The federal government has maintained rates of interest regular on varied small financial savings schemes, together with well-liked schemes like Public Provident Fund (PPF) and Sukanya Samriddhi Scheme. Among the many small financial savings schemes, Sukanya Samriddhi Yojana provides 7.6%, Senior Citizen saving scheme 7.4% and PPF 7.1%. Then again, SBI’s 5-10 yr mounted deposits attracted 5.50% rates of interest. Rates of interest for small financial savings schemes are reviewed on a quarterly foundation.
“The speed of curiosity on varied small financial savings schemes for the primary quarter of monetary yr 2022-23, ranging from 1st April 2022 and ending on thirtieth June, 2022, shall stay unchanged from the present charges relevant for the fourth quarter (1st January 2022 to thirty first March 2022) of FY 2021-22,” the finance ministry mentioned in an announcement.
Earlier this month, the EPFO, earlier this month, determined to decrease the rate of interest to 4 decade low of 8.1% for 2021-22. The speed was 8.5% for 2020-21.
It must be famous that from from April 1, 2022, publish workplaces will cease paying curiosity on Senior Citizen Financial savings Scheme, Month-to-month Earnings Scheme and Time period Deposit accounts in money. The curiosity will solely be credited solely in account holder’s publish workplace financial savings account or checking account.
In case the account holder is just not in a position to hyperlink his/her financial savings account with Senior Citizen Financial savings Scheme, Month-to-month Earnings Scheme and Time period Deposit accounts accounts, the excellent curiosity must be paid solely by means of credit score in publish workplace financial savings account or by cheque.
The division of Submit has urged Senior Citizen Financial savings Scheme, Month-to-month Earnings Scheme and Time period Deposit accounts account holders to hyperlink their financial savings account (both Submit Workplace Financial savings Account or Checking account) for curiosity cost.
Among the many different publish workplace small financial savings schemes, the one to five-year time period deposits will proceed to fetch 5.5% to six.7 %. The rate of interest on financial savings deposits will proceed to be 4% each year.
The Kisan Vikas Patra will proceed to supply 6.9% compounded yearly and the quantity invested doubles in 124 months (10 years and 4 months).
Supply: Live Mint