Tax-Saving Schemes for FY 2024-25 : Interest Rates Unchanged for Q1
In summary, as the new financial year begins, salaried employees should plan their advance tax with various tax-saving schemes like PPF, Senior Citizen Savings Scheme, and Sukanya Samriddhi Scheme, which continue to offer unchanged interest rates for the April-June quarter of FY 2024-25
As the new financial year has started, and many salaried employees need to declare their advance tax planning with their employer, they can find various tax saving schemes from the start of the financial year. PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi Scheme are some of the popular schemes which give tax benefits and also good rates of interest.
The central government in March kept the interest rates for small savings schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi Scheme and other unchanged for the April June quarter.
“The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24,” the notification said.
Check Interest Rates On 13 Small Savings Scheme Applicable For April-June 2024
| Sl.No. | Instruments | Rate of interest | Compounding Frequency* |
| 01. | Post Office Savings Account | 4.0 | Annually |
| 02. | 1 Year Time Deposit | 6.9 (Annual Interest ₹708 for ₹10,000/-) | Quarterly |
| 03. | 2 Year Time Deposit | 7.0 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
| 04. | 3 Year Time Deposit | 7.1 (Annual Interest ₹719 for ₹10,000/-) | Quarterly |
| 05. | 5 Year Time Deposit | 7.5 (Annual Interest ₹771 for ₹10,000/-) | Quarterly |
| 06. | 5 Year Recurring Deposit Scheme | 6.7 | Quarterly |
| 07. | Senior Citizen Savings Scheme | 8.2 (Quarterly Interest ₹205 for ₹10,000/-) | Quarterly and Paid |
| 08. | Monthly Income Account | 7.4 (Monthly Interest ₹62 for ₹10,000/-) | Monthly and paid |
| 09. | National Savings Certificate (VIII Issue) | 7.7 (Maturity Value ₹14,490 for ₹10,000/-) | Annually |
| 10. | Public Provident Fund Scheme | 7.1 | Annually |
| 11. | Kisan Vikas Patra | 7.5 (will mature in 115 months) | Annually |
| 12. | Mahila Samman Savings Certificate | 7.5 (Maturity Value ₹11,602 for ₹10,000/-) | Quarterly |
| 13. | Sukanya Samriddhi Account Scheme | 8.2 | Annually |
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