Samriddhi Yojana for Sukanya Update: There is excellent news for you if you have investments in Sukanya Samriddhi Yojana or PPF. Actually, the government will drastically raise the interest rates on this type of savings program. Tell us more information.
Governmental Savings Programs There is good news for you if you have also invested in savings plans like Sukanya Samridhi Yojana, NSC, or PPF. You will now receive fantastic returns on your investments in these tiny projects. On its savings programs like PPF and Sukanya Samriddhi, the central government actually has the authority to announce a significant hike in interest rates. It is important to note that the Finance Ministry evaluates and releases the government savings programs’ interest rates before the start of each quarter. In such a scenario, it is anticipated that the Finance Ministry will be able to announce an increase in the interest rates on the government’s savings programs from 0.50 to 0.75 percent beginning in September 2022.
Even after the RBI decided to double the repo rate on June 30, 2022, the Finance Ministry did not alter the interest rates for modest savings plans. However, the interest rates on these savings schemes may be raised during the third quarter of the current fiscal year, which ends on September 30, 2022, when the Finance Ministry will evaluate the interest rates of these savings schemes.
On savings plans, interest rates will rise!
In actuality, several banks have raised the interest rates on deposits since the RBI raised the repo rate. It is anticipated that these government savings programs’ interest rates may rise in such a circumstance. PPF currently receives an interest rate of 7.1 percent annually, whereas NSC receives presently an interest rate of 6.8 percent annually.
Sukanya Samridhi Yojana and Senior Citizen Tax Saving Scheme both offer 7.6% and 7.4% interest, respectively, at the moment. In addition, Kisan Vikas Patra is receiving interest at a rate of 6.9 percent. People now have high hopes that starting in July, the government would raise the interest rate on these programs.
No modification since April 2020
Notably, since the first quarter of the years 2020–21, there hasn’t been a change in the interest rates for small savings plans. The interest rate on various small savings plans for the first quarter of the fiscal year 2022–23, which runs from April 1–June 30, 2022, was previously announced by the Finance Ministry in a notification (January). Let us inform you that the interest rates for modest savings plans are updated on a quarterly basis and will not alter from the existing rates that are in effect.
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