Increase in the rate of small savings schemes: There is good news for those investing in other small savings schemes including Kisan Vikas Patra, Post Office Deposit Schemes and Senior Citizen Savings Schemes. The Finance Ministry has decided to increase the interest rate on savings schemes for the third quarter of the financial year 2022-23. But there has been no change in the interest rates on PPF, Sukanya Samriddhi Yojana and NSC.
By how much did the interest rate increase?
The interest rate on Kisan Vikas Patra has been increased from 6.9 percent to seven percent. Earlier, investment in Kisan Vikas Patra used to mature after 124 months. But now it will mature after 123 months.
The interest rate on Senior Citizen Savings Scheme has been increased from 7.4 percent to 7.6 percent. Interest rate on Monthly Income Scheme account has been increased. The interest rate on the monthly income scheme has been increased from 6.6 percent to 6.7 percent.
Increase in interest rate on post office savings scheme
The post office’s two-year fixed deposit scheme will get 5.7 per cent interest instead of 5.5 per cent. Meanwhile, the interest rate on the three-year fixed deposit scheme has been increased from 5.5 per cent to 5.8 per cent. There is no change in the interest rate on one year fixed deposit schemes. 5.5 interest is paid on one year fixed deposit scheme. Similarly, there has been no change in the interest rate on the five-year fixed deposit scheme. The five-year fixed deposit scheme offers 5.8 percent interest.
No change in interest on PPF, Sukanya Yojana
The Finance Ministry has not made any change in the interest rates on PPF, Sukanya Samriddhi Yojana, National Savings Certificate Scheme for the quarter October to December. 7.1 percent interest on Public Provident Fund (PPF), 6.8 percent on NSC ie National Savings Certificate, 7.6 percent interest on Sukanya Samriddhi Yojana. There has also been no change in the interest rate on investments in post office savings deposit accounts. Four percent interest will be given on this.
Meanwhile, there has been no change in the interest rate on Cho’s savings scheme for the last ten quarters since the first quarter of 2020-21. Meanwhile, RBI has increased the repo rate three times.
