EPFO has hiked the Employees Provident Fund (EPF) interest rate to a three-year high of 8.25% for 2023-24 from 8.15% earlier. The current interest rates are higher compared to small savings schemes like PPF, Sukanya Samriddhi Yojana and post office deposits, which offer interest rates as high as 8.2% per annum. Below are small savings plans and their interest rates.
Interest rates on small savings schemes, including Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patra (KVP), are reviewed quarterly.
Latest interest rates for small savings plans:
Interest rates for the January to March quarter 2024 are fixed as follows:
savings balance: 4%
One-year post office time deposit: 6.9%
2-year post office time deposit: 7.0%
3-year post office time deposit: 7.1% (previously 7.0%)
5-year post office time deposit: 7.5%
5-year time deposit: 6.7%
National Savings Certificate (NSC): 7.7%
Kisan Vikas Patra: 7.5% (maturity in 115 months)
Provident Fund: 7.1%
Sukanya Samriddhi Account: 8.2% (previously 8.0%)
Senior Citizen Savings Plan: 8.2%
Monthly income account: 7.4%.
Small savings plans are divided into three categories: savings deposits, social security plans and monthly income plans.
Savings deposits include 1-3-year time deposits and 5-year current deposits. These also include savings certificates such as National Savings Certificate (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizen Savings Scheme. Monthly income plans include monthly income accounts.
In the October-December 2023 quarter, the government has kept interest rates unchanged on small savings schemes including PPF, Sukanya Samriddhi, Senior Citizen Savings Scheme and Post Office Fixed Deposits for the October-December 2023 quarter. Only the five-year current deposit rate was raised by 20 basis points to 6.7%.
The interest rates on small savings schemes such as PPF, NSC are now market-linked and move in tandem with the 10-year G-Sec yield.
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