Sukanya Samriddhi Yojana Update: If you have invested in schemes like Sukanya Samriddhi Yojana, PPF then there is good news for you. Actually, the government is going to increase the interest rates tremendously on such a savings scheme. Let us know in detail.
Government Savings Schemes: If you have also invested in savings schemes like Sukanya Samriddhi Yojana, NSC, and PPF, then there is important news for you. Now you are going to get tremendous returns on these schemes. In fact, from July 1, the central government can announce a tremendous increase in interest rates on its savings schemes like PPF and Sukanya Samriddhi.
It is worth noting that the Finance Ministry reviews and announces the interest rates of government savings schemes before the start of every quarter. So hopefully from tomorrow. On July 1, 2022, the Finance Ministry may announce to increase the interest rates on the government’s savings schemes from 0.50 to 0.75 percent.
Interest rates will increase on savings schemes!
In reality, many banks have raised their deposit interest rates after the RBI raised the repo rate by 0.90 percent. In such a situation, it is expected that from July 1, the interest rates on these government savings schemes may also increase. At present, Public Provident Fund (PPF) offers an interest rate of 7.1 percent per annum, while NSC offers an interest rate of 6.8 percent per annum.
At present, 7.6 percent interest is available on Sukanya Samriddhi Yojana and 7.4 percent on Senior Citizen Tax Saving Scheme. Apart from this, 6.9 percent interest is being given on Kisan Vikas Patra. People now have high hopes that the government will raise the interest rate on these programs starting in July.
No change from April 2020
Notably, since the first quarter of the years 2020–21, there hasn’t been a change in the interest rates for small savings plans. The interest rate on various small savings plans for the first quarter of the fiscal year 2022–23, beginning on April 1, was previously announced by the Finance Ministry in a notification. 2022, for the fourth quarter (January) to June 30, 2022. Let us inform you that the interest rates for small savings schemes are revised on a quarterly basis.
Now account of the ‘third’ daughter can also be opened
Earlier in this plan, only the accounts of the two daughters were eligible for the tax exemption under 80C. The third daughter was not getting this benefit. Under the new rule, if two twin daughters are born after one daughter, then there is a provision to open the account for both.
What is Sukanya Samriddhi Yojana?
Samriddhi Sukanya Yojana is a long-term plan that you can invest in to ensure your daughter’s future and education. Even little financial investment is required for this. This strategy is undergoing numerous significant revisions. Under the new rules, the provision of refunding the wrong interest in the account has been removed. At the conclusion of each fiscal year, the account will also receive credit for the yearly interest earned. Earlier the rule was that the daughter can operate the account only after 10 years. The daughter won’t be able to manage the account until becoming 18 though, thanks to the new regulations. Earlier, only the parent would continue to operate the account.
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