Govt Hikes Interest Rates On Sukanya Samriddhi Scheme, Check Latest Rates Here

The government on Friday opted to hike the interest rates on Sukanya Samriddhi scheme by 20 basis points and three-year term deposit scheme by 10 basis points for the January-March quarter. However, Centre decided to retain the interest rates for all other small savings schemes.

As per the finance ministry circular issued today, deposit under Sukanya Samriddhi scheme would fetch an interest rate of 8.2% from the current 8%. Meanwhile, the 3-year term deposit would offer 7.1% from the existing 7%.

It is worth mentioning here that the interest rates for famous PPF and savings deposits have been retained at 7.1% and 4%, respectively. The rates were the same during the December quarter, according to a PTI report.

The interest rate on the Kisan Vikas Patra is 7.5% and the investments will mature in 115 months. The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7% for January 1 to March 31, 2024, tenure.

Meanwhile, there has been no surge in the interest rate for the Monthly Income Scheme, and this will earn 7.4% for the investors, added the PTI report.
The government notifies the interest rate on small savings schemes, majorly operated by post offices, every quarter.

The Reserve Bank since May 2022 has raised the benchmark lending rate by 2.5% to 6.5%, prompting banks to raise interest rates on deposits as well, added the PTI report.

However, the RBI has maintained the status quo on policy rate in the last five consecutive Monetary Policy Committee meetings since February this year.