The government has increased the interest rates on deposits in these schemes by 0.1-0.7 percent. Small savings schemes that give tremendous returns of the post office include National Savings Certificate (NSC), Post Office Time Deposit Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Recurring Deposit and Senior Citizens Savings Scheme.

The increase in interest rates means that now your money will double triple faster than before. Here we know on the basis of increased interest rates on three schemes KVP, NSC and SCSS, where your money will double first.

Post Office schemes: where and how much interest increased

According to the information available on the post office website, the maximum interest rate on NSC has increased by 0.7 percent. From April 1, it will get 7.7 percent interest, which was earlier 7 percent. The interest rate on Senior Citizen Savings Scheme has increased from 8 percent to 8.2 percent and on Kisan Vikas Patra from 7.2 percent to 7.5 percent.

Kisan Vikas Patra (KVP)

Interest rate: 7.5% per annum
72/7.50 = 9.6 years or 115 months
According to Rule 72, your investment here will double in 115 months.

Senior Citizens Saving Scheme (SCSS)

Annual interest: 8.20%
72/8.20 = 8.8 years or approximately 106 months
According to Rule 72, your investment here will double in 106 months.

Post Office NSC

Annual interest: 7.70%
72/7.7 = 9.35 years or 112 months
According to Rule of 72, your investment here will double in 112 months.

Know the Rule of 72?

You can use the Rule of 72 formula to find out the time in which money will double in a scheme. Experts consider it an accurate formula. Understand it in such a way that suppose you have invested in a scheme, in which you get 6% interest annually. In this case, under Rule 72, you have to divide 6 in 72. 72/6 = 12 years, that is, under this scheme your money will double in 12 years.

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FD rates hiked by 5 to 30 bps

According to the bank’s website, Punjab National Bank (PNB) has increased interest rates on select FDs by up to 30 basis points (bps). Interest rates have been increased in the range of 5 to 30 bps. For deposits maturing between 271 days and less than 1 year, the bank has increased the interest rate for regular citizens by 30 bps from 5.50% to 5.80%.

Interest rate on FD of 2 to 3 years increased by 25 bps

FDs maturing in one year to 665 days were increased by 5 bps to 6.80%. Similarly, the interest rate on FDs with maturity in 667 days and 2 years has been increased by 5 bps to 6.80%. Punjab National Bank has increased the FD rates maturing between 2 years and 3 years by 25 bps and the interest rate has increased from 6.75% to 7%.

PNB FD interest rate for senior citizens

PNB has increased the interest rate by 30 basis points from 6% to 6.30% for senior citizens with tenure of 271 days to less than 1 year. The bank has increased the interest rate on deposits maturing in 1 year and 665 days by 5 bps to 7.30%. FDs maturing in 667 days and 2 years increased the interest rate by 5 bps to 7.30%. PNB has increased the interest rate on fixed deposits maturing between 2 years to 3 years from 7.25% to 7.50%.

Interest rate on FD for super senior citizens

The bank has increased the interest rate by 30 bps from 6.30% to 6.60% for super senior citizens with tenure of 271 days to less than 1 year. The bank increased the deposit rates for 1 year to 665 days and 667 days to 2 years by 5 bps to 7.60%. Punjab National Bank has increased the interest rate from 7.55% to 7.80% on FDs of more than 2 years and up to 3 years. Let us tell you that people in the age group of 60 to 80 years are senior citizens, while people of 80 years and above are super senior citizens.

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The bank is presently offering up to 8.15% interest on deposits with tenures of 2-3 years and 3-5 years to senior citizens. At the same time, customers below 60 years of age are getting maximum 7.65% return on FDs of 2-3 years and 3-5 years.

Unity Small Finance Bank (USFB) has revised the interest rates on its non-callable bulk deposits with effect from 20 August 2022. This bank is offering interest up to 7.1% on term deposits above Rs 2 crore with tenures of 2-3 years and 3-5 years.

Under non-callable deposits, premature withdrawal is not allowed. The USFB said in a statement that the interest on these deposits will be calculated on a quarterly compounded basis for deposits with tenor of 6 months and above. The bank further said that non-callable deposits are not for senior citizens.

IDBI Bank also increased interest rates

The bank has increased the interest rates for term deposits with different tenures for its customers. The bank is now offering 6.55% interest rate on select tenors. The new rates have come into effect from today i.e. 22nd August. Not only this, the bank has also introduced a special 500 days deposit offer for its customers under the Amrit Mahotsav FD scheme. Under this offer, customers will get 6.70 percent return on deposits. However, this offer is for a limited time only and you can take advantage of it till 30 September 2022.

ICICI Bank changes FD rate

Last week, ICICI Bank changed the fixed deposit rates for select tenors. The bank has fixed rates between 5.50% and 6.10% on retail FDs ranging from one year to five years, with an interest rate of 5.50% on one-year deposits. The bank has offered 6.05% interest rate on FDs maturing in one year.

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