Sukanya Samriddhi Yojana & PPF: After increasing the repo rate by RBI, now the Finance Ministry can increase the interest rate available in small savings schemes. With rising inflation and costly loans, the interest rate is expected to rise.
Sukanya Samriddhi Yojana & PPF: If you also invest in Sukanya Samriddhi Yojana or Public Provident Fund (PPF), then this news will make you happy. The interest rate of SSY and PPF can be changed soon by the government. If this happens then those investing in Small Savings Scheme will get direct benefit.
Banks are increasing interest on FD and RD
According to media report in view of rising inflation, interest on government savings schemes may be higher than the current rate. After the increase in the repo rate by RBI, the interest rate of FD and RD is being increased by various banks. In such a situation, the interest rate on government savings schemes is also expected to increase.
Interest rates will be reviewed on June 30
Let us tell you that on June 30, the interest rates on the Small Savings Scheme are to be reviewed. This review is to be done for the quarter of July to September 2022. This time the interest rate is expected to increase on these savings schemes from the government. There has been no change in the interest rate on Small Savings Schemes for a long time. In such a situation, in view of inflation, interest on them can be increased.
Why is the interest rate likely to change?
Both the bank and the Reserve Bank are in favor of increasing the interest on small savings schemes. The RBI governor had indicated a few days ago that the repo rate can be increased in future to curb inflation. With the increase in the interest rate of the loan, there is every possibility that the returns on PPF and Sukanya Samriddhi Yojana will also increase.
Interest rates are revised 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. These interest rates are decided by the Finance Ministry.
How much interest on which savings scheme
At present, interest is earned on PPF at the rate of 7.1% per annum. At the same time, 7.6% annual return is given to those who invest in Sukanya Samriddhi Yojana. Similarly, if you talk about National Savings Recurring Deposits Account, then it has a return of 5.8%. The interest rate on Kisan Vikas Patra is 6.9 percent.
