Small Savings Schemes: The central government made investors happy….increased the interest rate on small savings schemes
Small Savings Schemes | Increased the interest rate
The central government has announced the interest rate hike In line with higher interest rates in the banking system
it raised interest rates on select savings schemes by 0.3 prcnt in the July-September quarter
Central government offers various types of small savings schemes for the public The interest rate for these savings schemes is fixed every quarter
The interest rate for small savings schemes has been increased by 30 points in the quarter from July to September Small investors will be happy with this announcement by the government
It also announced the interest rate hike In line with higher interest rates in the banking
system it raised interest rates on select savings schemes by 0.3 percent in the July-September quarter
The interest rate on the five-year fixed deposit called R.D has been increased by 0.3%
According to the Ministry of Finance notification the interest rate for RD has been increased
in the second quarter of the current financial year at present the interest rate of RT has been increased from 6.2 percent to 6.5 percent .
Interest rate on one-year deposits has been hikedÂ
The interest rate on one-year deposits at post offices has been hiked by 0.1 percent to 6.9 percentage while two-year deposits will fetch 7 percentage interest
Interest rates on term deposits for three years and five years have been increased to 7% and 7.% respectively
the PPF interest rate has been hiked to 7.1 percentage and the savings account interest rate has been hiked to 4 percent
The interest rate on National Savings Certificate (NSC) remains unchanged at 7.7%
for the period from July 1 to September 30 no change has been made in this
The interest rate on Sukanya Samriti savings scheme for girl child has been increased to 8 percent
the interest rate on Senior Citizen Savings Scheme and Kisan Vikas Patra is fixed at 8.2% and 7.5% respectively
Interest rates have been consistently hiked in the January-March quarter and the April-June quarter
the interest rate for the monthly income plan has not increased. Currently, the interest rate for this is 7.4 percent
The RBI has raised the benchmark lending rate from 2.5 percentage to 6.5 percentage since May due to this the interest rate on bank deposits has also been increased
The RBI has not made any changes in interest rates in the last two monetary policy meetings.
