How much interest rates have changed on small savings schemes including PPF-RD? Government took this decision for the second quarter
The Government of India has not made any changes in interest rates for the second quarter of the current financial year (July-September quarter) in all small savings schemes including PPF, Sukanya Samriddhi Yojana, MIS, Post Office RD, KCC. The government has opted for stability by keeping the rates unchanged despite market fluctuations. According to the Finance Ministry notification, investors dependent on means like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY) will not see any change in their returns in the second quarter of the financial year.
How much interest will be available on
According to the Indian Postal website, those investing in the National Saving Certificate (NSC) will continue to get 7.7% interest, while the interest rate on the post office monthly income scheme (MIS) is 7.4%. There has been no change on the Kisan Vikas Patra (KVP), it is paying 7.5% interest with a maturity period of 115 months. The interest rate on post office savings deposit will remain 4%.
Interest rate is 4% to 14 years
The interest rate of Post Office Saving Account (POSA) is unchanged since 1 December 2011 i.e. at about 14 years to 4%. It is likely to remain the same in the coming quarters.
Post office deposit schemes
Post Office Savings Account: A common savings account that is similar to the savings accounts of banks.
Post Office Recurring Deposit Account: Facilitation of depositing a fixed amount regularly.
Post Office Squadded Account: Lump sum for various periods (1, 2, 3 and 5 years).
Post Office Monthly Income Scheme: Monthly interest income on lump sum deposits.
Saving certificate scheme
National Savings Certificate: A popular scheme for lump sum investment also provides tax benefits.
Kisan Vikas Patra: Lantic investment that doubles in a certain period.
Social security schemes
Public Provident Fund: A long-term investment scheme provides tax benefits under tax-free returns and section 80C.
Senior Citizen Savings Scheme: A scheme designed for senior citizens aged 60 and above, which provides regular income and high interest rates.
Sukanya Samriddhi Yojana: A scheme made aimed at promoting savings especially for the future (education and marriage) of girls.
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