Good news for small savings investors! The government has just announced the interest rates for popular small savings schemes, such as Post Office Savings Accounts, PPF, SSY, etc., for the April-June 2024 quarter.
Post Office Savings Account holders can earn 4% annual interest in the first quarter of the new financial year, the same rate as in the previous quarter. PO savings accounts are one of the most popular and easiest investment options for common citizens to earn a regular interest income. The interest is calculated every quarter and credited to your account at the end of each quarter.
For those planning their retirement, the Public Provident Fund continues to be very attractive. PPF accounts will earn an annual rate of 7.1% from April to June. Maturing PPF accounts earn the same rate for the whole financial year. PPF is one of the best small savings products for building a tax-free retirement corpus over the long term.
Similarly, the Sukanya Samriddhi Yojana – a scheme exclusively for girl children – will earn an annual rate of 7.6% during the quarter. Parents can use this option to secure their daughter’s future needs.
Overall, the interest rates on small savings products have remained unchanged. Small investors looking to save regularly and earn steady returns can consider investing in Post Office schemes suited to their needs and risk profile. Do let me know if you need any other details on these schemes.
