Post Office Savings Scheme Interest Rates: The stock market and cryptocurrencies have been volatile lately, with traders suffering huge losses over several sessions. This is due to the risky nature of these assets, and now investors are holding back from investing in new stocks and crypto coins while looking to put their money in schemes that give them guaranteed returns. small savings schemes Post offices are highly reliable as they are backed by the government and are not subject to stock market movements. This includes Sukanya Samriddhi Yojana, Senior Citizen Savings Scheme or Public Provident Fund, which have a fixed rate of return. rates of Post Office Schemes Today there is a possibility of increase.
Will interest rates for PPF, SSY, senior citizens increase?
The interest rates for small savings schemes including post office savings schemes like PPF, SSY and Senior Citizens Savings Scheme are set by the government at the beginning of each quarter. This means the government will notify the new rates today. The government may consider changing the interest rates of PPF, NSC or SSY scheme in June, which will benefit the investors of these schemes. The Center announces new rates for post office savings schemes at the end of every quarter. June 30 is the end of the first quarter for the financial year 2012-23. For the last several months, the government has not changed the interest rates.
Current Interest Rates on Post Office Savings Schemes including PPF, SSY
Here are the current interest rates on Post Office Savings Schemes, which have come into effect from April 1 this year and will remain valid till today i.e. June 30.
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
Calculation of post office interest rates
In 2011, the Gopinath Committee had laid down a formula for computing small savings interest rates. As per the formula, these rates should be 25-100 basis points higher than the average return provided by government securities for the same tenure. The 10-year bond yield has risen 140 basis points in the past one year to 7.46 per cent from 6.04 per cent, with an average rate of 7.31 per cent for the April-June quarter. As per the recommendations of the Gopinath Committee, the PPF rates should be increased to 7.81 per cent, while that of Sukanya Samriddhi Yojana and Senior Citizens Savings Scheme should give more than 8 per cent interest. However, the government cannot increase the rates according to this formula.
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