Small Saving Schemes Rates: Public Provident Fund: PPF interest rates have not been increased since 2020 whereas interest rates of all other schemes have been increased.
Small Saving Schemes Rates: The NDA government led by Prime Minister Narendra Modi at the Center can give a gift to the investors by increasing the interest rates of PPF (Public Provident Fund) and other small savings schemes. On June 28, 2024, the Finance Ministry will review and announce the interest rates of government savings schemes for the second quarter of the financial year from July to September. In this review, it is believed that the interest rates of Public Provident Fund can be increased.
Government will increase the interest rate!
The Department of Economic Affairs of the Ministry of Finance did not make any change in the interest rates for the first quarter of the current financial year from April to June. The same interest was given on small savings schemes in the first quarter as was given in the fourth quarter of the financial year 2023-24. At that time, the code of conduct was in place in the country due to the Lok Sabha elections . But the government has been formed at the Center for the third consecutive time under the leadership of PM Modi. In such a situation, the government can give a gift to those investors who invest their hard-earned money in these schemes.
PPF investors disappointed
The government had given a big gift on the new year to the investors who invested in Sukanya Samriddhi Yojana. For the fourth quarter of the financial year 2023-24, the interest rates of the scheme were increased from 8 percent to 8.2 percent. Apart from this, the interest on deposits of 3 years duration was increased from 7 percent to 7.1 percent. But no change was made in the interest rates of other small savings schemes. Especially the investors of Public Provident Fund i.e. PPF have been disappointed again.
Interest rates on other savings schemes increased
The central government has not made any change in the interest rates of Public Provident Fund since the first quarter of the financial year 2020-31. Investors are being given 7.1 percent interest on PPF. Since the trend of increasing interest rates on deposits has started, the government has increased the interest rates of all small savings schemes. Apart from this, 4 percent interest is being given on savings deposits, 6.9 percent on 1-year term deposits, 7 percent on 2-year time deposits, 7.5 percent interest on 5-year deposits and 6.7 percent interest on 5-year recurring deposits.
PPF investors will get a gift!
The interest rates on all these savings schemes have been increased in the last few quarters but the interest rates of Public Provident Fund have been kept unchanged. There is no possibility of change in policy rate by RBI in the current year 2024 because food inflation remains a hindrance in the way. In such a situation, there is a possibility of increase in interest rates on PPF.
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