Saving Schemes: After the decision of RBI to increase the repo rate, it is expected that from July 1, interest rates on small savings schemes can be increased.
Small Saving Schemes: If you invest in savings schemes like NSC, PPF and Sukanya Samridhi Yojna, then good news can be announced for you in June. After increasing the RBI’s repo rate by 40 basis points to 4.40 percent, when the Finance Ministry reviews the interest rates of these savings schemes for the second quarter of the current financial year, then the interest rates on these savings schemes can be increased.
Interest rates may increase on savings schemes
After the decision of RBI to increase the repo rate, many banks have started increasing the interest rates on deposits. In such a situation, it is expected that from July 1, the interest rates on these savings schemes can be increased. At present, the interest rate on Public Provident Fund is 7.1 percent, while the interest rate on NSC is 6.8 percent. Sukanya Samriddhi Yojana provides 7.6 percent interest. The Senior Citizen Savings Scheme is getting 7.4 percent interest. Kisan Vikas Patra is getting 6.9 percent interest. Let us tell you that there has been no change in the interest rates of small savings schemes since the first quarter of 2020-21.
If we look at the interest rates of small savings schemes, the one-year fixed deposit scheme is getting an interest rate of 5.5 percent in the first quarter of the next financial year. An interest rate of 5.5-6.7 percent is being given on fixed deposits of one to five years. Whereas the interest rate on five-year recurring deposit is being given at 5.8 percent.
The Finance Ministry had issued the notification
Earlier, the Finance Ministry has said in a notification that, the interest rate on various small savings schemes for the first quarter of the financial year 2022-23, starting from April 1, 2022, and ending on June 30, 2022. The existing rates applicable for the fourth quarter (January) to be held, will remain unchanged. In fact, the interest rates for small savings schemes are notified on a quarterly basis.
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