Small Saving Scheme: Big Alert Interest rates of all these government schemes are going to change
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Small Savings Scheme: The RBI did not make any changes in the key interest rates in the last monetary policy in August 2023, but the inflation rate in the country still remains above the target level.
Due to this, interest rates in the country are also at high levels, including on bank deposits and small savings schemes like PPF, NSC and Kisan Vikas Patra (KVP). Meanwhile, interest rates on small savings schemes may be changed at the end of September 2023 on September 29 or 30.
Interest rates change every quarter
Interest rates for small savings schemes are notified on a quarterly basis. In the last change made on June 30, interest rates on many small savings schemes were increased. Earlier, interest rates were also increased for April-June 2023.
These are the interest rates (Small Savings Scheme Interest Rates)
In the last change made on June 30, the government had raised interest rates on 1-year and 2-year Post Office Scheme time deposits by 10 basis points to 6.9 per cent and 7.0 per cent, respectively, and on 5-year recurring deposits. By 30 basis points. The interest rate was increased to 6.5 percent. There was no change in the interest rates on the remaining schemes.
It is known that there was no change in the interest rates of small savings schemes for nine consecutive quarters from the second quarter of 2020-2021 to the second quarter of 2022-23.
What is Small Savings Scheme?
Small savings schemes are savings instruments managed by the government to encourage citizens to save regularly. There are three categories of small savings schemes, which include savings deposits, social security schemes and monthly income schemes.
Savings deposits include fixed deposits for 1-3 years and recurring deposits for 5 years.
These also include savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizens Savings Scheme. Monthly Income Account is included in your Monthly Income Plan.
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