Small Savings Scheme Interest Rate: If you also invest in the government’s small savings scheme, then this news is for you. The Reserve Bank of India (RBI) has raised the repo rate three times since it was last changed. After this, it was expected that the government could give good news to those investing in small savings schemes by increasing the interest rate in the quarterly review. However, the government has only launched a small number of savings programs to raise the interest rate.
There is no change in the interest rate,
Let us inform you that the government has decided to raise interest rates solely on a select few small savings programs by up to 0.3 percent. The government has taken this step in view of the strengthening of interest rates in the economy at this time. However, the interest on PPF, the preferred savings scheme among the salaried, has been retained at 7.1 percent. Apart from this, the interest rate on National Savings Certificate (NSC) has also been kept at 6.8 percent. In addition, there has been no change in Sukanya Samriddhi’s interest rate.
In the third quarter, the interest rate has been increased by 0.3 percent
On five other schemes on which income is taxable, interest rates have been increased by up to 0.3 percent. After this change, now the post office will get 5.8 percent interest on deposits for three years. Till now this rate was 5.5 percent. In the third quarter of the current fiscal year, the interest rate will rise in this manner by 0.3 percent.
Senior citizens also benefited
In the information given by the Ministry of Finance, it was told that for the October-December quarter, now the senior citizen savings scheme will get interested at the rate of 7.6 percent. On this, 7.4% interest has thus far been paid. The Kisan Vikas Patra now has a revised tenure and interest rate. Under this, the interest in Kisan Vikas Patra has increased from 6.9 percent to 7.0 percent. It will now mature in 123 months rather than 124.
Now 6.7 percent interest will be given on the monthly savings scheme instead of 6.6. RBI has increased the key policy rate repo by 1.4 percent since May. As a result, banks are raising interest rates on deposits. Interest on deposits of five years ‘recurring’ or after will be 5.8 percent as before.
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