There is good news for those investing in National Savings Certificate (NSC) , Post Office Deposit Scheme and Senior Citizen Saving Schemes.
The Finance Ministry has announced to increase the interest rates on these savings schemes for the third quarter of the financial year 2022-23.
However, there has been no change in the interest rates on PPF, Sukanya Samridhi Yojana and NSC.
The interest rate on NSC has been increased from 6.8 percent to 7 percent.
Whereas earlier investment in Kisan Vikas Patra used to mature in 124 months.
But now the investment will mature in 123 months only. The interest rate on Senior Citizen Savings Scheme has been increased from 7.4 per cent to 7.6 per cent.
Instead of 6.6 percent on Monthly Income Account Scheme, now 6.7 percent interest will be given.
Instead of 5.5 per cent, the post office two-year fixed deposit scheme will now get 5.7 per cent interest.
At the same time, 5.8 percent interest will be given instead of 5.5 percent on the 3-year fixed deposit scheme. 5.5 There is no change in the interest rate on one year fixed deposits.
Also, there has been no change in the 5.8 percent interest rate available on the five-year deposit scheme.
The Finance Ministry has not made any change in the interest rates of PPF, Sukanya Samriddhi Yojana, National Savings Certificate Scheme for the October to December quarter.
7.1 percent on Public Provident Fund (PPF), 6.8 percent on NSC i.e. National Savings Certificate, 7.6 percent on Sukanya Samridhi Yojna.
There has been no change in the 4 percent interest rate on the post office savings deposit account as well. So 5.8 percent interest has been retained even on 5 years recurring deposit.
RBI may increase policy rates after the monetary policy meeting on the morning of September 30, 2022.
It is believed that by increasing the repo rate by 0.50 percent, RBI can increase it from 5.40 percent to 5.90 percent.
But before this, the government has announced to increase the interest rates while reviewing the interest rates of small savings schemes.
Let us tell you that since the first quarter of 2020-21, till now there was no change in the interest rates of small savings schemes in 10 quarters.
Interest rates have been increased for the third quarter of the current financial year after the RBI increased the repo rate three times and increased the yield on bonds.
