In this way, the government has not changed the interest rates for three quarters. The last time the rates of some schemes were changed was for the fourth quarter of the financial year 2023-24.

The government has not changed the interest rates on small savings schemes including Sukanya Samriddhi and PPF. This decision has been taken for the third quarter of the financial year 2024-25. The government announced this on Monday. He said that there will be no change in the interest rates of PPF and other small savings schemes. That is, the interest on these schemes will continue to be the same as before. This is the third consecutive quarter when the government has not changed the interest rates. Earlier, the interest rates of some schemes were changed in the fourth quarter of the financial year 2023-24.

The Finance Ministry said in a notification, ‘The interest rates on various small savings schemes for the third quarter of the financial year 2024-25 (from October 1 to December 31, 2024) will remain the same as the rates notified for the second quarter (from July 1 to September 30, 2024).’

You will get 8.2% interest on Sukanya Samriddhi

According to the notification, the interest rate on deposits under Sukanya Samriddhi Yojana will remain at 8.2 percent as before. While the interest rate on three-year fixed deposits will remain at 7.1 percent. Apart from this, interest rates for PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and 4 percent.

There was no change in the rates of these schemes

The interest rate on Kisan Vikas Patra will be 7.5 percent. This investment will mature in 115 months. At the same time, the interest rate on National Savings Certificate (NSC) will be 7.7 percent. In the October-December quarter also, investors of Post Office Monthly Income Scheme will get interest at the rate of 7.4 percent as before. The government notifies the interest rates every quarter for these small savings schemes operated by post offices and banks.

There was already a fear that there would be no change in interest rates

Experts had already predicted that the government is not in a mood to increase rates in the October-December quarter. This was because the interest rates of these schemes are linked to the 10-year government bond yield. The average yield of these bonds between June and August has been 6.93%.

Actually, the interest rates of small savings schemes are decided every three months on the basis of the average government bond yield of the previous three months. In 2016, the Finance Ministry had released a formula, according to which the interest rate of PPF is 0.25% higher than the 10-year government bond yield.

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The post Govt announced new interest rates for Sukanya, NSC, SCSS and PPF schemes first appeared on Rightsofemployees.com.

.Is. The interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF. The interest rate of Sukanya Samriddhi Yojana has been increased from 7.6 percent to 8 percent. The interest on Monthly Income Account has now increased from 7.1 per cent to 7.4 per cent and on Kisan Vikas Patra from 7.2 per cent to 7.5 per cent.

Those investing in Senior Citizen Savings Schemes will now get 8.2 per cent interest instead of 8 per cent.

Interest rates on time deposits also increased

The government has also increased the interest rates on time deposits of one, two, three and five years. Now one year time deposits will get 6.8 percent interest. Till now 6.6 percent interest was being received. 6.9 percent interest will be available on two-year time deposits. Earlier this rate interest rate was 6.8 percent.

Similarly, the interest on three-year time deposits has been increased from 6.9 per cent to 7.0 per cent. Investors will now get 7.5 per cent interest instead of 7 per cent on 5-year time deposits.

The post Good news! Government has increased the interest rates of SSY, KVP, NSC and PPF schemes, check new rate first appeared on Rightsofemployees.com.

, It is worth noting that before the start of every quarter, the Finance Ministry reviews and announces the interest rates of government savings schemes. In such a situation, it is expected that from September 2022, the Finance Ministry can announce to increase the interest rates on the savings schemes of the government from 0.50 to 0.75 percent.

On June 30, 2022, even after the RBI’s decision to increase the repo rate twice, the Finance Ministry did not change the interest rates of small savings schemes. But for the third quarter of the current financial year on September 30, 2022, when the Finance Ministry will review the interest rates of these savings schemes, then the interest rates on these savings schemes can be increased.

Interest rates will increase on savings schemes!

In fact, after the RBI increased the repo rate, many banks have increased the interest rates on deposits. In such a situation, it is expected that the interest rates on these government savings schemes can also be increased. At present, Public Provident Fund (PPF) gets 7.1 percent annual interest rate, while NSC is getting 6.8 percent annual interest.

At present, 7.6 percent interest is available on Sukanya Samridhi Yojana and 7.4 percent on Senior Citizen Tax Saving Scheme. Apart from this, 6.9 percent interest is being available on Kisan Vikas Patra. Now people are hopeful that the government can increase the interest on these schemes from July.

No change since April 2020

Significantly, there has been no change in the interest rates of small savings schemes since the first quarter of the year 2020-21. Earlier, the Finance Ministry said in a notification, the interest rate on various small savings schemes for the first quarter of the financial year 2022-23, starting from April 1, 2022, and ending on June 30, 2022, for the fourth quarter (January). will remain unchanged from the current rates applicable for Let us tell you that the interest rates for small savings schemes are revised on a quarterly basis.

The post Good News SSY Account Holders: Interest rates will increase in Sukunya Samridhi Yojana and PPF Schemes! know details first appeared on Rightsofemployees.com.