Friday, September 30, 2022

Small Saving Schemes Rate Hike: Just 15 days more… PPF, NSC, Sukanya Samriddhi Yojana, Kisan Vikas Patra will get more interest!

Increase in the rate of small savings schemes: Investors investing in savings schemes like NSC, PPF, and Sukanya Samriddhi Yojana can get great news on the 30th of this month. The Modi government of the Center can announce to increase in the interest rate on other savings schemes of the post office including these savings schemes. On September 30, 2022, the central government will review and announce interest rates for small savings schemes for the third quarter of the current financial year 2022-23 from October to December.

Why will interest rates rise?
The repo rate was raised by RBI in three stages. There has been a 1.40 percent rise in the repo rate. After which the loan is becoming expensive, so all the banks are increasing the deposit rates along with it. But the surprising thing is that the interest rates on the savings schemes in which urban-rural common Indians invest as safe have not been increased so far. Savings programs like the NSC, PPF, and Sukanya Samriddhi Yojana do not have higher interest rates. But after the decision of RBI to increase the repo rate, the possibility of increasing the interest rates on these savings schemes at the end of September has increased. Let us tell you that after the meeting of the Monetary Policy Committee of RBI on 30 September 2022, it can announce to increase in the repo rate again. In fact, in August 2022, retail inflation again reached 7 percent, in such a situation the possibility of increasing the repo rate has increased.

Yields on government bonds increased
In fact, there has been a tremendous jump in the yield on government bonds in the last year due to rising inflation, and fears of a hike in interest rates. It is anticipated that in such a scenario, the interest rates of programs like PPF, NSC, and Sukanya Samriddhi Yojana connected to these bonds will rise. The Gopinath Committee had recommended in 2011 that the interest rate on such small savings schemes should be 25 to 100 basis points higher than the yield of government bonds. Yields on government bonds have risen but interest rates on small savings schemes have not been increased by the government after a review during the last quarter.

How much can interest rates increase?
The interest rates on all small savings programs could be raised from 0.50 to 0.75 percent, according to a possible announcement by the Finance Ministry. The government’s 10-year bond yield has increased from 6.04 percent to over 7.25 percent in 12 months. This equation predicts that the interest rate on PPF will rise from 7.1 percent to 7.81 percent. Sukanya Samriddhi Yojana’s interest rate may be raised from 7.6 percent to 8.10 percent. At present, the Senior Citizen Savings Scheme offers 7.40 percent interest, which can be increased to 8.31 percent.

How much interest
At present, the interest rate on Public Provident Fund (PPF) is 7.1 percent per annum, NSC ie National Savings Certificate is getting 6.8 percent annual interest. Sukanya Samriddhi Yojana is getting 7.6 percent interest while the senior citizen tax saving scheme is getting 7.4 percent interest. Interest on the Kisan Vikas Patra is 6.9 percent. The scheme offers a 5.5 percent interest rate on one-year fixed deposits, a 5.5-6.7 percent interest rate on one to five-year fixed deposits, and a 5.8 percent interest rate. On a five-year deposit plan, interest is being paid. After the first quarter of 2020-21. The interest rates for these savings plans have not changed. could.

Read More: Loan EMIs will rise due to inflation; be aware of how this will directly affect your wallet.

ūüĒ•ūüĒ•¬†Join Our Group For All Information And Update, Also Follow me For Latest InformationūüĒ•ūüĒ•
ūüĒ•¬†YouTube ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Click Here
ūüĒ•¬†Facebook Page ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Click Here
ūüĒ•¬†Instagram ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Click Here
ūüĒ•¬†Telegram Channel¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Click Here
ūüĒ•¬†Google News ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Click Here
ūüĒ•¬†Twitter ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Click Here
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img

Most Popular

spot_img

Latest

Photos: Now the railway stations of India will look more luxurious than the airport, the picture will be like this in the coming few...

Indian Railways' proposal for redevelopment of railway stations in New Delhi, Ahmedabad, and Mumbai has been approved. Around Rs, 10,000 crores is being invested...

Country’s most affordable electric vehicle debuts: With a starting price of Rs. 8.49 lakh and a range of 315 kilometres, Tata introduces the Tiago...

Today, Tata Motors unveiled the electric version of the Tata Tiago, a well-liked hatchback. It has an initial cost of Rs. 8.49 lakh. This...

FD Return: According to the annual inflation rate, understand the FD returns of these 5 banks, see how you will get the benefit

Inflation And Actual Return on FD:  If you are thinking of investing your money then this news can be useful for you. It is...

In online transactions, we are more cautious when: India leads the globe in multi-factor security adoption, with a utilisation rate of 66% and a...

When it comes to the acceptance and use of Multi-Factor Authentication, the nation is experiencing the fastest growth in the globe (MFA). The use...

Government is taking big step regarding Green Hydrogen Energy, Union Minister made a big statement

Green Hydrogen Energy: A strategy for green hydrogen energy has been developed by the government. In the coming days, work is going on fast...

Most Popular

Subscribe

* indicates required