Post Office Savings Scheme Interest Rates: The government has recently said in an order that the interest rates of various small savings schemes Including Sukanya Samriddhi Yojana, Senior Citizen Savings Scheme and Public Provident Fund (PPF), will remain unchanged for the July-September 2022 quarter, even if the inflation rate in the country remains high. This is the ninth time in a row that the interest rates of the Small Savings Scheme have remained unchanged.
“The rates of interest on various small savings schemes for the second quarter of the financial year 2022-23, starting from July 1, 2022, and ending on September 30, 2022, will remain unchanged from the rates notified for the first quarter (April 1). , 2022, to June 30, 2022) for the financial year 2022-23,” the finance ministry said in an office memorandum. This has the approval of the competent authority, it said.
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi Yojana: How Much Return Will You Get?
Small savings schemes including PPF, Sukanya Samriddhi and Senior Citizens Savings Scheme will continue to earn the same interest rate in the July-September quarter this year, as the government had kept the rates unchanged.
According to the latest circular Public Provident Fund, Sukanya Samriddhi Account and Senior Citizen Savings Scheme will continue to earn annual returns of 7.1 per cent, 7.6 per cent and 7.4 per cent respectively. Meanwhile, the annual interest rates of National Savings Certificate (NSC) and Kisan Vikas Patra have been kept unchanged at 6.8 per cent and 6.9 per cent respectively. Monthly Income Account is paying 6.6 per cent per annum interest.
On the other hand, post office savings deposits will continue to offer an interest rate of 4 per cent per annum. Similarly, fixed deposits for a period of 1-3 years will be offered at the same 5.5 per cent per annum. Investors who have money on fixed deposits of five years will get a return of 6.7 per cent per annum. The five-year recurring deposit will continue to earn 5.8 per cent interest annually.
Current Interest Rates on Post Office Savings Schemes including PPF, SSY
I. Public Provident Fund: 7.1 percent
ii. National Savings Certificate: 6.8 percent
iii. Sukanya Samriddhi Yojana: 7.6 per cent
iv. Kisan Vikas Patra: 6.9 per cent
v. Savings Deposit: 4 percent
vi. 1-Year Fixed Deposit: 5.5 percent
vii. 2-Year Fixed Deposit: 5.5 percent
viii. 3-Year Fixed Deposit: 5.5 percent
ix. 5 year fixed deposit: 6.7 percent
X. 5 Year Recurring Deposit: 5.8 percent
xi. 5-Year Senior Citizen Savings Scheme: 7.4 percent
xii. 5-Year Monthly Income Account: 6.6 percent
Why should you invest in Small Savings Schemes?
Investing in post office small savings schemes, at a time when the stock market and cryptocurrencies have been volatile for months, will ensure that the investor gets guaranteed returns. Small savings schemes in the post office are highly reliable as they are backed by the government and are not subject to stock market movements. They also offer mostly higher interest rates than bank fixed deposits.
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