Sukanya Samriddhi Yojana: Repo rate has been increased thrice in the last days by the Reserve Bank. After increasing the repo rate by 1.40 percent, it is expected to increase once again. Along with this, many banks have increased the interest rate of FD and RD.
PPF Interest Rate: If you also invest in small savings schemes run by the government, PPF, Sukanya Samriddhi Yojana, NPS or Kisan Vikas Patra etc., then this news will give you relief. According to the information received from the sources, the government is expected to change the interest rate of Sukanya Samridhi Yojana (SSY) and PPF on 30 September. The interest rate hike will happen to the investors who invest in Small Savings Schemes.
Changes will come into effect from October 1, 2022
In order to reduce the inflation level, the repo rate was increased by the RBI last days. Due to the increase in the interest rate by banks, it is expected to get more interest on savings schemes in the September quarter. The changes made in the interest rate will be implemented from 1 October 2022. RBI has increased the repo rate by 1.40 percent in three times.
Interest rate will be reviewed on this day
There are only 10 days left for the interest rate review. The interest on small savings schemes will be reviewed on 30 September. This review is to be held for the quarter October to December 2022. According to sources, it is expected that the interest rate can be increased by 60 to 70 basis points. There has been no change in the interest rate on the Small Savings Scheme for a long time.
Why will the interest rate change?
RBI has increased the repo rate thrice since May. At present it is running at 5.4%. The repo rate is expected to increase once again. In the last week of September or the first week of October, the repo rate can be increased again by 25 to 35 basis points. But the government has not made any change in the interest on savings schemes. In such a situation, it is expected that this time the government will increase the interest on small savings schemes.
Savings plan is reviewed every three months
The interest on small savings schemes is reviewed by the government every three months. During this review, a decision is taken whether to increase, decrease or keep the interest rate constant. The Finance Ministry takes a decision on increasing or decreasing these interest rates.
Highest interest on Sukanya Samridhi
At present, interest is earned on PPF at the rate of 7.1% per annum. Apart from this, 7.6% annual return is given to those who invest in Sukanya Samriddhi Yojana (SSY). If we talk about National Savings Recurring Deposits Account, then it gives a return of 5.8%. The rate of interest on Kisan Vikas Patra is 6.9 percent.
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