Small savings schemes: The government reviews interest rates of small savings schemes quarterly

Get up to 8.2% interest from Senior Citizen Savings Scheme, Sukanya Samriddhi and 4 other post office schemes Here is a list of small savings schemes offering interest rates between 7.5% and 8.2% for October - December 2024

Small savings schemes offer various deposit schemes catering to different individuals such as girl child (Sukanya Samriddhi), women investors (Mahila Samman), senior citizens (Senior Citizen Savings Scheme), long-term investors (Public Provident Fund, Kisan Vikas Patra, National Savings Certificate) and short-term investors (time deposits, recurring deposit).

The government reviews interest rates of small savings schemes quarterly. The Ministry of Finance said in a press release dated September 30, 2024, “The rates of interest on various Small Savings Schemes for the third quarter of FY 2024-25 starting from 1st October 2024 and ending on 31st December 2024 shall remain unchanged from those notified for the second quarter of FY 2024-25."

Earn FD interest rates up to 8.25%: 3 banks that have revised FD rates in November 2024

So for this quarter, the government has not made any changes to the interest rate of small savings schemes.

Here is a list of small savings schemes offering interest rates between 7.5% and 8.2% for October - December 2024.

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Senior Citizen Savings Scheme (SCSS) interest rate for December quarter

The Senior Citizen Savings Scheme (SCSS) is a government-backed scheme that provides a steady income for senior citizens and retired personnel. The minimum deposit in all SCSS accounts opened by an individual is Rs. 1000, and in multiples of Rs. 1000 is subject to a maximum limit of Rs. 30 lakh.

It offers 8.2% interest per annum on the Senior Citizen Savings Scheme for October-December, 2024.

5-year Post Office Time Deposit interest for October-December, 2024

The investment under 5-year Post Office Time Deposit qualifies for deduction under Section 80C of the Income Tax Act, 1961. The minimum investment for a time deposit is Rs. 1,000.
You get an interest rate of 7.5% on a 5-year term deposit for the October-December quarter of 2024.

National Savings Certificate interest rate for October-December, 2024

The National Savings Certificate (NSC) is a government-backed savings scheme offering fixed returns and tax benefits. Deposits under the scheme qualify for deduction under Section 80C of the Income Tax Act. The deposits mature on completion of five years from the date of the deposit.

National Savings Certificate offers an interest of 7.7% for the October-December quarter of 2024.

The interest rate is compounded annually but payable at maturity on the National Savings Certificate, according to the India Post website.

Kisan Vikas Patra (KVP) interest rate for the October-December quarter

Kisan Vikas Patra (KVP) is a low-risk investment that offers guaranteed returns and a fixed interest rate. The amount invested doubles in 115 months (9 years & 7 months).
For the October-December quarter, KVP offers an interest rate of 7.5% per annum. The interest rate is compounded annually.

Mahila Samman Savings Certificate interest rate for the October-December quarter

The Mahila Samman Savings Certificate (MSSC) is a government-backed plan that enables women and girls to invest up to Rs 2,00,000. Investment can be made under the scheme up to March 2025. According to the India Post website, “After two years from the date opening eligible balance will be paid to the depositor.”

It offers an interest rate of 7.5% interest per annum. Interest will be compounded quarterly and credited to the account and paid at the time of account closure.

Sukanya Samriddhi Yojana interest rate for the October-December quarter 2024

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for parents of girl children in India. Deposits under the scheme qualify for deduction under Section 80C of the Income Tax Act. Interest earned is tax-free under the Income Tax Act. Sukanya Samriddhi account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).

Sukanya Samriddhi Yojana offers 8.2% interest for the October-December quarter of 2024.

Interest rate of Senior Citizen Savings Scheme, National Savings Certificate, Kisan Vikas Patra other post office schemes for the October-December, 2024.

Instruments	Rate of interest w.e.f 01.10.2024 to 31.12.2024
5 Year Time Deposit	7.5%
Senior Citizen Savings Scheme	8.2%
National Savings Certificate (VIII Issue)	7.7%
Kisan Vikas Patra	7.5% (will mature in 115 months)
Mahila Samman Savings Certificate	7.5%
Sukanya Samriddhi Account Scheme	8.2%