Small Saving Schemes: A record increase has been seen in the collection of small savings schemes during the September quarter. At the same time, the deposit amount in Senior Citizen Saving Scheme has increased by 2.5 times.
Small Saving Schemes Collection: An increase in collection under small savings schemes has been seen. During the September quarter, the amount deposited under the Senior Citizen Saving Scheme, a scheme run by the Central Government, has increased by about 2.5 times year on year. According to the report of Indian Express, the total collection under the scheme has increased to Rs 74,675 crore.
The collection in the Senior Citizen Saving Scheme during this period a year ago was Rs 28,715 crore, which has increased by more than 160 percent. The total collection under Mahila Samman Savings Certificate during the September quarter was Rs 13,512 crore. This scheme was implemented for women during the current financial year only.
Increase in interest and investment limits
The interest rate for the Senior Citizen Savings Scheme was increased from 8 per cent to 8.2 per cent in the June quarter and has remained unchanged since then. Apart from this, the investment limit in the scheme for the elderly was increased from Rs 15 to Rs 30 lakh from April this year.
Interest of these small savings schemes did not increase
Other small savings rates from the central government remained unchanged for the December quarter. However, under the five-year RD scheme, the interest was increased by 20 basis points. Whereas the interest rate for Public Provident Fund Scheme remains unchanged at 7.1 percent. An official said that its interest has been kept unchanged due to tax benefits.
Since when has PPF interest not increased?
There has been no change in the interest on PPF since April 2020, when it was reduced to 7.1 percent. Whereas for April-June 2021, the government had proposed to reduce it from 7.1 percent to 6.4 percent. However, this decision was withdrawn after a day. At present, PPF is still one of the highest interest paying small savings schemes.
