The decision on the interest of other small savings schemes including Public Provident Fund (PPF) and Sukanya Samriddhi Yojana is about to come. It is believed that for the quarter from October to December 31, the government may keep the interest rates unchanged. The government will not take the risk of deducting the interest of these schemes. Talking about the current financial year, in the quarter between July 1 and September 30, the interest rates of small savings schemes were kept unchanged.
The government had earlier on April 1 withdrew immediately the 1.1 percent reduction in the interest rate of small savings schemes for the first quarter, saying it was a mistake. In this way, the interest rates on savings schemes remained stable. This means to say that there has been no change in interest rates so far in the current financial year. Let us tell you that the decision to change the interest rates is taken by the government on a quarterly basis. Today is the last day of this quarter i.e. 30th September.
What is the interest rate now: The interest rate on Sukanya Smridhi Yojana is 7.6 percent per annum. An interest of 7.4 per cent is payable on the five-year Senior Citizens Savings Scheme. At the same time, the rate of interest on savings deposits remained at four percent per annum.
The interest rate on the one-year fixed deposit scheme will remain at 5.5 per cent. The interest rate on PPF is 7.1 percent per annum, while the National Savings Certificate (NSC) offers an interest rate of 6.8 percent.
