Public Provident Fund: No changes were made by the government on small savings schemes. Soon it is expected that the government will announce an increase in the interest rate on these savings schemes as well.
Post office Saving Scheme: If you also invest in government’s small savings schemes like PPF (PPF), Sukanya Samriddhi Yojana (SSY) and Kisan Vikas Patra (KVP) etc. then this news will make you happy. After the increase in the repo rate by the RBI, all banks have increased the interest rate on FDs. But no change was made by the government on small savings schemes. Soon it is expected that the government will announce an increase in the interest rate on these savings schemes as well.
Expected to increase interest on savings scheme
The interest received on Small Savings Scheme (SSS) will be reviewed by the government on March 31 and later it will be announced to increase it. It is expected that this time the interest can be increased on savings schemes related to PPF (PPF), Sukanya Samriddhi Yojana (SSY), Kisan Vikas Patra (KVP) and post office savings scheme. Sources say that the interest rate will be reviewed for the coming quarter.
It is necessary to increase the interest rate
Looking at the current market conditions, it is necessary to increase the interest rate. That’s why this time there is talk of revising the interest rate on PPF, Sukanya Samriddhi Yojana. At the beginning of the financial year 2021-22, interest was increased on some savings schemes. But some were kept steady. Recently, an announcement has been made by EPFO to increase the interest rate.
Interest will be reviewed on March 31
Sources claim that the interest on small savings schemes will be reviewed on March 31. The interest rate to be received from April 1 to June 30 will be announced by the Finance Minister. Experts expect that the interest rate can be increased by 10-20 basis points. Presenting the budget, the Finance Minister made changes in the Senior Citizen Savings Scheme and the Post Office Monthly Income Scheme (Post Office MIS). After this, changes are expected in PPF, NSC and Sukanya Samriddhi.
Let us tell you that the interest on small savings schemes is reviewed by the government on a quarterly basis. The interest rate is reviewed according to the inflation rate, the interest rate of the bank. These interest rates are fixed by the Ministry of Finance and notified there itself. Let us tell you that currently interest is being received on PPF at the rate of 7.1% per annum and on Sukanya Samriddhi at the rate of 7.6%.
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