PPF-Sukanya Samriddhi Interest Rate: The government has decided to increase the interest rates by up to 0.3 percent only on some small savings schemes. The interest rates are getting stronger in the economy at this time, in view of which the government has taken this step.
Small Savings Scheme Interest Rate: If you also invest in the government’s Small Saving Scheme, then this news is for you. The repo rate is being increased by the Reserve Bank of India (RBI) for the last three times. After this, it was expected that the government can give good news by increasing the interest rate to those investing in small savings schemes in the quarterly review. But only a few savings schemes have been announced by the government to increase the interest rate.
No change in interest rate
Let us tell you that the government has decided to increase the interest rates by up to 0.3 percent only on some small savings schemes. The interest rates are getting stronger in the economy at this time, in view of which the government has taken this step. However, the interest on PPF, the preferred savings scheme among the salaried, has been retained at 7.1 percent. Apart from this, the interest rate on National Savings Certificate (NSC) has also been kept at 6.8 percent. Apart from this, there has been no change in the interest rate of Sukanya Samriddhi.
Interest rate hiked by 0.3 percent in the third quarter
Interest rates have been increased by up to 0.3 percent on five other schemes on which income is taxable. After this change, 5.8 percent interest will now be available on the deposit of three years in the post office. Till now this rate was 5.5 percent. In this way, the interest rate will increase by 0.3 percent in the third quarter of the current financial year.
Senior citizens also benefit
The information given by the Ministry of Finance was told that for the quarter of October-December, an interest of 7.6 percent will now be available on the Senior Citizen Saving Scheme. So far it is getting 7.4 percent interest. Both the tenure and interest rate of Kisan Vikas Patra have been revised. Under this, the interest on Kisan Vikas Patra has increased from 6.9 percent to 7.0 percent. Now it will mature in 123 months instead of 124 months.
Now instead of 6.6, 6.7 percent interest will be given on the monthly savings scheme. RBI has increased the key policy rate repo by 1.4 percent since May. Due to this banks are increasing the interest rates on deposits. Interest on five-year ‘recurring’ or subsequent deposits will be 5.8 percent as before.
