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SCSS, PPF, SSY Interest Rates April-June 2024: Know How Much You Will Earn From Post Office Savings Scheme – Prime Time News24


The rates of interest for submit workplace financial savings, senior residents saving schemes (SCSS), and public provident fund (PPF) will stay unchanged for the quarter beginning April 1st, 2024.

Financial savings Schemes Curiosity Charges: The federal government usually revises these charges each quarter.

Numerous government-backed financial savings schemes can be found via totally different monetary establishments throughout the nation. Every scheme is characterised by particular options similar to tenure, eligibility standards, deposit limits and rates of interest.

These schemes, initiated by the federal government, serve various segments of society. Some are designed particularly for senior residents, whereas others goal to assist girls’s welfare. Moreover, there are specialised schemes tailor-made for farmers and people within the salaried workforce.

Put up Workplace Financial savings Schemes Curiosity Charges

The rates of interest for submit workplace financial savings, senior residents saving schemes (SCSS), and public provident fund (PPF) will stay unchanged for the quarter beginning April 1st, 2024.

The federal government usually revises these charges each quarter. For the preliminary quarter of fiscal 12 months FY25 (April-June 2024), the federal government has determined to take care of the rates of interest on the identical degree as these set within the previous January-March 2024 quarter.

Final Charge Revision

The central authorities had raised the speed of curiosity on two small financial savings schemes for January-March 2024 by 10-20 foundation factors, making it the sixth quarter in a row that charges on these devices have been elevated.

Listed here are the most recent rates of interest (April-June 2024) of ten government-backed schemes that may be availed from submit places of work throughout the nation;

1. Senior Residents Financial savings Scheme

  • Minimal deposit Rs 1000 within the multiples thereof with a most deposit of Rs 30 lakhs.
  • A person who has attained the age of 60 years or above on the date of opening of an account or a person who has attained the age of 55 years or extra however lower than 60 years and has retired beneath Superannuation, VRS or Particular VRS, can open an account.
  • Retired personnel of Defence Companies (excluding Civilian Defence staff) could open an account upon attaining the age of fifty years topic to the fulfilment of different specified circumstances.
  • A depositor could open an account individually or collectively with a partner.
  • Curiosity shall be payable from the date of deposit to thirty first March/ thirtieth June/thirtieth September/thirty first December on 1st working day of April/July/October/January because the case could also be, within the first occasion and thereafter, curiosity shall be payable on 1st working day of April/July/October/January.
  • The account might be closed after the expiry of 5 years from the date of opening of the account.
  • The depositor could lengthen the account for an additional interval of three years.
  • Untimely closure is permissible topic to sure circumstances.
  • Deposits in SCSS qualify for deduction u/s 80-C of the Revenue Tax Act.
  • Senior Residents Financial savings Scheme Rate of interest: (April 01 to June 30, 2024)- 8.20%

2. Nationwide Financial savings (Month-to-month Revenue Account) Scheme

  • Minimal Rs 1000 within the multiples thereof. Most Rs 9 lakhs in a single account and Rs 15 lakhs in a joint account.
  • The account matures in 5 years.
  • A depositor could function a couple of account beneath this scheme topic to the ceiling of the utmost quantity, which can be invested in a single, or joint account.
  • The account might be closed prematurely after one 12 months however earlier than the expiry of three years on deduction of two% of the deposit. In case the account is closed after the expiry of three years, 1% of the deposit shall be deducted.
  • Nationwide saving account rate of interest: (April 01 to June 30, 2024)- 7.4%

3. Nationwide Financial savings Time Deposit Account

  • 4 classes of Time Deposit Accounts can be found – 1 12 months, 2 years, 3 years and 5 years
  • Minimal deposit Rs 1000 and thereafter within the multiples of Rs 100.
  • No most deposit restrict.
  • An account might be closed after six months. The place deposits within the account are withdrawn prematurely after six months however earlier than one 12 months, easy curiosity at POSA charge shall be payable.
  • Deposits in 5-year Time Deposit qualify for deduction u/s 80-C of Revenue Tax Act.
  • Curiosity: (April 01 to June 30, 2024)- 6.90 (1 12 months) 7 (2 years) 7.10 (3 years) and seven.5% (5 years).

4. Nationwide Saving certificates (VIII difficulty)

  • Minimal deposit Rs 1000/- and thereafter in a number of of Rs 100.
  • Account matures in 5 years
  • No most deposit restrict.
  • A single holder kind account could also be opened by an grownup for himself or on behalf of a minor.
  • A single holder kind account can also be opened by a minor on attaining the age of 10 years.
  • Joint ‘A’ Sort accounts could also be opened by as much as three adults payable to each the holders collectively or to the survivor.
  • Joint ‘B’ Sort accounts could also be opened by as much as three adults payable to both of the survivors.
  • Mortgage facility out there by pledging with the banks.
  • Curiosity: (April 01 to June 30, 2024)- 7.7%.

