Small Saving Schemes Rate Hike Likely: After the RBI’s decision to increase the repo rate, one after the other, from government banks to private banks, fixed deposits to recurring deposits are increasing the interest rates. Due to which there has been a big relief to those who have hard earned money by making fixed deposits and recurring deposits in banks. But with this, now the government’s hopes of increasing the interest rates of small savings schemes like NSC, PPF and Sukanya Samridhi Yojna have increased.
It is believed that in September next month, when the Finance Ministry will review the interest rates of small savings schemes, then the interest rates on these schemes can be increased. At present, the interest rate on Public Provident Fund is 7.1 percent per annum, 6.8 percent on NSC ie National Saving Certificate, 7.6 percent on Sukanya Samridhi Yojana, 7.4 percent on Senior Citizen Saving Scheme, farmers An interest rate of 6.9 percent is being given on Vikas Patra, 5.5 percent on one-year fixed deposit scheme and 5.5-6.7 percent on fixed deposits of one to five years. Whereas 5.8 percent interest is being given on the five-year deposit scheme.
On June 30, 2022, even after the RBI’s decision to increase the repo rate twice, the Finance Ministry did not change the interest rates of small savings schemes. But for the third quarter of the current financial year on September 30, 2022, when the Finance Ministry will review the interest rates of these savings schemes, then the interest rates on these savings schemes can be increased.
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