Rates of interest on various Small Savings Schemes for the First quarter of financial year 2024-25 starting 1st April 2024 and ending on 30th June 2024, as declared by Government of India.
|
Instrument |
Rate of interest w.e.f. 01.07.2023 to 30.09.2023 |
Rate of interest w.e.f. 01.10.2023 to 31.12.2023 |
Rate of interest w.e.f. 01.01.2024 to 31.03.2024 |
Rate of interest w.e.f. 01.04.2024 to 30.06.2024 |
Compounding frequency* |
|
Savings Deposit |
4.0 |
4.0 |
4.0 |
4.0 |
Annually |
|
1 Year Time Deposit |
6.9 |
6.9 |
6.9 |
6.9 |
Quarterly |
|
2 Year Time Deposit |
7.0 |
7.0 |
7.0 |
7.0 |
Quarterly |
|
3 Year Time Deposit |
7.0 |
7.0 |
7.1 |
7.1 |
Quarterly |
|
5 Year Time Deposit |
7.5 |
7.5 |
7.5 |
7.5 |
Quarterly |
|
5 Year Recurring Deposit |
6.5 |
6.7 |
6.7 |
6.7 |
Quarterly |
|
5 Year Senior Citizen Savings Scheme |
8.2 |
8.2 |
8.2 |
8.2 |
Quarterly and paid |
|
5 Year Monthly Income Account |
7.4 |
7.4 |
7.4 |
7.4 |
Monthly and paid |
|
5 Year National Savings Certificate |
7.7 |
7.7 |
7.7 |
7.7 |
Annually |
|
Public Provident Fund Scheme |
7.1 |
7.1 |
7.1 |
7.1 |
Annually |
|
Kisan Vikas Patra |
7.5 (will mature in 115 months) |
7.5 (will mature in 115 months) |
7.5 (will mature in 115 months) |
7.5 (will mature in 115 months) |
Annually |
|
Sukanya Samridhi Account Scheme |
8.0 |
8.0 |
8.2 |
8.2 |
Annually |
1. Section 80-C of I.T. Act- Deduction from income not exceeding Rs. 1,50,000 is allowed in respect of the amount deposited in the following specified small savings schemes under Section 80-C of Income Tax Act. • Public Provided Fund. • National Savings Certificate VIII issue accrued interest thereon. • Five- years post office Time Deposit (5 year T.D) Account • Senior Citizen Scheme Account. • Sukanya Samridhi Yojana. Exemption under Section 10 (15) of I.T. Act- Interest from Public Provident Fund Account is completely exempted.
2. Deduction under Section 80-TTA of I.T. Act- Interest up to Rs.10,000 earned from post office Savings Bank Account qualify for deduction from income.
3. Exemption under Wealth Tax- Deposit made in P.P.F and interest earned thereon enjoys exemption from wealth Tax. P.O.S.B-K.Y.C. K.Y.C. document is to be produced by depositor at time of opening of new account. If he/she has obtained a number earlier on production of K.Y.C. document then he/she is required to mention the same for subsequent deposits.
P.O.S.B-K.Y.C. K.Y.C. document is to be produced by depositor at time of opening of new account. If he/she has obtained a number earlier on production of K.Y.C. document then he/she is required to mention the same for subsequent deposits.