Individuals invest money in small savings schemes for saving money. The government reviews the interest rate on these savings schemes every three months. There are many schemes like Sukanya Samriddhi Yojana, Mahila Samman Savings Certificate, Senior Citizen Savings Scheme, Public Provident Fund, Kisan Vikas Patra, National Savings Certificate and Post Office Fixed Deposit. The government has not made any changes in the small savings scheme. This scheme has been made for different people. There are different schemes for women, girls and men. There are schemes like PPF, Kisan Vikas Patra and National Savings Certificate for long term investors. Schemes like Post Office Time Deposit are available for short term investors.
In 2024, the Finance Ministry said
He had said that the interest rates on various small savings schemes for the third quarter of the financial year 2024-25 i.e. from October 1, 2024 to December 31, 2024 will remain the same as the rates notified for the second quarter of the financial year 2024-25. This means that the government will not make any change in the interest rates of small savings schemes for the quarter. Here we know about the small savings schemes offering interest rates ranging from 7.5% to 8.2% for October-December 2024.
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme (SCSS) is a government scheme that provides daily income to senior citizens and retired employees. SCSS account can be opened with a minimum deposit amount of Rs 1000. Its maximum limit is Rs 30 lakh. For October-December, 2024, this scheme offers 8.2% interest per annum.
Post Office Time Deposit
Investment under the five-year post office time deposit is eligible for deduction under Section 80C of the Income Tax Act, 1961. The minimum investment for time deposits is Rs 1000. You get an interest rate of 7.5% on a five-year term deposit for the October-December, 2024 quarter.
National Savings Certificate
National Savings Certificate is a government-backed savings scheme that offers fixed returns and tax benefits. Deposits under this scheme are eligible for deduction under Section 80C of the Income Tax Act. The deposit matures on completion of five years from the date of deposit. National Savings Certificate offers an interest rate of 7.7% for the quarter October-December, 2024. The interest rate on National Savings Certificate is calculated annually. But, the payment is made on maturity.
Kisan Vikas Patra
Kisan Vikas Patra is a low-risk investment that offers guaranteed returns and fixed interest rates. The amount invested doubles in 115 days. Kisan Vikas Patra offers an interest rate of 7.5% per annum for the quarter October-December, 2024. The rate is calculated annually.
Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate Scheme is a government-backed scheme that enables women and girls to invest up to Rs 2 lakh. Investments under this scheme can be made until 2025. According to the India Post website, the amount payable will be paid to the depositor after two years from the date of opening the account. The scheme offers an interest rate of 7.5% per annum. Interest is calculated on a quarterly basis.
Sukanya Samriddhi Scheme
Sukanya Samriddhi Yojana is a great savings scheme for parents of daughters. Deposits under this scheme are eligible for deduction under Section 80C of the Income Tax Act. The interest earned is tax free under the Income Tax Act.
Also read : Government is giving ₹3 lakh loan at 5% interest without guarantee, help of ₹15000
The account of Sukanya Samriddhi Yojana is operated by the guardian until the daughter becomes a minor i.e. 18 years old. Sukanya Samriddhi Yojana has an interest rate of 8.2% for the quarter October-December, 2024.
October-December, 2024 Small Scheme Interest
| Name of the scheme | Rate of Interest (from 01.10.2024 to 31.12.2024) | Maturity Period |
|---|---|---|
| Senior Citizen Savings Scheme | 8.2% | 1 year |
| National Savings Certificate (VIII Issue) | 7.7% | 5 years |
| Kisan Vikas Patra | 7.5% | 115 months |
| Mahila Samman Savings Certificate | 7.5% | 2 years |
| Sukanya Samriddhi Account Scheme | 8.2% | 21 years or till daughter’s marriage |
| 5 Year Fixed Deposit | 7.5% | 5 years |