The government has announced that the interest rates for popular small savings schemes like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), and others will remain the same for the October-December 2024 quarter. This means that from October 1, 2024, to December 31, 2024, investors will continue earning the same interest as in the second quarter of the financial year.
These schemes are widely used by people to save for the future, offering safe returns and tax benefits. The government reviews the interest rates for these schemes every quarter but has decided not to make any changes for the third quarter of the financial year 2024-25.
Interest Rates of Major Small Savings Schemes (Oct-Dec 2024)
Here’s a look at the interest rates for various small savings schemes for the October-December 2024 period:
| Scheme | Interest Rate (Oct-Dec 2024) | Compounding Frequency |
| Post Office Savings Account | 4.0% | Annually |
| 5-Year Recurring Deposit Scheme | 6.7% | Quarterly |
| 1-Year Time Deposit | 6.9% | Quarterly |
| 2-Year Time Deposit | 7.0% | Quarterly |
| 3-Year Time Deposit | 7.1% | Quarterly |
| 5-Year Time Deposit | 7.5% | Quarterly |
| Public Provident Fund (PPF) | 7.1% | Annually |
| Monthly Income Account | 7.4% | Monthly and paid |
| Kisan Vikas Patra (KVP) | 7.5% (Matures in 115 months) | Annually |
| Mahila Samman Savings Certificate | 7.5% | Quarterly |
| National Savings Certificate (NSC) | 7.7% | Annually |
| Senior Citizen Savings Scheme (SCSS) | 8.2% | Quarterly and paid |
| Sukanya Samriddhi Yojana (SSY) | 8.2% | Annually |
Highest Returns from SCSS and SSY
The highest returns continue to be offered by the Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY), both providing an interest rate of 8.2%. This makes them attractive for senior citizens and parents saving for their daughters under the SSY scheme.
On the other hand, schemes like the National Savings Certificate (NSC) offer an interest rate of 7.7%, while the Kisan Vikas Patra (KVP) and the 5-Year Time Deposit offer 7.5% returns.
Popular Post Office Savings Schemes
Investors looking for safe and secure options can also consider post office schemes like the Public Provident Fund (PPF), which remains one of the most popular long-term savings options with an interest rate of 7.1%, and the Post Office Monthly Income Scheme (POMIS), offering 7.4% with monthly payouts.
These small savings schemes continue to be a reliable source of returns for risk-averse investors, offering higher interest rates than many bank fixed deposits (FDs) while providing additional tax benefits in some cases.
