Revision of interest rates for Small Savings Schemes (POSB) remains unchanged for the First Quarter of the year 2024-25
Revision of Interest Rates for Small Savings Schemes from 01st April 2024 to 30th June 2024 (First Quarter of the year 2024-25).
The Government of India, Ministry of Finance, Department of Economic Affairs (Budget Division), has issued an Office Memorandum dated 08.03.2024 regarding the revision of interest rates for Small Savings Schemes for the first quarter of FY 2024-25.
According to the memorandum, the interest rates on various Small Savings Schemes will remain unchanged from those notified for the fourth quarter of FY 2023-24, which was from 1 January, 2024, to 31 March, 2024.
This decision implies that the interest rates applicable to Small Savings Schemes for the upcoming quarter, starting from 1 April, 2024, and ending on 30 June, 2024, will remain consistent with the rates set in the previous quarter.
The memorandum, signed by Kapil Patidar, Deputy Secretary (Budget), states that this decision has the approval of the competent authority.
The memorandum also includes a list of recipients, including key government departments such as the Department of Expenditure, Department of Revenue, Department of Posts, Reserve Bank of India, as well as other relevant authorities.
This announcement provides clarity to investors and stakeholders regarding the continuity of interest rates for Small Savings Schemes, offering stability and predictability in financial planning and investment decisions.
For further details and inquiries, concerned parties are directed to contact the provided telephone number.
This memorandum serves as a directive for the implementation of unchanged interest rates on Small Savings Schemes for the specified period, ensuring consistency and regulatory compliance in the financial sector.
This article summarizes the Office Memorandum issued by the Government of India regarding the revision of interest rates for Small Savings Schemes. It provides a concise overview of the decision and its implications for investors and stakeholders. If you need further elaboration on any specific aspect or additional information, please let me know.
