This information is helpful to you if you invest in PPF-Sukanya Samridhi and other similar programs. The Modi 3.0 administration may decide to raise the interest rate on small savings plans during the fiscal year’s second quarter, which runs from July to September. By June 30, the Finance Ministry will revise the interest rate. Before this, the interest rate was held steady from April to June at the same level. However, it is anticipated that the government will help small investors this time.
For a considerable amount of time, the PPF interest rate has been 7.1%.
It is important to note that the government monitors interest rates on savings programs such as RD, PPF, Kisan Vikas Patra, NSC, Sukanya Samriddhi Yojana, Mahila Samriddhi Savings Certificate, and Senior Citizen Savings Scheme (SCSS) every quarter. This time the budget is expected to be presented on 22 July. If the interest rate is increased by the Finance Ministry, it will be a big gift for the middle class before the budget. The interest rate of PPF has remained at 7.1 percent per annum for a long time.
People will save more money if interest rates rise.
Increasing interest rates, according to financial experts, will motivate consumers to save more money. However, the government will need to think about raising interest rates. It is said that for the past few years, the interest rate on small savings plans has stabilized. However, the government must first determine whether or not it can afford to pay higher interest rates. The country may suffer losses on the international front if the government raises interest rates excessively. It is anticipated that the government will progressively raise interest rates in such a scenario.
The interest rates of the two schemes were modified by the government for the final quarter of the fiscal year 2023–2024. At that point, Sukanya Samriddhi Yojana (SSY) interest rates were raised from 8% to 8.20%. The three-year fixed-rate loan (FD) interest rate was raised by the government to 7.1 percent. Nonetheless, for the past four years, the PPF interest rate has stayed constant. The PPF interest rate was last modified in April or June of 2020. It decreased to 7.1 percent during the Corona pandemic from 7.9 percent. There was no alteration in it after that.
Small savings schemes and the interest rate on them
- PPF is currently getting an interest rate of 7.1% per annum.
- SCSS – Senior Citizen Savings Scheme is getting an interest rate of 8.2%.
- The amount deposited under Sukanya Samriddhi Yojana is getting an interest rate of 8.2%.
- National Savings Certificate is getting an interest rate of 7.7%.
- Post Office Monthly Income Scheme is currently getting an interest rate of 7.4%.
- Kisan Vikas Patra (KVP) is getting an interest rate of 7.5%.
- The interest rate on 1-year deposits is 6.9%.
- The interest rate on 2-year deposits is 7.0%.
- The interest rate on 3-year deposits is 7.1%.
- The interest rate on 5-year deposits is 7.5%.
- The interest rate on 5-year RD is 6.7%.
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