ends on June 30, 2024.
This notification will take effect in three days.
As they were for the fourth quarter of the fiscal year 2023–2024. Interest rates for the first quarter of the upcoming fiscal year will not change from 1 January 2024 to 31 March 2024). According to the notification issued by the Finance Ministry. An interest rate of 8.2 percent will be available on the amount deposited under the Sukanya Samriddhi Scheme. It will remain the same as before. Apart from this, the interest rate on a three-year FD will remain at 7.1 percent as before.
Why was the choice made?
The investment has 115 months to mature. In addition, the interest rates for the Post Office Savings Plan (POSS), which is favored by millions of investors, and PPF will stay unchanged at 4.1 percent and 4 percent, respectively. Additionally, the 7.5 percent interest rate on Kisan Vikas Patra has been sustained. The maturity period of an investment in this government program is 115 months. Other than this, the 7.7 percent interest rate on National Savings Certificates (NSCs) will not change for the April–June 2024 quarter.
Investors will continue
to receive the 7.4% interest rate on the Monthly Income Scheme, just like they did this quarter. Every quarter, the government announces the interest rate on small savings plans based on review. These plans are mainly operated by the post office.
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