The interest rate has been increased by the government on schemes like Time Deposit Scheme, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (KVP) and Post Office Monthly Income Scheme for two and three years.
The central government has increased the interest rate of small savings schemes after nine quarters. However, the government has not increased the interest rate on all small savings schemes. The government has increased the interest rate on schemes like Time Deposit Scheme, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (KVP) and Post Office Monthly Income Scheme for two and three years.
Earlier in the first quarter of 2020-21, the interest rate of these schemes was cut. Let us tell you that the increase in the interest rate of these small savings schemes is effective from October 1.
Latest Rate of Post Office TD (for two years)
Under this scheme, there has been an increase of 20 basis points for two years. For the first two years, people were given an interest of 5.5 percent under this scheme, but now after the increase, the interest of 5.7 percent will be given.
Latest Rate of Post Office TD (for three years)
The interest on the post office TD for three years has been increased by 30 basis points. Earlier, an interest of 5.5 was given on this, but now after this increase, the interest of 5.8 percent will be given to the people.
Senior Citizen Latest Interest Rate
Under the Varishtha Nagrig Bachat Yojana, the interest rate has been increased by 20 basis points and now customers will get 7.6% interest. Earlier, these people were getting an interest of 7.4%.
Kisan Vikas Patra (KVP) Interest Rate
The government has also increased the interest rate on the Kisan Vikas Patra (KVP) scheme. Now under this scheme, people will get 7 percent interest on the maturity of 123 months. At the same time, the interest rate of 6.9 percent was given earlier for 124 months.
Monthly Income Scheme (MIS) Fresh Interest Rate
Under the Monthly Income Scheme (MIS), the interest rate has been increased by 10 basis points to the customers. Now customers will be given 6.7 percent interest under this scheme and earlier they were getting 6.6% interest.
PPF, NSC, Sukanya Samriddhi Yojana Interest Rate
No changes have been made by the central government under PPF, NSC, Sukanya Samriddhi Yojana. Along with this, no changes have been made in the Post Office Savings Deposit Scheme, 1 Year Time Deposit, 5 Year Time Deposit and Post Office RD Scheme.
