Expectations 2025: The government can encourage people to save more by increasing the interest rates of other schemes including post office savings account, Sukanya Samriddhi Yojana.
Expectations 2025: People waiting for interest hike in small savings schemes may get some relief this time. It is believed that the government can encourage people to save more by increasing the interest rates of other schemes including post office savings account, Sukanya Samriddhi Yojana.
According to experts, the government can increase the interest rates of these schemes to give relief to the people troubled by inflation. To increase the GDP of the country, the government is emphasizing on increasing capital expenditure. The government receives a huge amount from these schemes. The increased rates will encourage people to deposit money in these schemes.
According to experts, a large number of retired people invest in these schemes. There is pressure on the government to increase interest rates to benefit small savers. It will be a step towards encouraging domestic savings. However, this will increase government expenditure.
There has been no change for the last three quarters
The government has not made any change in the interest rates for the three quarters of the current financial year and has kept them unchanged. Experts say that if there was an increase in the interest rate, it would have been a sign of encouraging domestic savings, which has been sluggish for the last few years. However, the government also has to see how much capacity it has to manage higher interest payments.
Rates of two schemes were increased in January
For the last quarter of the financial year 2023-24 i.e. January-March, the central government had increased the interest rates of only two schemes. In these, the interest rate of the popular Sukanya Samriddhi Yojana was increased from eight percent to 8.20 percent. Apart from this, the interest rates for three-year fixed deposits i.e. FD were increased from seven percent to 7.15 percent.
No change in PPF rates for four years
There has been no change in PPF rates for the last four years. The last change was made in April-June 2020, when it was reduced from 7.9 to 7.1. During the Corona period, the government revised the interest rates of many savings schemes and reduced them. Since then the interest rate of PPF has remained at 7.1. There were many revisions in the rates but there was no change in PPF.
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