Bank FD Vs Small Savings Schemes: Everyone makes small savings from their hard-earned money in the hope that they do not have to face any kind of financial problem after retirement.
However, to achieve this goal, there is a need to invest your savings in the right place. If you invest in the right place then you can get huge returns. Recently, the Central Government has made no change in the interest rates of many small savings schemes including PPF, Senior Citizens Savings Scheme, Sukanya Samriddhi Yojana and Post Office Time Deposits. Have done.
However, the interest rate on 5 year recurring deposits has been increased. The interest rate has been increased from 6.5 to 6.7 percent. It has been increased by 20 basis points. There was a possibility of change in the interest rates of Public Provident Fund (PPF). But, this time also the government has disappointed the PPF investors. The interest rate of PPF has been kept constant at 7.1 percent. At the same time, the interest on schemes like Sukanya Samriddhi Yojana and Kisan Vikas Patra has also been kept stable. These interest rates will be applicable from October 1 to December 31.
Know how much interest is being received in which scheme and where
In a notification issued by the Finance Ministry, it has been said that 4.0 percent interest is being given on the savings account. The same interest was being given in the last quarter also. There has been no change in it even in the October-December quarter.
- 1 year post office time deposit – 6.9 percent interest
- 2 years post office time deposit – 7.0 percent interest
- 3 years post office time deposit – 7.0 percent interest
- 5 year post office time deposit – 7.5 percent interest
- 5 year recurring deposit – 6.7 percent interest (till now it was 6.5 percent)
- National Savings Certificate – 7.7 percent interest
- Kisan Vikas Patra – 7.5 percent interest (on maturity in 115 months)
- Public Provident Fund- 7.1 percent interest
- Sukanya Samriddhi Yojana – 8.0 percent interest
- Monthly Income Account Scheme – 7.4 percent interest
- Senior Citizen Savings Scheme – 8.2 percent interest
According to the notification, interest rates on small savings schemes range from 4 percent to 8.2 percent. In this, the interest rate on Senior Citizen Savings Schemes is 8.2 percent per annum.
Know what are the interest rates on bank FDs
HDFC Bank is offering interest rates up to 7.75 per cent on fixed deposits of less than Rs 2 crore, depending on the tenure and age of the depositor. Whereas ICICI is giving interest up to 7.75 percent on annual basis. State Bank of India is providing interest up to 7.75 percent per annum.