5. Public Provident Fund Scheme

  • The minimal deposit Rs 500 and the utmost deposit Rs 1,50,000 in a monetary 12 months.
  • Mortgage facility is obtainable from third monetary 12 months upto sixth monetary 12 months.
  • Withdrawal is permissible yearly from seventh monetary 12 months.
  • Account matures on completion of fifteen full monetary years from the top of the 12 months through which the account was opened.
  • After maturity, the account might be prolonged for any quantity for a block of 5 years with additional deposits.
  • Account might be retained indefinitely with out additional deposit after maturity with the prevailing charge of curiosity.
  • The quantity within the PPF account is just not topic to attachment beneath any order or decree of a court docket of legislation.
  • Deposit qualifies for deduction beneath Sec.80-C of I.T.Act.
  • Curiosity earned within the account is free from Revenue Tax beneath Part -10 of I.T.Act.
  • PPF Rate of interest: 7.1%

6. Sukanya Samriddhi Account

  • Minimal deposit Rs 250 and most deposit Rs 1.5 lakhs in a monetary 12 months.
  • The account might be opened within the title of a lady youngster until she attains the age of 10 years.
  • Just one account might be opened within the title of a lady youngster.
  • Accounts might be opened in submit places of work and authorised banks.
  • Withdrawal shall be allowed for increased training of the account holder to satisfy training bills.
  • The account might be prematurely closed in case of marriage of a lady youngster after her attaining the age of 18 years.
  • The account might be transferred wherever in India from one Put up workplace/Financial institution to a different.
  • The account shall mature on completion of a interval of 21 years from the date of opening of the account.
  • Deposit qualifies for deduction beneath Sec.80-C of I.T.Act.
  • Curiosity earned within the account is free from Revenue Tax beneath Part -10 of I.T.Act.
  • Sukanya Samriddhi Account Rate of interest April 01 to June 30, 2024: 8.20%

7. Mahila Samman Saving Certificates

Mahila Samman Saving Certificates scheme is a one-time new small financial savings scheme of the federal government of India introduced within the Funds 2023.

This gives a deposit facility upto Rs.2 lakh within the title of girls or ladies for a tenure of two years at a set rate of interest of seven.5 per cent with a partial withdrawal choice.

8. Kisan Vikas Patra

  • Minimal Rs 1000 and thereafter in multiples of Rs 100.
  • No most deposit restrict.
  • A single-holder kind account could also be opened by an grownup for himself or on behalf of a minor.
  • A single-holder kind account can also be opened by a minor on attaining the age of 10 years.
  • Joint ‘A’ Sort accounts could also be opened by as much as three adults payable to each the holders collectively or to the survivor.
  • Joint ‘B’ Sort accounts could also be opened by as much as three adults payable to both of the survivor.
  • Accounts might be opened in submit places of work and in authorised banks.
  • Kisan Vikas Patra might be transferred from one particular person to a different and from one submit workplace to a different.
  • Kisan Vikas Patra might be encashed after 2 and half years from the date of funding on the following charges.
  • Cash doubles on maturity.
  • Rate of interest: 7.5 % (115 months maturity)

9. Recurring Deposit Account Scheme

  • On this scheme, a minimal of Rs 100 per thirty days might be deposited with no most restrict fastened.
  • Advance deposits might be made on the choice of the depositor for six months or 12 months and earn a rebate.
  • The scheme account matures in 5 years. Withdrawal to the extent 50% of the quantity of the present steadiness is permissible after one 12 months of the opening of the account.
  • The account might be closed prematurely after 3 years with easy curiosity on the charge of a Put up Workplace Financial savings Account (POSA).
  • At the moment, the speed of curiosity is 6.7% on 5 years RD

10. Put up Workplace Saving Account

  • On this scheme, a minimal deposit of Rs 500 is required and there’s no most deposit restrict.
  • An individual can open the account in his personal title individually or collectively with an grownup particular person. The account might be opened on behalf of a minor.
  • Additionally, a minor who has attained the age of 10 years could open the account independently.
  • Curiosity within the account as much as Rs 10,000 qualifies for deduction from Revenue in a monetary 12 months beneath the Revenue Tax Act.
  • The scheme is providing an rate of interest of 4 %.

Disclaimer: The views and funding ideas by specialists on this Prime Time News24.com report are their very own and never these of the web site or its administration. Readers are suggested to test with licensed specialists earlier than making any funding choices.

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