PPF, Sukanya Samriddhi, different small financial savings scheme rates of interest stored unchanged

The authorities has maintained rates of interest regular on varied small financial savings schemes, together with well-liked schemes like Public Provident Fund (PPF) and Sukanya Samriddhi Scheme, for the June quarter. Among the small financial savings schemes, Sukanya Samriddhi Yojana at present provides 7.6%, Senior Citizen Saving Scheme 7.4% and PPF 7.1%. On the opposite hand, SBI’s 5-10 yr mounted deposits attracted 5.50% rates of interest. Interest charges for small financial savings schemes are reviewed on a quarterly foundation.

“The price of curiosity on varied small financial savings schemes for the primary quarter of economic yr 2022-23, ranging from 1st April 2022 and ending on thirtieth June, 2022, shall stay unchanged from the present charges relevant for the fourth quarter (1st January 2022 to thirty first March 2022) of FY 2021-22,” the finance ministry mentioned in a press release. 

Earlier this month, the EPFO or Employees’ Provident Fund Organisation determined to decrease the rate of interest to 4 decade low of 8.1% for 2021-22. The price was 8.5% for 2020-21. 

Among the opposite publish workplace small financial savings schemes, the one to five-year time period deposits will proceed to fetch 5.5% to six.7​ %.  The rate of interest on financial savings deposits will proceed to be 4% each year.

The Kisan Vikas Patra will proceed to supply 6.9% compounded yearly and the quantity invested doubles in 124 months (10 years and 4​​​ months).

It additionally must be famous that from from April 1, 2022, publish workplaces will cease paying curiosity on Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit accounts in money. The curiosity will solely be credited solely in account holder’s publish workplace financial savings account or checking account.

In case the account holder isn’t capable of hyperlink his/her financial savings account with Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit accounts accounts, the excellent curiosity ought to be paid solely by credit score in publish workplace financial savings account or by cheque.

The Department of Post has urged Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit accounts account holders to hyperlink their financial savings account (both Post Office Savings Account or Bank account) for curiosity cost.

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