PPF, SSY Interest Rate: The government has once again increased the interest rate of small savings schemes. This increase has been from 10 to 30 bps. The 2-year fixed deposit rate has been increased by 10 bps.
Small savings schemes: The central government has once again increased the interest rate of small savings schemes. For the quarter from July to September, this increase has been in the range of 10 to 30 bps. The Finance Ministry on June 30 said it has raised the interest rate on small savings schemes by 10-30 bps for the September quarter. The two-year fixed deposit rate has been increased by 10 bps. At the same time, an increase of 30 bps was recorded in the 5-year recurring deposit interest rate.
However, there has been no change in the interest rates of PPF, NSC, Kisan Vikas Patra, Senior Citizen Scheme, Sukanya Samriddhi Yojana.
There was an increase in the April quarter: Let us tell you that during the quarter from April to June, the interest rate of National Savings Certificate (NSC) was increased the most. 7.7% interest is available for this scheme, which was earlier 7%. The interest on Sukanya Samriddhi, a savings scheme for the girl child, was increased from 7.6% to 8%. The interest rate for Senior Citizen Savings Scheme has been increased from 8% to 8.2% and for Kisan Vikas Patra from 7.2% to 7.6%.
Kisan Vikas Patra will now mature in 115 months instead of 120 months. Interest on Public Provident Fund ie PPF has been retained at 7.1% and on savings deposits at 4%. Interest on Monthly Income Scheme has been increased by 0.3 percent to 7.4 percent. Let us tell you that the interest rates for small savings schemes are revised every quarter. The decision on this is taken by the Finance Ministry.
