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New Delhi: The Union concern ministry connected Friday said that involvement rates connected tiny savings schemes for the September 4th volition stay unchanged astatine the level acceptable for the 3 months done June.
The 3 months ending 30 September would beryllium the 3rd 4th successful a enactment during which involvement rates connected tiny savings schemes are held steady. The rates were revised past successful December erstwhile the authorities acceptable it for the March 4th of FY24, arsenic per authoritative orders.
The highest complaint of 8.2% is applicable for some the Sukanya Samriddhi relationship strategy and the elder national savings scheme. The Sukanya Samriddhi strategy is backed by the authorities and helps parents to physique a corpus for the miss child’s education.
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Small redeeming schemes
The National Savings Certificate strategy fetches 7.7% involvement rate, portion Kisan Vikas Patra and five-year clip deposit each fetches 7.5% interest. Time deposits of 1 to 5 years gain involvement astatine rates ranging from 6.9% to 7.5%.
Small savings schemes are important for the masses arsenic these connection convenient and risk-free savings options. Some of these instruments, for example, the National Savings Certificate, Senior Citizen Savings strategy and Sukanya Samriddhi Yojana are eligible for income taxation payment nether conception 80 C of the Income Tax Act. Under this, investments up to ₹1.5 lakh successful a twelvemonth is allowed arsenic deduction portion calculating the taxable income.
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