If you are thinking of investing in Small Savings Scheme, then there is news of relief for you. The central government has not made any change in the small savings interest rates for the July to September quarter.
Small Savings Scheme Rate:
If you are thinking of investing in Small Savings Scheme, then there is news of relief for you. The central government has not made any change in the small savings interest rates for the July to September quarter. According to the order of the Ministry of Finance, it has been decided not to make any change in the interest rates. Interest will continue to be available on PPF, KVP, SSY, NSC, Monthly Income Scheme, Time Deposit and Senior Citizens Savings Scheme Account (SCSS) as before.
When were the rates changed before
The Central Government has not made any change in the interest rates of the Small Savings Scheme for the fifth consecutive quarter. Earlier, in the first quarter of the financial year 2020-21, interest rates were reduced by up to 1.4 percent. Earlier in April 2021, the government had withdrawn the decision to reduce the interest rates of these savings schemes. Earlier it was reported that the interest rates of small savings have been reduced. But the next day, the Finance Ministry was informed about the withdrawal of the decision through a tweet.
How much interest is getting on which scheme?
- In the current quarter, the interest on PPF is 7.1 percent per annum.
- Kisan Vikas Patra i.e. KVP is getting 6.9 percent annual interest.
- The interest in Sukanya Samriddhi Yojana is 7.6 percent per annum.
- The annual interest in NSC is 6.8 percent.
- SCSS is getting 7.4 percent annual interest.
- The monthly income scheme has an interest rate of 6.6% per annum.
- Interest is getting 5.8 percent per annum in the post office’s recurring deposit scheme.
- At the same time, the interest on the 5-year time deposit scheme is 6.7 percent per annum.
Guaranteed returns in these plans
The Small Savings Scheme of the Post Office is a very popular scheme. There is a complete guarantee of security on the money deposited by the investors in the post office. Here the money remains safe, while a stable return is also available. These plans are not affected by market volatility. However, in the last few years, interest rates on small savings have come down.
